Jim Cramer, the host of Mad Money, on Monday described the current market as a strange showdown between two huge forces.
“In this corner, weighing in at $4.27 trillion is the reigning champ, NVIDIA. In the other corner, coming in at around $86,000, is the challenger Bitcoin. At stake is nothing more than the stock market itself, and we don’t know which will win. If NVIDIA triumphs in this high-stakes contest, we’ll probably go higher. If Bitcoin keeps going down, the stock market’s definitely headed lower, which might sound ridiculous, but it’s the truth.”
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Cramer said that Bitcoin’s pull extends into nearly every part of crypto, but also into areas that at first seem unrelated, including quantum computing, data center power, and even companies tied to flying cars that may never clear FAA requirements. He noted that they tend to decline together because they often depend on speculative enthusiasm and wagers on ideas that may not pay off for years, if ever.
Cramer stressed that when all of these move in the same direction at once, it creates a threat to the health of the broader market, something he called his biggest concern and a persistent worry. He also said Wall Street often brushes it off, partly because the whole ecosystem generates large fees, and said that the industry “never met a fee it didn’t like.”
“The bottom line: I never like to say, well, it’s anybody’s guess. I would say, however, that it seems like the speculators are going to have their hands full with Humpty Bitcoin, but the NVIDIA backers just got a second win that could be meaningful for more than just one day’s action.”
Our Methodology
For this article, we compiled a list of 7 stocks that were discussed by Jim Cramer during the episode of Mad Money aired on December 1. We listed the stocks in the order that Cramer mentioned them. We also provided hedge fund sentiment for each stock as of the third quarter of 2025, which was taken from Insider Monkey’s database of 978 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 427.7% since May 2014, beating its benchmark by 264 percentage points (see more details here).
7 Stocks on Jim Cramer’s Radar
7. EnerSys (NYSE:ENS)
Number of Hedge Fund Holders: 23
EnerSys (NYSE:ENS) is one of the stocks on Jim Cramer’s radar. Cramer noted that the stock is “still very cheap” despite an “excellent” run, as he said:
“Finally, let’s talk about the one I really like, and that’s called EnerSys, which Sam in Pennsylvania asked about back on November 20th. EnerSys is really interesting. The company’s based in Reading, PA, [and it] designs, manufactures, and distributes industrial batteries. It’s been around since the late 90s, came public 21 years ago. Over the long run, EnerSys has been a great growth stock, climbing up steadily for most of the past two decades. But this year in particular, stock’s going into overdrive, up roughly 54% year-to-date return. Why? Because EnerSys looks to be a big winner from the AI data center theme. Anything that can store electricity is doing big business right now.
Now, here’s the real exciting thing about EnerSys: while the stock’s had an excellent run over the past several months, it’s still very cheap, trading at just 14 times this year’s earnings estimates and 12 times next year’s numbers. This company has beaten expectations for 16 consecutive quarters, so I trust these estimates. In fact, when EnerSys reported a month ago, that quarter was a thing of beauty. 6% organic sales growth, huge earnings beat. Management also raised its full-year sales and its earnings forecast pretty significantly. And the stock’s, well, let’s just say it’s been on fire ever since.
Really the only negative thing that I can say about EnerSys is that you’re chasing the stock here after all these recent gains, you know, I mean, they’re in the past. But I feel a lot more comfortable chasing when a stock’s at 14 times earnings, so I would actually bless buying some EnerSys right here, right now. And then if it drops, you can buy more and then hope for a market-wide sell-off… and get even bigger. Overall, I think Sam in Pennsylvania has a good one in EnerSys. I was pleasantly surprised to find out this was definitely not a year of magical investing stock.”
EnerSys (NYSE:ENS) provides stored energy technologies that are used in industrial power systems, telecommunications, data centers, transportation, aerospace, defense, and electric-vehicle power applications.
6. Dave & Buster’s Entertainment, Inc. (NASDAQ:PLAY)
Number of Hedge Fund Holders: 26
Dave & Buster’s Entertainment, Inc. (NASDAQ:PLAY) is one of the stocks on Jim Cramer’s radar. Cramer highlighted the problems faced by the company, as he commented:
“Next, in early November, Jim in Florida asked about another consumer facing name. This was Dave & Buster’s. Now, this one I actually knew, but I wanted to do more research to see if there was an opportunity here… It was public then went private, then came public. Dave & Buster’s stock has been struggling of late… Still, the numbers are not so hot. Dave & Buster’s look set to… get its third straight year of negative same-store sales and its second consecutive year of declining earnings per share.
The company’s been doing so poorly that around this time last year, their CEO had to resign. After several months with an interim CEO, the board brought in an executive from Yum! Brands, Tarun Lal, who’s rolled out a bunch of initiatives to turn things around, bringing back TV ads, changing the menu, decreasing promotions, but it’s still too soon to tell if this stuff is working. We’ll have a better idea when Dave & Buster’s reports just next week.
Here’s what I’ll say for Jim in Florida: listen, I’m intrigued by the idea of Dave & Buster’s turnaround, but with many consumers struggling and the company itself doing so poorly, I’m nervous about trying to get into the stock ahead of the turn. Doesn’t help that the balance sheet remains a mess. So for now, I’m keeping an eye on Dave & Buster’s, watching, maybe you got a potential turn, but at this point, I think it’s too early to put money in.”
Dave & Buster’s Entertainment, Inc. (NASDAQ:PLAY) operates venues that combine dining, drinks, and a mix of games and attractions, including arcades, bowling, laser tag, virtual reality, and live sports viewing.
5. Etsy, Inc. (NYSE:ETSY)
Number of Hedge Fund Holders: 46
Etsy, Inc. (NYSE:ETSY) is one of the stocks on Jim Cramer’s radar. Cramer said that the whole industry is not doing well, as he said:
“Sadly, this whole industry just, I don’t know, might not be that good. If you feel compelled to bet on something in this space, and trust me, you really don’t have to, then I’d pick Etsy, the Depop parent. Of course, Etsy’s not particularly doing well either, but at least they’re making money and the stock’s relatively cheap at 14 times this year’s earnings estimates… It’s just better than ThredUp.”
Etsy, Inc. (NYSE:ETSY) runs online marketplaces that link buyers with independent sellers across handmade goods, musical instruments, and fashion resale. During the July 2 episode, a caller inquired whether they should hold or sell the stock, and Cramer replied:
“Oh no… I don’t want you to sell. Now this is a problematic story because I do believe there are execution issues, but I also think there’s a core belief that there’s a lot of value here, and that’s why this stock’s at $52 after this bad quarter, not at $40. I want you to hold onto it. And if it goes back to where it was at a low, I want you to buy more. The franchise is worth more than the stock.”
4. ThredUp Inc. (NASDAQ:TDUP)
Number of Hedge Fund Holders: 31
ThredUp Inc. (NASDAQ:TDUP) is one of the stocks on Jim Cramer’s radar. Cramer noted that the company loses money and is not expected to be profitable for the next couple of years, as he remarked:
“Next up, also in late October, Jeff in California asked about ThredUp, which is an online consignment store and one of the world’s largest resale platforms for apparel, shoes, and accessories. This one came public during the pandemic year of bull market in early 2021, but its stock plunged 98% from its 2021 highs to its lows 13 months ago. Similar trajectory to the RealReal. Now, it seems these stocks are hot again, at least the ones that are left. ThredUp’s rallied over 300% in the past year.
Stock started running late last year just after the election, which makes me think people were betting on it as a tariff play. The tariffs make new stuff more expensive, which makes resale products more enticing. ThredUp’s certainly moving in the right direction. After a down year in 2024, revenue’s growing again, and they’re on track to put up 19% growth this year. Their EBITDA’s turned positive, too. That said, the company’s still overall losing money, and it’s not expected to become profitable till 2028. Given its $928 million market capitalization, I don’t feel comfortable recommending this one, as it’s never turned a profit since coming public.”
ThredUp Inc. (NASDAQ:TDUP) runs an online resale platform that allows consumers to buy and sell secondhand clothing, shoes, and accessories.
3. SEALSQ Corp (NASDAQ:LAES)
Number of Hedge Fund Holders: 7
SEALSQ Corp (NASDAQ:LAES) is one of the stocks on Jim Cramer’s radar. While discussing the stock, Cramer said that the “year of magical investing” has ended, as he commented:
“SEALSQ was spun out of a Swiss cybersecurity company named WISeKey about two and a half years ago, and it built itself as a quantum computing-oriented cybersecurity play. Basically, they’ve worked on technology that can protect you many years in the future when hackers have access to incredibly powerful quantum computing. Now, while there was a lot of interest in the stock at the time of the spinoff in May of 2023, that quickly fizzled, stock falling almost 99% from its high in 2023 to its penny stock low in August of last year.
12 months ago, SEALSQ had a market capitalization of just over $10 million. Hey, but over the past year, the stock’s caught fire along with the rest of the quantum cohort, even though it’s totally unprofitable, and it’s only on track to bring in $18 million in revenue this year. But now, it’s got a market cap of $733 million. In other words, this was a year of magical investing stock, and as I’ve said before, the year of magical investing is over. No, thank you.”
SEALSQ Corp (NASDAQ:LAES) develops chips and digital identity technologies that support authentication, data protection, and trusted communication for connected devices.
2. Strategy Inc (NASDAQ:MSTR)
Number of Hedge Fund Holders: 43
Strategy Inc (NASDAQ:MSTR) is one of the stocks on Jim Cramer’s radar. Cramer highlighted the company’s debt to buy Bitcoin. He stated:
“I want you to understand that Bitcoin has a peculiar, almost unknown hold, maybe I should say choke hold, on much of the market because as I painstakingly detailed in this weekend’s investing club think piece, if you add up all the crypto derivatives, it makes up a surprisingly substantial chunk of the entire stock market. Unlike equities, there’s a bet the farm aspect to crypto that threatens the averages every time Bitcoin sells off like it’s doing now. Of course, crypto comes in many forms.
There are those who hold it as a store of value against economic catastrophe… There are those who think it can be used as a currency itself, if not now, then perhaps in the future. There are investors, many of whom have made fortunes until recently, and then there are the speculators who borrow money to buy crypto simply because they believe it’s headed higher. Here I’m thinking mainly of a company, an actual company called Strategy, formerly MicroStrategy, that’s simply become a leveraged bet on Bitcoin itself.
Michael Saylor, frequent guest on Squawk Box and also the CEO of Strategy, is a true believer to the point where he’s willing to take more than… $8 billion in debt to buy additional Bitcoin. Hey, look, that’s a terrific position when Bitcoin’s going up, but it’s a disaster when Bitcoin’s going down. There’s always a contingent in the market who views Saylor as a wannabe Humpty Dumpty. They’re just wondering if this fall means all the crypto’s horses and all the crypto’s men won’t be able to put Strategy together again.”
Strategy Inc (NASDAQ:MSTR) provides investors with exposure to Bitcoin through a mix of equity and fixed-income securities. In addition, the company offers AI tools that help businesses understand their data and make better decisions.
1. NVIDIA Corporation (NASDAQ:NVDA)
Number of Hedge Fund Holders: 234
NVIDIA Corporation (NASDAQ:NVDA) is one of the stocks on Jim Cramer’s radar. Cramer noted the company’s deal with Synopsys, as he said:
“NVIDIA unveiled an important initiative with Synopsys, an electronic design automation company. I think it is safe to pin any upside that happened in this market today from the good news from NVIDIA, which, by the way, rallied $2.92. That kind of rally from the world’s biggest stock is very important to the overall market… Synopsys received $2 billion from NVIDIA as an investment to cement the relationship… This announcement did two things.
One, it tells you that there’s going to be a replacement cycle of immense proportions since everything’s built around much slower CPUs versus NVIDIA’s GPUs. And two, that whatever you may think of that hyperscaler horse race to build out chatbots that we all know, that may not be as important now that this announcement has come out… NVIDIA’s work with Synopsys, while almost invisible to you, the consumer, has much more potential to actually make a lot of money.
Wall Street, you see, loves business-to-business. This is business-to-business. Will this Synopsys deal stem the selling in NVIDIA stock? Oh, it’s hard to tell given that we could get a data point tomorrow. It’s so critical of the big data center build-out that it takes everything down. Still, though, this deal matters. It wasn’t for show, it was for substance, business to business, and it turned at least that stock around today.”
NVIDIA Corporation (NASDAQ:NVDA) develops accelerated computing and AI platforms, GPUs for gaming and professional use, cloud services, robotics and embedded systems, and automotive technologies.
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