On Wednesday’s episode of Mad Money, host Jim Cramer pushed back strongly against the idea that artificial intelligence is heading for a bubble.
“Hype cannot destroy the hope of artificial intelligence, even though many investors have begun to turn on the entire concept of machines that you can talk to or even replace your workforce with.”
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Cramer pointed out that he is increasingly hearing comparisons between today’s AI momentum and the dot-com bubble. Calling it ironic, he said most of these comments are coming from younger voices who were not active investors at the time. According to him, these younger skeptics claim that the current enthusiasm around companies like NVIDIA, heavily relied upon for generative AI development, is excessive. He noted that they argue that executives and investors are collectively overestimating the long-term viability of AI-related business models.
“So feel free to dismiss AI as a bubble, but the bottom line: During the three or four years of the dot-com bubble, people did make fortunes who had faith as long, and some, yes, you had to ring the register for it. But even when the dot-com bubble burst, there were a handful of fairly obvious winners that eventually came roaring back. You did have to be courageous to buy them.”
Our Methodology
For this article, we compiled a list of 11 stocks that were discussed by Jim Cramer during the episode of Mad Money aired on August 27. We listed the stocks in the order that Cramer mentioned them. We also provided hedge fund sentiment for each stock as of the second quarter of 2025, which was taken from Insider Monkey’s database of over 900 hedge funds.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
11 Stocks Jim Cramer Was Focused On
11. Rigetti Computing, Inc. (NASDAQ:RGTI)
Number of Hedge Fund Holders: 17
Rigetti Computing, Inc. (NASDAQ:RGTI) is one of the stocks Jim Cramer was focused on. A caller asked about the stock during the lightning round, and here’s what Mad Money’s host had to say in response:
“Okay, here’s my view on quantum computing: it is for real. Is Rigetti my favorite? No, but Rigetti’s one that could have a headline tomorrow. It’s like Oklo… And I said… enough, I can’t take it anymore. I think that this one’s like that. Rigetti could have something that could be a home run. I don’t want to keep you out of it. But it is a speculation, please remember that.”
Rigetti Computing, Inc. (NASDAQ:RGTI) develops quantum computers and superconducting processors and offers cloud-based quantum computing services. The company provides QPUs, quantum systems, software, and professional services for enterprises and government entities. Cramer called it a meme stock during a March episode, as he commented:
“I think it’s a meme stock. It’s a meme stock and, and therefore it’s a battle between the longs and the shorts. I don’t know who wins in the end, but it is a meme stock. It is not, it is not trading on the fundamentals, which are frankly paltry.”
Since the above comment, the company’s stock has gained nearly 65%.
10. Opendoor Technologies Inc. (NASDAQ:OPEN)
Number of Hedge Fund Holders: 21
Opendoor Technologies Inc. (NASDAQ:OPEN) is one of the stocks Jim Cramer was focused on. During the lightning round, when a caller asked about the company, Cramer remarked:
“You know, I’ve gotta tell you, this is a meme stock. The person who was, who left the company, the CEO, was a straight shooter. And I don’t really understand what happened, but I’ll tell you this: I am not going to jump on a situation that I thought was heavily, that some would say was manipulative, okay? Some would say. I’m not going to jump on that train.”
Opendoor Technologies Inc. (NASDAQ:OPEN) operates a digital platform for buying and selling homes. The company provides direct sales, listings, and marketplace services along with real estate, insurance, and construction solutions. Furthermore, it reported its Q2 earnings on August 5, posting an EPS of -$0.04, missing expectations by $0.01. Opendoor Technologies Inc. (NASDAQ:OPEN) beat its revenue estimates by $100 million at $1.6 billion, up 6% year-over-year.
9. Astera Labs, Inc. (NASDAQ:ALAB)
Number of Hedge Fund Holders: 56
Astera Labs, Inc. (NASDAQ:ALAB) is one of the stocks Jim Cramer was focused on. A caller asked for Cramer’s view on the stock, noting its $30 billion valuation, strong three-year performance, and that 12 out of 15 analysts rate the stock as a Buy or Strong Buy due to its role in semiconductor connectivity for AI and cloud computing. He replied:
“Here’s my thoughts… I feel like an idiot for telling people, not telling people to buy it. I look at it all the time. I turn to my colleague, buddy, pal, friend, Jeff Marks, and say, what was I thinking in Astera Labs? So I’m upset that I missed it.”
Astera Labs, Inc. (NASDAQ:ALAB) develops semiconductor-based connectivity solutions and software for cloud and AI infrastructure. The company provides intelligent platforms, smart modules, memory controllers, and fabric switches for hyperscalers and OEMs. During the August 12 episode, Cramer said that the company’s stock is “too hot” for him. He remarked:
“It’s too hot for me. It’s too hot for me…. I’ve gotta tell you, everything that you’re worried about, I’m worried about. I know it’s a straight-up stock. I’m willing to back Palantir as a straight-up stock. I can’t have two, more than one of these right now.”
8. Snowflake Inc. (NYSE:SNOW)
Number of Hedge Fund Holders: 100
Snowflake Inc. (NYSE:SNOW) is one of the stocks Jim Cramer was focused on. Cramer talked about the company’s latest quarterly report and said:
“After the close today, we got still one more blowout quarter from Snowflake, the cloud-based data management analytics platform that I like so much. Now, this comes on top of the last blowout quarter they reported three months ago. Tonight, they posted a solid top and bottom line beat, strong guidance for the current quarter. Hence why the stock’s screaming in after-hours trading. Not only does Snowflake have fantastic sales momentum, but the business is also becoming ever more profitable. It was the star of tonight’s earnings parade.”
Snowflake Inc. (NYSE:SNOW) provides a cloud-based data platform that unifies data for analytics, application development, and sharing. The company uses AI to deliver insights and solve complex business challenges across multiple industries. Cramer suggested buying the stock ahead of the quarter during the August 4 episode. He commented:
“I like Snowflake. I think you can buy more. I honestly do. I think that the quarter’s going to be a very, very good quarter.”
7. Chipotle Mexican Grill, Inc. (NYSE:CMG)
Number of Hedge Fund Holders: 68
Chipotle Mexican Grill, Inc. (NYSE:CMG) is one of the stocks Jim Cramer was focused on. Cramer discussed the company’s recent performance during the episode. He remarked:
“We gotta talk Chipotle. Simply, why can’t Chipotle stock get some distance from the new low list, given how good it is? For the better part of two decades, this is one of the greatest growth stories out there, tremendous stock, too. But for over a year now, the stock struggled, and that includes last month when the Mexican chain reported a disappointing quarter.
Worse, they lowered their full-year same-store sales forecast, which is why the stock plunged 13% in response. Now, at this point, a lot of investors are worried that even though Chipotle sells high-quality food… it’s just not offering consumers maybe what they want, the kind of bargains maybe that they need. I don’t know, maybe that’s one of the reasons why the stock’s now down 29% for the year, which we know is not acceptable.”
Chipotle Mexican Grill, Inc. (NYSE:CMG) operates restaurants that provide burritos, bowls, tacos, salads, and related menu items.
6. CoreWeave, Inc. (NASDAQ:CRWV)
Number of Hedge Fund Holders: 29
CoreWeave, Inc. (NASDAQ:CRWV) is one of the stocks Jim Cramer was focused on. A caller asked what Cramer thinks of getting into the stock here, noting that it is down almost 50% for the year from its 52-week high. He replied:
“Okay, look, I like CoreWeave… Here’s the problem with it: You know, people kind of like are saying, you know what, it’s moved up so much. It’s going down. Here’s what you do with a stock like CoreWeave: I learned a long time ago sometimes stocks tell you what to do. This one is going to tell you what to do when it stops going down, and that has not happened.
And do not count today because today was a bounce-back day. Let’s see. This stock is going to tell us. I need to say that because it’s losing money. When you have a stock that’s of a company that’s losing money, you have to let the stock tell you. And I can read, what can I say? I’m a stock whisperer. That stock is not yet done coming down. But I like your concept. I just think there are other better stocks in this market.”
CoreWeave, Inc. (NASDAQ:CRWV) provides a cloud platform optimized for GenAI, delivering GPU and CPU compute, storage, networking, and managed services. The company supports AI training, inference, rendering, and data optimization for enterprise workloads.
5. Amazon.com, Inc. (NASDAQ:AMZN)
Number of Hedge Fund Holders: 335
Amazon.com, Inc. (NASDAQ:AMZN) is one of the stocks Jim Cramer was focused on. Cramer was bullish on the company during the episode and said:
“I’m simply trying to put a valuation on a company that makes what you need to become one of the serious players in AI. I learned not to question Amazon or Microsoft or Google or Meta, or even Tesla, the big customers, a long time ago. They know more than I do. They’re run by people much smarter than I am, much, much smarter. I’m just grateful they let me along for the ride… If you gave up on Amazon in 2001, you missed the $2 trillion boat.”
Amazon.com, Inc. (NASDAQ:AMZN) provides retail, advertising, and subscription services, along with devices, media content, and cloud solutions. The company’s platforms serve consumers, businesses, and creators through e-commerce, digital content, and Amazon Web Services. Cramer called the company “arguably the best retailer in the world” during the August 14 episode. He said:
“Today, we had a giant run in Amazon, up almost 3%. Why? It’s a follow on move from yesterday’s announcement that the company will be moving to same-day grocery delivery, which the analysts wrote about overnight. Now this is an incredibly disruptive initiative that was basically ignored yesterday. Given that delivery is free with Amazon Prime, it could spell real problems for Instacart, perhaps even DoorDash and Uber. Just as importantly, this announcement changed the narrative about Amazon.
You see, for the past two weeks, the story of Amazon was about how its AWS business had fallen behind Google Cloud and Microsoft Azure, its principal competitors, because it’s using its own slower chips instead of buying them from NVIDIA. It was a very damning storyline. This week, though, we remember that Amazon’s also a retailer, arguably the best retailer in the world. That’s rational, not frothy.”
4. Apple Inc. (NASDAQ:AAPL)
Number of Hedge Fund Holders: 156
Apple Inc. (NASDAQ:AAPL) is one of the stocks Jim Cramer was focused on. Cramer noted that it is the only big company not buying from NVIDIA. He commented:
“Apple is the only one of these heavy hitters that isn’t writing huge checks to NVIDIA, simply because they don’t have an AI strategy. Apple stock, by the way, is the poorest performer of the big tech stocks. Will that change after tonight’s numbers? Will Apple turn out to have the last laugh while all the others fall flat on their faces?… Listen, we heard the same thing about the dot-com survivors at the turn of the millennium.”
Apple Inc. (NASDAQ:AAPL) designs and sells smartphones, computers, tablets, wearables, and accessories, complemented by cloud, support, and advertising services. Moreover, the company provides subscription platforms, including music, video, gaming, fitness, news, and payment solutions. During the August 7 episode, Cramer made positive comments on the company, as he said:
“I kept hearing that Cook and the president didn’t get along because he wouldn’t commit to making the iPhone in the United States. The drum beat grew so loud that I even asked Tim in my private chat… is it possible for you to work with the president?… He came back and he said that he has good relations with the president…. Tim Cook, if he says the relationship is good, then it’s good, and that gave me the guts to tell you to stick with it. Now, with the stock at $220, nicely above where it was when the company reported, I need you to think about what has happened in the last 24 hours…
Could Apple go from being the most expensive to being the cheapest, the best one for the phone companies to offer, so they can get new accounts? Isn’t that what the stock’s monstrous move from 203 to 220 in just two days is telling us?…
Apple, don’t fool around with it. Don’t trade it. I say it because this is a company that always seems to get it right in the end… Of course, there’s a reason with Apple. It’s a confident company with the best products on Earth, that’s run by one of the greatest value creators on Earth, rivaled only by Jensen Huang at NVIDIA.”
3. Intel Corporation (NASDAQ:INTC)
Number of Hedge Fund Holders: 82
Intel Corporation (NASDAQ:INTC) is one of the stocks Jim Cramer was focused on. Cramer noted the importance of the government’s stake in the chipmaker, as he remarked:
“They joined the previous winners of the PC revolution: Intel, Microsoft, and Apple… Those winners, they were amazing. They were run by the smartest people who took advantage of everything you could ever take advantage of, and they made their shareholders fortunes. As they grew, we heard at every turn that they were just parts of the bubble, and then when the bubble burst, it would just be a matter of time before they would burst too. A matter of time, a matter of time, a matter of time. Well, the time mattered. Nothing happened. Sure, Intel and Cisco didn’t soar like the others… A mismanaged Intel needed President Trump to get the money to be able to stay a survivor.”
Intel Corporation (NASDAQ:INTC) develops and delivers advanced computing, semiconductor, and AI solutions, including processors, GPUs, memory, networking, and edge platforms. The company’s technologies support workloads across cloud, AI, autonomous systems, and digital transformation applications. Additionally, on August 25, Cramer said:
“I know the White House is taking a 10% stake in the semiconductor company. It’s unorthodox, but Intel’s been a multi-year disaster, and our country needs this company to be on firmer footing… We need a healthy, viable Intel because we can’t simply rely on Taiwan Semiconductor to manufacture our most advanced chips…
After the government freed up those funds in return for a 10% stake, turning a grand equity, I think he’s (CEO Lip-Bu Tan) going to pull it off. I didn’t understand the criticism of the president on this one. Why shouldn’t the government take the stake and get the upside? This is hardly unprecedented…
I say, look, if it’s a national security issue and one of our important companies might be failing, you better believe it’s going to get bailed out. Doesn’t matter if the president’s a Democrat or Republican; remember, Trump made this investment with money that was authorized under Biden. Intel could not be allowed to fail, people. End of story. The president gave Intel new life by fixing its balance sheet. Now, Intel can recreate its greatness with a proven turnaround artist as CEO Lip-Bu Tan is. The government wins. The people win. The shareholders win. What more do you want?”
2. Cisco Systems, Inc. (NASDAQ:CSCO)
Number of Hedge Fund Holders: 81
Cisco Systems, Inc. (NASDAQ:CSCO) is one of the stocks Jim Cramer was focused on. Cramer discussed the company in light of the dot-com bubble. He said:
“First, in the wake of these NVIDIA numbers, let me just give you the negative briefs, you know what I’m talking about, which is often expressed by younger people as reminiscent of the dot-com bubble… The worst losses came from the fiber optic companies that laid the track, that powered the internet… The third came from the phone companies. A huge number went bust… What didn’t go bust? Okay, Amazon, Cisco, Google, fortunately, hadn’t come public yet, so it didn’t get to go bust…
We heard at every turn that they were just parts of the bubble, and then when the bubble burst, it would just be a matter of time before they would burst… Nothing happened. Sure, Intel and Cisco didn’t soar like the others. Cisco’s still very much alive… Overvalued as Cisco was in 2000, when it was worth $550 billion. It’s true, Cisco was overvalued at the time. It’s now worth a little less than half of that. But here’s what I have to say to them: I don’t care about the seemingly sky-high market capitalization that these stocks have.”
Cisco Systems, Inc. (NASDAQ:CSCO) develops networking, security, and collaboration technologies, providing solutions in routing, switching, wireless connectivity, cloud, and AI-driven analytics. On August 14, Cramer commented:
“Now, I’ve been paying close attention to this one because Cisco’s the newest holding for my Charitable Trust. We bought it late last month, and it had a quick 3% gain going into yesterday’s close. Today, though, we have a smaller gain, but even though the quarter wasn’t perfect, I think it was net positive…
In the end, I think most of the hand-wringing over the lackluster parts of the quarter missed the big picture here. Instead, investors should be focused on the really strong momentum that Cisco’s seeing for its AI-related products and services. Those are the ones we saw him put together with Jensen Huang and NVIDIA…
I want you to put it all together. This is what I heard from Cisco: don’t sweat the stock’s small pullback. There was a lot to like from the quarter, especially the strong orders, which gives me confidence that Cisco’s inline guidance will ultimately prove to be conservative… I think they were practicing… under promise and overdeliver.
The bottom line: When you see Cisco pulling back after what I thought was a positive quarter, my recommendation is that you do some buying, not selling, because this is a great company with great management that’s finally riding the AI wave that I wanted so much for them to do. And hey, when the hyperscalers are building data centers all over the place, how can you not have some networking equipment exposure?”
1. NVIDIA Corporation (NASDAQ:NVDA)
Number of Hedge Fund Holders: 235
NVIDIA Corporation (NASDAQ:NVDA) is one of the stocks Jim Cramer was focused on. Cramer discussed the company’s earnings and the following market reaction during the episode, as he said:
“The looming NVIDIA quarter dominated the market’s mindshare in a very negative way. So when NVIDIA actually reported after the close, it’s kind of an anticlimax. The company reported a healthy top and bottom line beat with robust guidance for the current quarter, that’s including any new Chinese business now that they can sell decent chips there. But NVIDIA’s all-important data center sales came in a tiny bit light, surprising, and frankly fitting the negative rap that we’ve been hearing. So the stock got dinged in after-hours trading. I think that’s mostly because it was up 35% for the year going into the quarter, and expectations were indeed sky high. But that’s the Charitable explanation… All in all, though, in reality, it’s a good quarter…
I want to explain why, even after this poorly received NVIDIA quarter, I think AI’s worth every penny… Now I’m hearing that what we call the hyperscalers, the companies spending fortunes on NVIDIA, you know, the ones that are writing the checks to NVIDIA, are part of the AI bubble… People are wondering whether the money being spent on NVIDIA is finally peaking and petering out. Now, I want to stipulate some things. First… the hyperscalers are run by the smartest people on Earth. Second, they have the better balance sheets than any country in the world…
Is NVIDIA fooling everyone? Is Jensen Huang fooling everyone? Are the valuations all way too big there? Listen, we heard the same thing about the dot-com survivors at the turn of the millennium… If you give up on NVIDIA now, I think you could miss a boat that’s not sinking, just resting before it reasserts itself. So I say own it, don’t trade it.”
NVIDIA Corporation (NASDAQ:NVDA) develops advanced computing, graphics, and AI platforms that provide solutions for gaming, data centers, enterprise AI, robotics, automotive technologies, and cloud services.
While we acknowledge the potential of NVIDIA Corporation (NASDAQ:NVDA) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than NVDA and that has 100x upside potential, check out our report about this cheapest AI stock.
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