On Wednesday, Mad Money host Jim Cramer focused on the surge in investor enthusiasm around three of the market’s most speculative sectors.
“It’s all coming together for the most speculative stocks in the market, and it’s a dream come true for many dreamers… It’s the year of magical thinking… and boy is that year ever paying off. Today was an exceptional day for the three groups that have been leading this year of magical thinking: space, quantum, and nuclear.”
READ ALSO: 14 Stocks on Jim Cramer’s Radar and Jim Cramer Commented on These 17 Stocks.
Cramer emphasized that the trend feels far from over, as he noted that we are not approaching the end of the so-called magical thinking period, but rather still in the middle of it. He mentioned that the conditions continue to favor companies that might not yet be profitable or even generate meaningful revenue, but are still attracting major capital.
“Here’s the bottom line: We’re about to have an IPO boom that rivals 2021 and perhaps even exceeds it because, unlike back then when we had SPACs, but no ideas, this time, we have real ideas with real opportunities to raise money in order to hold on through the industry’s inflection points and take part like all of us in the year of magical stock thinking.
As long as people are willing to pay up for the companies with no earnings and little revenue, these deals will keep coming and coming and coming. And the stocks will keep taking more money away from the mainstream companies like Nvidia that really make up the averages.”
Our Methodology
For this article, we compiled a list of 16 stocks that were discussed by Jim Cramer during the episodes of Mad Money aired on June 11. We listed the stocks in the order that Cramer mentioned them. We also provided hedge fund sentiment for each stock as of the first quarter of 2025, which was taken from Insider Monkey’s database of 1,000 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 Discussed These 16 Stocks Recently
16. Amentum Holdings, Inc. (NYSE:AMTM)
Number of Hedge Fund Holders: 37
Amentum Holdings, Inc. (NYSE:AMTM) is one of the 16 stocks that Jim Cramer recently discussed. Cramer was bullish on the company as he highlighted its various important divisions and said:
“Now, when Amentum reported its latest quarter in early May, the results were good, better than expected revenues, a healthy earnings beat, management reaffirmed the full year earnings and cash flow guidance. Not bad. Sounds good. Then how come the stock dropped 4.5% the next day? Well, it seems that the market wasn’t overly impressed with Amentum’s growth story. While the company beat estimates, [it] still only posted 1% revenue growth year over year, and the earnings were just up 4%. That’s not good enough…
Amentum’s laid out a long-term growth plan calling for 4 to 6% compound annual revenue growth through 2028. They haven’t been able to gin up much excitement with that forecast. There’s a lot of companies that are growing much faster that aren’t that expensive, but I think they can hit these numbers… It’s important to remember that Amentum isn’t a newcomer to this space. It’s made up of a series of legacy businesses with deep roots in federal contracting, businesses with incumbent status, and longstanding agency relationships.
This familiarity is something incredibly important. When the government decide[s] where to allocate funds, they also have the scale to compete. Their $45 billion in backlog is one of the highest in the sector. This isn’t some fly-by-night outfit that’s going to have to fight tooth and nail for government contracts. This is a well-known commodity in a space where that really matters. … If there’s one thing that gives me pause about the stock, it seems that… and this is a… theme… for many of our homework names, that’s the ownership concentration.
More than 35% of Amentum is still owned by American Securities and Lindsay Goldberg, the company’s former private equity sponsors. This private overhang, it can be a real issue if these firms ever decide to unload their shares… The bottom line: While I’m worried about the private equity shareholders, I think this stock already has too much caution priced into it. Amentum sells for less than 10.5 times this year’s earnings estimates. That’s a pretty compelling valuation for a company with this kind of scale and long-term positioning. At the end of the day, I’d like to see some of the large shareholders, these private guys, reduce their stakes before jumping in. But Amentum’s definitely worth keeping on your radar.”
Amentum (NYSE:AMTM) is a holding company whose subsidiaries deliver services in areas such as environmental sustainability, intelligence, analytics, engineering, research, and citizen systems.
15. NuScale Power Corporation (NYSE:SMR)
Number of Hedge Fund Holders: 18
NuScale Power Corporation (NYSE:SMR) is one of the 16 stocks that Jim Cramer recently discussed. Answering a caller’s question about the company, Cramer stated:
“NuScale, okay, here’s the problem with NuScale, it is… really, really high. Here’s the answer with NuScale, if it does an offering here, that’s when I’d buy. I’d wait for the stock offering after what happened with Oklo tonight.”
NuScale Power (NYSE:SMR) develops nuclear power plants that use modular light water reactor technology. On May 28, when a caller asked about the company, Cramer diverted them toward GEV as he commented:
“But why don’t we just buy GE Vernova? I mean, you know, it’s been a winner for the club. I think it can go higher. I really like it. Look, they’re both parabolic. Nuscale has been straight up, and so has GE Vernova, but GE Vernova’s got a book of business. That’s what I like.”
14. ARS Pharmaceuticals, Inc. (NASDAQ:SPRY)
Number of Hedge Fund Holders: 34
ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) is one of the 16 stocks that Jim Cramer recently discussed. A caller asked if it was a good time to buy the stock. Cramer replied:
“You know what? I like their model… and I think that, well, here’s what I look at, it’s a great flier. Someone needs that technology, someone’s going to pay for it.”
ARS Pharmaceuticals (NASDAQ:SPRY) is a biopharmaceutical company focused on helping patients and caregivers manage severe allergic reactions, with its product neffy, a nasal epinephrine spray approved for emergency treatment of anaphylaxis in both the U.S. and EU.
In the first quarter of 2025, the company reported $8.0 million in total revenue. The net loss for the quarter was $33.9 million, or $0.35 per share. Moreover, as of March 31, ARS Pharmaceuticals (NASDAQ:SPRY) held $275.7 million in cash, cash equivalents, and short-term investments. It maintained its outlook that current financial resources are expected to support operations for at least the next three years.
13. GitLab Inc. (NASDAQ:GTLB)
Number of Hedge Fund Holders: 52
GitLab Inc. (NASDAQ:GTLB) is one of the 16 stocks that Jim Cramer recently discussed. Answering a caller’s query about it during the lightning round, Cramer commented:
“Yeah, I thought that GitLab, frankly, I was prepared for disappointment, and I got it. This kind of collaborative software, enterprise software stock, I don’t want right now… You know, I like an Oracle, which is going up, but that’s data center. I don’t want, I just do not want enterprise software. I think they’re all too expensive.”
GitLab Inc. (NASDAQ:GTLB) offers a single platform designed to manage the entire software development process, enabling teams to plan, create, secure, and release applications across various cloud setups. The company also provides professional services and training. Artisan Partners stated the following regarding GitLab Inc. (NASDAQ:GTLB) in its Q4 2024 investor letter:
“Along with Monolithic Power Systems, notable adds in the quarter included Onto Innovation and GitLab Inc. (NASDAQ:GTLB). Gitlab offers a one-stop shop for software development projects. The company provides developers with tools to manage code, collaborate with teammates and track the entire development workflow. It has a strong brand with more than 30million registered users across its free and paid subscription tiers. Customers adopt Gitlab to deploy code faster, more consistently and more securely. We believe the company is early in its lifecycle given the large addressable market of global software developers and a general trend toward companies looking to digitize aspects of their business and deploy code quickly. Recent earnings results were thesis affirming, and we added to the position.”
12. Union Pacific Corporation (NYSE:UNP)
Number of Hedge Fund Holders: 85
Union Pacific Corporation (NYSE:UNP) is one of the 16 stocks that Jim Cramer recently discussed. A caller asked what the impact will be on the company given the ongoing tariffs and the new administration’s insistence on reshoring. Here’s what Cramer had to say:
“I think it’s good for them, and I think Union Pacific is the one that has lagged. I mean, I’ve seen a lot of them run. I’ve seen the truckers run. Union Pacific, you got Jim Vena there. I think it’s a buy. I’m glad that you highlighted it tonight because I think it’s a really good stock to own.”
Union Pacific (NYSE:UNP) is focused on providing freight transportation for a wide mix of goods, including farm products, chemicals, metals, petroleum, and vehicles, supporting sectors like agriculture, construction, and manufacturing. Cramer was bullish toward the stock back in May when he said:
“Okay, people feel that this stock is right in the cross hairs of the tariffs, that they’re going to hurt, get hurt more than anybody else. I want to buy the stock right here. At $214, I would start buying, the next buy would be at $204. Then maybe get some at $194. Build a good basis. Start with small and build up in a pyramid. That’s what I feel about Union Pacific. I’m looking at it myself. I like this level.”
11. BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)
Number of Hedge Fund Holders: 59
BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) is one of the 16 stocks that Jim Cramer recently discussed. When a caller asked about the company during the lightning round, Cramer remarked:
“You know what, BioMarin, I am getting tired of the orphan drug model. I just… [don’t] think that it’s working. I think it worked for some time. I don’t think it works now.”
BioMarin (NASDAQ:BMRN) is a biotechnology company focused on turning genetic research into treatments that significantly improve patients’ lives, supported by a history of innovation and a growing pipeline of therapies. It is worth noting that in 2023, when Cramer was asked about the company during a lightning round, he commented, “I would hold onto that one.” Since the comment was aired back in January 2023, BMRN stock has gone down more than 49%.
10. Limbach Holdings, Inc. (NASDAQ:LMB)
Number of Hedge Fund Holders: 18
Limbach Holdings, Inc. (NASDAQ:LMB) is one of the 16 stocks that Jim Cramer recently discussed. A caller asked if they should consider buying LMB shares on any dips, and Cramer replied:
“This one is so high, it’s got such a high price-to-earnings multiple. I cannot recommend it. I don’t care how, it’s like Ferguson, I guess, and people just say, you know what, I’m just going to be in there, I don’t care, and I don’t know why. I don’t want you to be in there. Too high versus, say, Home Depot, which is just really inexpensive.”
Limbach Holdings (NASDAQ:LMB) provides specialized solutions for complex building systems, working directly with owners and facility managers to maintain and improve essential mechanical, electrical, and plumbing infrastructure. Greystone Capital Management stated the following regarding Limbach Holdings, Inc. (NASDAQ:LMB) in its Q4 2024 investor letter:
“Limbach Holdings, Inc. (NASDAQ:LMB) was the largest contributor to performance during 2024, for good reason. Their journey from here to there has been executed flawlessly (which, as an investor, I have the luxury of proclaiming), with earnings power increasing at a tremendous rate during the past 24 months. On the back of low single digit revenue growth aided by their ODR segment growing 20%, gross margins have expanded nearly 1000bps, EBITDA margins have expanded 500bps, and adjusted EBITDA has more than doubled. This has translated nicely into free cash flow, which Limbach has used to acquire additional service businesses for 4-5x EBITDA.
During 2024, Limbach invested $38mm to purchase two businesses, Kent Island Mechanical and Consolidated Mechanical, two building systems solutions companies with long histories. The average multiple paid was 3.75x and when combined, should add between $8-10mm EBITDA beginning in 2025. Additionally, now that Limbach has spent over $50mm on acquisitions during the past two years, they should see increased deal flow with the opportunity to consistently acquire 3-4 businesses per year, or between $15-20mm in EBITDA…” (Click here to read the full text)
9. The Sherwin-Williams Company (NYSE:SHW)
Number of Hedge Fund Holders: 68
The Sherwin-Williams Company (NYSE:SHW) is one of the 16 stocks that Jim Cramer recently discussed. A caller asked Cramer’s thoughts on the company, and here’s what he had to say in response:
“Sherwin-Williams, okay, Dow stock now, by the way. I think Sherwin-Williams, look, I like the stock of Home Depot. Home Depot, which is, by the way, less expensive… I think some people are selling it because ICE is lining up in front of Home Depot, and I think the stock’s getting hit because of that.”
Sherwin-Williams (NYSE:SHW) makes and sells paints, coatings, and related goods, and it supplies both branded and private-label options for use in architectural, industrial, automotive, and marine settings. In February, Cramer remarked:
“Finally, a newbie added to the index, Sherwin-Williams, a little odd here, paint company. This one’s a tough, it’s tough. I don’t get it. It’s housing slowed, 7% mortgages. I’m honestly shocked the stock’s so high. Still, it’s not a tech stock, it’s not a Mag Seven, in fact, it’s a quintessential not tech stock. Maybe that’s why it’s there.”
8. Rockwell Automation, Inc. (NYSE:ROK)
Number of Hedge Fund Holders: 46
Rockwell Automation, Inc. (NYSE:ROK) is one of the 16 stocks that Jim Cramer recently discussed. The company was discussed during the episode, and here’s what Mad Money’s host had to say:
“So if you want a manufacturer, you know what you gotta do? You gotta embrace automation, which brings me to Rockwell Automation, the leading industrial automation, digital transformation company. Now these guys make equipment and software that allows factories to run with fewer workers. That’s exactly what we’re going to need if we’re going to have domestic manufacturing make a comeback… Crucially, when the company reported that last quarter, about a month ago, Rockwell maintained its full-year sales outlook, and it raised its full-year earnings forecast really significantly.
Originally, management was guiding for $8.60 to $8.90 in adjusted earnings per share. Now they’re saying it’s more going to be more like $9.20 to $10.20 worth of earnings. That is much, much better than Wall Street’s looking for. I’m not used to seeing those kinds of blowouts. So, putting it all together, things are playing out pretty much like Blake Moret said they would when he came on the show last November. Sales have improved, and it sounds like he was right about Rockwell being able to lower its cost base, which has translated to some tremendous earnings numbers…
Still, generally speaking, if we see a huge wave of reshoring, thanks to this one, wow, it’s going to be a winner… Slowly, Rockwell Automation is building back what I regard as being some aberration on Wall Street… At the end of the day, while I still have some scar tissue from this one after multiple failures over the past years, I see enough good things happening here to justify going forward. I think it’s a good one.
Here’s the bottom line: Big picture, Rockwell Automation, it’s a winner from tariffs that force companies to move their manufacturing back to the United States. Matter of fact, it’s the way to play reshoring without losing a fortune. These companies have to rely on Rockwell Automation. But I would not stick my neck out for the thesis if the fundamentals weren’t already on the mend. Fortunately, Rockwell’s going in the right direction, and this trade war, I’m calling simply the icing on the cake.”
Rockwell Automation (NYSE:ROK) delivers industrial automation and digital transformation products. The company provides hardware, software, and services such as control, safety, motion, sensing equipment, consulting, and maintenance.
7. The Kroger Co. (NYSE:KR)
Number of Hedge Fund Holders: 64
The Kroger Co. (NYSE:KR) is one of the 16 stocks that Jim Cramer recently discussed. Inquiring about it, a caller mentioned that they are entering a position in the stock. Cramer commented:
“Alright, I’ll tell you Kroger stock is rolling over… That’s the problem. It’s just rolling over, and when I see a stock rolling over at 13 times earnings, I say to myself, okay, let it come down. Buy a little, buy a little, and then wait for the next level. Do not buy all at once. It could be a bad sign that this stock is having such a hard time at this particular moment, and it sure is. 73 down to 64. How about [we] wait till it goes to 60? Then we see whether the chart’s a little better right there.”
Kroger (NYSE:KR) is a major U.S. retailer that runs various types of stores, such as food and drug combos, multi-department locations, marketplaces, and discount warehouses.
6. Coca-Cola Consolidated, Inc. (NASDAQ:COKE)
Number of Hedge Fund Holders: 22
Coca-Cola Consolidated, Inc. (NASDAQ:COKE) is one of the 16 stocks that Jim Cramer recently discussed. A caller asked about COKE, and in response, Cramer said:
“You know… It doesn’t have the yield that people want. I think it’s a really good company. It is very intriguing to me because the distribution is a really good business. I would hold on to it just because I think the distribution business, not because it’s necessarily good right now, but I do know that long term, it’s been a good one…”
Coca-Cola Consolidated (NASDAQ:COKE) is the largest bottler of Coca-Cola products in the U.S., producing and distributing a wide range of beverages to millions of consumers. In the first quarter of 2025, the company reported net sales that declined by 1% due to a quarter that had two fewer selling days compared to the same period in 2024. Gross profit totaled $627 million, which was a 2% decrease year over year, while gross margin fell by 50 basis points to 39.7%.
5. Truist Financial Corporation (NYSE:TFC)
Number of Hedge Fund Holders: 57
Truist Financial Corporation (NYSE:TFC) is one of the 16 stocks that Jim Cramer recently discussed. A caller asked Cramer’s opinion of the company, and he replied:
“You know, I am really surprised that Truist is doing badly as it is. I think it’s a pretty good situation. I would, I would hang on to this one. The fact that it yields 5%, I think that that’s at 10 times earnings. I think it can go to 12 times earnings… I think you should hold on to Truist, if not even buy some.”
Truist Financial Corporation (NYSE:TFC) is a financial services company focused on supporting individuals and communities through a broad range of banking, investment, and lending offerings. It ranks among the largest commercial banks in the country by asset size.
4. The Goldman Sachs Group, Inc. (NYSE:GS)
Number of Hedge Fund Holders: 77
The Goldman Sachs Group, Inc. (NYSE:GS) is one of the 16 stocks that Jim Cramer recently discussed. Cramer noted that investors who are interested in investing in IPOs can go for GS stock, as he explained:
“I’ve tried to be skeptical of these three red hot areas, but as I told you last week, once the thing really takes off, you can’t be a scold. I’m not about you not making money, I’m about you making money. And the market’s saying, listen, these companies can raise some money, and I think you’re going to see scores more coming public. By the way, we own Goldman Sachs for the Charitable Trust; that’s another way to play it. The investment banks are eager to give it to them, and they know that there’s a thirst that can’t be slaked without more deals.”
Goldman Sachs (NYSE:GS) is a financial firm that provides wealth management and various financial solutions.
3. Voyager Technologies, Inc. (NYSE:VOYG)
Number of Hedge Fund Holders: N/A
Voyager Technologies, Inc. (NYSE:VOYG) is one of the 16 stocks that Jim Cramer recently discussed. Here’s what Cramer had to say about the company:
“But wait, there’s more. In a market that’s engulfed in the kind of extreme speculation we have not seen in years, arguably since the 90s, few sectors have gripped us more than space and defense. So along comes Voyager Technologies, which launched itself in the public market today with a dazzling IPO. Nine days ago, this company said it would sell 11 million shares at a price between $26 and $29. They ended up issuing 12.35 million shares at $31, and then the stock opened at $69 and 75 cents, and why not? Listen to… this part of the prospectus that describes the company… ‘We are an innovation-driven defense technology and space solutions company. Our company was purpose-built to reflect this goal.’ Then the document goes on and says, ‘We strive to solve complex challenges to fortify national security, protect critical assets, and unlock new frontiers for human progress and economic development.’
That’s not all. Voyager is ‘developing artificial intelligence-enabled edge computing in space, bringing intelligence processing directly to satellites to enhance security and accelerate decision making.’… Not only is this company purpose-built to reflect those goals, I think it’s purpose-built for the year of magical thinking and the speculative bubble it’s building because while it has, it has revenues, it’s been losing, again, gobs of money. But now that it’s come public, you could argue that Voyager can raise all the money at once.”
Voyager Technologies (NYSE:VOYG) develops advanced defense and space technologies and focuses on delivering high-impact solutions for critical missions.
2. Oklo Inc. (NYSE:OKLO)
Number of Hedge Fund Holders: 23
Oklo Inc. (NYSE:OKLO) is one of the 16 stocks that Jim Cramer recently discussed. Discussing the hype around nuclear stocks, Cramer said:
“What else fits the moment? We’ve become transfixed by nuclear power. We know that the data centers that seem to be going up everywhere are humongous users of electricity. We know that the hyperscalers who run the data centers would prefer to use nuclear power because it’s clean. We know that we’ve been decommissioning nukes for decades because we thought they were unsafe. But one company, Oklo, never gave up hope that the nuclear industry could turn things around and has toiled for 12 years to get its form of nuclear power endorsed by our government.
These guys are serious professionals. One of its board members was current Secretary of Energy, Chris Wright, a textbook oil man, CEO of the second largest fracking company, Liberty Energy. Now, Oklo has no earnings and it’s losing… money, but no matter. After the close tonight, the company offered $400 million worth of stock to give them plenty of breathing room. It’s the kind of smart offering that keeps the ball rolling.
Others here should be thinking of the same thing when they have good news, like Oklo. The income statements simply don’t matter in the year of magical thinking because we just learned that Oklo was selected as the intended award winner to power Eielson Air Force Base in Alaska with a nuclear power plant. When it rains, it pours. The NRC, the Nuclear Regulatory Commission, has started reviewing a report that says Oklo could streamline the whole process, which we know is cumbersome… Maybe these guys can build, make it easier to build nukes. I don’t know. Oklo has the whole group jumping, which is exactly what you’d expect in this year of magical thinking.”
Oklo (NYSE:OKLO) designs and builds fission power plants that produce steady, large-scale energy. The company also handles services for recycling spent nuclear fuel.
1. Rigetti Computing, Inc. (NASDAQ:RGTI)
Number of Hedge Fund Holders: 22
Rigetti Computing, Inc. (NASDAQ:RGTI) is one of the 16 stocks that Jim Cramer recently discussed. Highlighting how stocks like RGTI are coming into “style”, Cramer commented:
“People always buy, oh, Rigetti Computing and IONQ, D-Wave Quantum, Quantum Computing. I’ve had a hard time dealing with these socks frankly, because they are all losing gobs, gobs, gobs of money. They have almost no revenue. As long as their stocks were low, it was hard to see what they could do. But you see now that their stocks are high, they can issue new shares, raise all the money they need to stay alive. The stocks are that hot. And of course, quantum computing is just opaque enough that it’s very easy to pitch for speculation even as it’s incredibly hard to figure out which companies are the best operators.
I tend to default to the balance sheet, the income statement. I’m old-fashioned. But when you do that [with] these stocks, well, you blanch. Perhaps every one of these quantum computing players will fit into Jensen’s inflection point. Maybe with their stocks so inflated, they can buy some fellow quantum companies with better prospects. But at this exciting moment in the year of magical stock thinking, these stocks are very much in style. So people will sell all sorts of traditional stocks like NVIDIA to raise money to get some quantum exposure, all because Jensen Huang has dramatically moved up this timeframe.”
Rigetti Computing, Inc. (NASDAQ:RGTI) is a company that works on designing and creating quantum computers. It also develops superconducting processors used in quantum systems.
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