Jim Cramer, host of Mad Money, commented on highly speculative stocks during Wednesday’s episode.

“We need to start worrying about the froth. I’ve been willing to look the other way on this issue because I figured speculative stocks would keep roaring because the public wants them badly enough to pay almost any price… I think it’s time to figure out how many of these red-hot stocks have overshot what they might be worth, not just today, but at any point in the future.”

READ ALSO: Jim Cramer Shared His Opinions on These 14 Stocks and 26 Stocks Jim Cramer Offered Insights On.

Explaining what prompted this change, Cramer pointed to two factors. First, he referenced Federal Reserve Chairman Jerome Powell, a figure he said he holds in high regard. Powell recently commented, “By many measures, for example, equity prices are fairly highly valued.” Cramer added:

“I don’t know if I can keep living with the rally in the speculative stocks, the ones that don’t make any money or… that have lost money for years.”

The second reason came from a place closer to home: the lightning round segment of his own show. Cramer acknowledged that he has been fairly open to high-risk picks recently, often advising that it is acceptable to hold one extremely risky stock in a five-stock portfolio. But he added, “If the lightning round’s indicative of what people are buying, we got a real problem.”

“But the bottom line: I can no longer be so sanguine about these super speculative stocks that keep roaring around here. I can no longer just say, it’s going higher. I’ll be more circumspect in the future. And I will say if I think something’s too risky to speculate on unless you’re prepared to lose your entire investment. Well, that’s what you may do because from these elevated levels, a big decline will crush you, and you won’t be able to come back from it. And like people in 2000, you will stop owning stocks altogether, and you’ll never get rich from the stock market.”

Our Methodology

For this article, we compiled a list of 10 stocks that were discussed by Jim Cramer during the episode of Mad Money aired on September 24. 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).

Jim Cramer Commented on These 10 Stocks Recently

10. IREN Limited (NASDAQ:IREN)

Number of Hedge Fund Holders: 39

IREN Limited (NASDAQ:IREN) is one of the stocks Jim Cramer recently commented on. Cramer mentioned the stock’s recent rally, as he commented:

“There are other companies like IREN, which makes power centers for bitcoin mining and is looking to pivot to AI data centers. Hey, listen, CoreWeave took that strategy. IREN is actually profitable, but its stock has rallied 380%. Too hot.”

IREN Limited (NASDAQ:IREN) runs renewable energy-powered data centers and engages in Bitcoin mining, with operations structured as a vertically integrated platform. The company focuses on combining sustainable infrastructure with digital asset mining. On September 25, Bernstein analyst Gautam Chhugani raised the stock price target to $75 from $20 and reiterated an Outperform rating.

The firm highlighted IREN Limited’s (NASDAQ:IREN) shift from traditional Bitcoin mining toward building its own AI cloud vertical, requiring heavy capex, GPU leverage, and execution in a competitive space dominated by neocloud leaders with hyperscaler and NVIDIA ties. Bernstein noted that it had previously underestimated these capabilities, but now sees enough progress to take the AI cloud business seriously and support a re-rating case.

9. Nebius Group N.V. (NASDAQ:NBIS)

Number of Hedge Fund Holders: 45

Nebius Group N.V. (NASDAQ:NBIS) is one of the stocks Jim Cramer recently commented on. Cramer discussed the NBIS stock’s rally despite losing money. He said:

“But then there’s a company like Nebius… which has some good contacts and a relationship with Microsoft, but it loses a lot of money, yet its stock’s rallied more than 308% for the year. Ow.”

Nebius Group N.V. (NASDAQ:NBIS) develops full-stack infrastructure for AI, including GPU clusters, cloud platforms, and developer tools. In addition, it provides Toloka for generative AI data, TripleTen for technology reskilling, and Avride for autonomous driving solutions. Cramer discussed the stock in the September 9 episode and said:

“Sometimes, though, you have a winner right in front of your face and you don’t realize it. When I was at NVIDIA’s big GTC conference… I was checking out the booth of all those companies that were working with Nvidia installing product into the data centers… At the end of the hall in what seemed to me to be a pretty empty booth… this company, Nebius, is a data center builder like CoreWeave. I felt bad for them, like no one was paying any attention to them, so I asked what they did. I sauntered it over there. They filled me in. They were going to be a part of the power solution. I thanked them. Never really thought about it again until yesterday when the company won a $17 billion contract to build a data center for Microsoft in Vineland, New Jersey… Sure enough, Nebius, which had been creeping up, vaulted from $64 to nearly $96 today in a colossal move. Nebius, it turns out, used to be a part of Yandex, a controversial Russian story. Spun out from Yandex, Nebius is controversial no more. It’s just electric, literally.”