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.”
8. CoreWeave, Inc. (NASDAQ:CRWV)
Number of Hedge Fund Holders: 29
CoreWeave, Inc. (NASDAQ:CRWV) is one of the stocks Jim Cramer recently commented on. Cramer noted that he has been “supporting” the stock, as he remarked:
“What else? There are other companies that look like CoreWeave. CoreWeave is a great company that keeps winning business almost daily, and I’ve been supporting that one… Remember, if you want CoreWeave, buy CoreWeave.”
CoreWeave, Inc. (NASDAQ:CRWV) operates a cloud platform designed to power compute-intensive workloads, providing GPU and CPU compute, storage, networking, managed services, and virtual or bare metal servers. The company’s platform supports AI model training, inference, VFX rendering, mission control, and dataset optimization for machine learning developers. Cramer highlighted that he was one of the few people “positive” on the company’s stock following its IPO during the September 8 episode. He commented:
“I was one of the few people who was positive on CoreWeave when the data center play came public in late March at just $40 per share before falling to the low 30s within a month of the deal. But then the stock got hot in a hurry, and just in time, two months, in two months’ time, it soared to a high of $187 by late June. At those levels, it was simply setting itself up for failure. I’ve had the chance to speak with CoreWeave CEO Michael Intrator a couple of times on the show. Now, I like the fundamental business very much, but the stock has no business being as high as it was in June. Now that the lockup on insider selling, though, has expired, CoreWeave’s back down to the low 90s… It still has a huge success since coming public. It’s up more than 130% from its offer price. But if you bought the stock in the triple digits, you definitely don’t feel like a winner. CoreWeave was also a powerful reminder… [of] what happens to these small, what I call sliver deals… CoreWeave reported a great quarter early last month, but then the lockup expired. We got a huge wave of insiders selling. The stock’s now down 37% from its mid-August highs…”
7. D-Wave Quantum Inc. (NYSE:QBTS)
Number of Hedge Fund Holders: 24
D-Wave Quantum Inc. (NYSE:QBTS) is one of the stocks Jim Cramer recently commented on. Cramer acknowledged it would take time before the company “starts to take off,” as he said:
“There’s D-Wave, which impressed me when they were on too. It hit a 52-week high today, but it’s up 230% for the year. But again, it could be ages before the business starts to take off. I don’t even know if they disagree with that. Both IONQ and D-Wave are losing fortunes.”
D-Wave Quantum Inc. (NYSE:QBTS) provides quantum computing systems, software, and cloud services, including the Advantage line of computers, Ocean developer tools, and the Leap platform with hybrid solvers. During the September 18 episode, Cramer mentioned the company and stated:
“What [are] examples of what speculation means?… IONQ just signed a Memorandum of Understanding with the Department of Energy, an MoU with the DoE, to develop quantum technologies in space. When you see deals like this, they ignite D-Wave. We had them on, D-Wave Quantum, pretty interesting. Rigetti Computing, huge money losers, but… their stocks can really rally on any positive quantum news, and there’s plenty of news because theoretically, quantum computing is the fastest kind of computing. It’s specifically endorsed by Jensen Huang, the CEO of NVIDIA. Less than a year ago, he was very skeptical. Now he’s a believer. So is IBM.”
6. IonQ, Inc. (NYSE:IONQ)
Number of Hedge Fund Holders: 30
IonQ, Inc. (NYSE:IONQ) is one of the stocks Jim Cramer recently commented on. Cramer mentioned that he talked with the management and liked what he saw. He commented:
“Alright, let’s think about quantum computing, which is rife with money losers that could end up being terrific, but right now they don’t have much going for them other than hope. That includes IONQ, which we had on the other day. Boy, I liked what I saw, I really did, but only if you think very, very long-term. Stock’s up 77% for the year. I think that’s aggressive… Both IONQ and D-Wave are losing fortunes.”
IonQ, Inc. (NYSE:IONQ) develops quantum computers and networks, providing access through major cloud platforms and its own service. During a May episode, Cramer said that it was “too speculative” for him, as he remarked:
“Oh my god, it’s so high and it’s losing so much money, but it’s quantum. If I offer you a considered explanation of why I think that stock’s too expensive, most people ignore it, so all I’m going to say is it’s too speculative for me. I don’t know what else to say.”
5. BWX Technologies, Inc. (NYSE:BWXT)
Number of Hedge Fund Holders: 52
BWX Technologies, Inc. (NYSE:BWXT) is one of the stocks Jim Cramer recently commented on. Cramer noted that it is one of the nuclear specs that make money. He said:
“What sectors count as speculative here? Okay, they can be pretty easily grouped, thankfully. There are the nuclear stocks like Energy Fuels, that means Oklo, Nano Nuclear, and BWX Technologies. I’d include Bloom Energy, BE, I saw them on TV today… hydrogen fuel cells. BWX and Bloom make money, the rest don’t, but they’re all expensive.”
BWX Technologies, Inc. (NYSE:BWXT) produces nuclear reactors, fuel, precision components, and related systems for government, commercial, and defense applications. Moreover, the company provides medical radioisotopes, engineering services, and lifecycle support for nuclear power plants. When a caller inquired about the stock during a June episode, Cramer responded:
“Alright, that’s nuclear. And again, like you know, nuclear, I’m not going to fight anyone who wants to enter a nuclear stock. I’m going to bless it even though it’s up very, very big.”
4. AST SpaceMobile, Inc. (NASDAQ:ASTS)
Number of Hedge Fund Holders: 30
AST SpaceMobile, Inc. (NASDAQ:ASTS) is one of the stocks Jim Cramer recently commented on. Cramer mentioned the company during the episode and remarked:
“Then I got a question about AST SpaceMobile. That’s a satellite broadband network for smartphones with a stock that’s up 158% for the year. This is a company that’s been losing money hand over fist, almost no revenue whatsoever. Maybe they have something, but it surely isn’t self-evident.”
AST SpaceMobile, Inc. (NASDAQ:ASTS) is developing the BlueBird satellite constellation to deliver space-based cellular broadband directly to smartphones. The company’s SpaceMobile service targets end-users beyond terrestrial network coverage for both commercial and government applications. During the September 22 episode, Cramer called it a “perfect spec,” as he said:
“Well… you heard the word space. Now I know this is, people are going to say, what the heck has Cramer spoken? Well, actually, I’ve been right about every single one of these, as you know. But what really does matter to me is, is that this is your spec. You’re allowed to have a spec. I say it… all you gotta do is have one spec. You’re allowed it. You can’t have two unless you’re very, very young. And that ASTS is a perfect spec.”
3. Oklo Inc. (NYSE:OKLO)
Number of Hedge Fund Holders: 36
Oklo Inc. (NYSE:OKLO) is one of the stocks Jim Cramer recently commented on. Cramer weighed in on the stock’s rally and its reversal, as he commented:
“OKLO, another nuclear stock that I’ve been recommending. It’s up 518% for the year. When OKLO was in the 30s, I said that one good, one good headline could propel the stock to the stratosphere. Now, it’s in the 130s. Sure enough, we got that whole slew of headlines about a $1.68 billion facility in Tennessee, where Oklo will be recycling nuclear waste and fuel for its advanced reactors. The stock went to a high of 144 today before reversing hard, finishing at 131. I think Oklo is a great concept, and I say concept because it has no revenues, but I think with Oklo, here we go, okay, am I clear? We got good news today, and the stock couldn’t maintain its momentum. That’s a bad sign. The intraday reversal, suboptimal.”
Oklo Inc. (NYSE:OKLO) develops advanced fission power plants to deliver scalable clean energy and commercializes nuclear fuel recycling technology that transforms waste into usable reactor fuel.
2. Energy Fuels Inc. (NYSE:UUUU)
Number of Hedge Fund Holders: 24
Energy Fuels Inc. (NYSE:UUUU) is one of the stocks Jim Cramer recently commented on. Cramer highlighted the company’s rally and valuation, as he said:
“On Monday, I was asked about a host of companies that I think are risky as all get out. Two examples, Energy Fuels, UUUU. That is a uranium company that’s great at both losing money and hitting the 52-week high list. Now, I’m a big believer in nuclear power. I’m not a big believer that nuclear power is going to experience a near-term renaissance. It could take a decade to build a new nuclear plant in this country. So I question if this stock should be up over 215% for the year. I do not question that this stock is in the words of the Fed chief… Powell, ‘fairly highly valued’. Why the heck then did I say UUUU was okay? Well, that was because of the spectacular rally in OKLO.”
Energy Fuels Inc. (NYSE:UUUU) explores, develops, and sells uranium properties while also producing vanadium, rare earth elements, and heavy mineral sands, including ilmenite, rutile, zircon, and monazite.
1. NVIDIA Corporation (NASDAQ:NVDA)
Number of Hedge Fund Holders: 235
NVIDIA Corporation (NASDAQ:NVDA) is one of the stocks Jim Cramer recently commented on. Cramer addressed current market valuations in relation to NVIDIA, as he commented:
“I can live with the S&P trading at 25 times this year’s earnings, knowing that the earnings are going up and the market will look cheaper next year. And that’s particularly the case of, with stocks like NVIDIA.”
NVIDIA Corporation (NASDAQ:NVDA) delivers computing infrastructure through graphics, data center, AI, and networking platforms, with products spanning GPUs, cloud services, robotics, automotive technologies, and digital twin applications. During the September 22 episode, Cramer called it the “ultimate own it, don’t trade it” stock. He said:
“NVIDIA, the ultimate own it, don’t trade it, stock is another one. For weeks now, we’ve been bombarded with questions about demand for NVIDIA’s chips because of concerns about China… Then today, NVIDIA announced a deal with OpenAI to build data centers with a capacity of 10 gigawatts worth of power. Do you know that’s enough power to, to take care of 8 million homes? NVIDIA will invest a hundred billion dollars in OpenAI as part of the transaction… 10 billion per gigawatt. OpenAI is privately held, but when you get a deal like this, it will boost the value when it comes public. And I figure NVIDIA will continue to make fortunes from this investment. Sam Altman, the CEO of OpenAI… [said] endlessly in a CNBC exclusive… about the need for computing power to truly get what’s needed out of artificial intelligence, and only NVIDIA has the power that’s needed. The value of their nine-year partnership is now self-evident. This announcement brightened the entire data center food chain… I say, really, who cares about China? Only the people who traded the stock and are no longer in it, not those who owned it. Oh, it’s discouraging.”
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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