On Wednesday, Jim Cramer, the host of Mad Money, discussed several investment themes to be considered if oil prices settle down and tensions tied to war begin to ease.
The war cannot be ring-fenced, no matter what we do. I don’t want to sugarcoat it. We can’t avoid this issue… Without a real exit strategy, we could blow through 20 days’ worth of oil from our strategic reserves and still be stuck in an asymmetrical standoff with the Iranians… I’ll tell you what themes can be bought if oil stabilizes and Iran shows signs of willingness to stop lobbing projectiles on naval traffic. First, you have to like the data center theme. The war’s obscuring it right now, but we just got the best verification of this theme’s strength when Oracle, the data center champ, last night reported a fantastic set of numbers that indicated its buildout is going better than anyone thought.
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Cramer added that Oracle does not need to raise large amounts of additional capital to continue building out that infrastructure. He also noted that the company does not need to sell Cerner, the medical records division Oracle acquired. He also highlighted a second theme: a continuing shortage of memory chips. He then pointed to a third theme centered on discount retailers, which benefit when inflationary pressures push households and shoppers toward cheaper options.
Here’s the bottom line: If Trump channels Kissinger and does something to push Iran towards negotiations, well, we could embrace these three themes sooner than you’d think. Of course, the price to be paid to get there may be way too much. I know I thought it was in 1972, but the gambit worked. It could, I imagine, work once again.
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 March 11. We listed the stocks in the order that Cramer mentioned them.
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 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).
Jim Cramer Looked at 7 Stocks: Micron, Oracle, and More
7. Mattel, Inc. (NASDAQ:MAT)
Mattel, Inc. (NASDAQ:MAT) is one of the stocks Jim Cramer looked at. Cramer mentioned the stock during the episode and said:
Okay, what needs to happen for the stock of Mattel to turn itself around? About a month ago, the iconic toy maker reported what people thought was a disappointing quarter. Stock plunged roughly 25% the very next day. Management said replenishment orders from retailers in the United States slowed in December, which led both Mattel and its retail partners to clear inventory more aggressively. That put pressure on the gross margins going into the holidays. Now, Mattel’s asking investors to think about 2026 differently. They see this as an investment year where they’ll spend an extra $150 million on organic growth initiatives, I like that, especially their digital games business. I really like that.
Mattel, Inc. (NASDAQ:MAT) creates and sells toys, games, and media content featuring famous brands like Barbie and Hot Wheels. Longleaf Partners Fund stated the following regarding Mattel, Inc. (NASDAQ:MAT) in its fourth quarter 2025 investor letter:
Mattel, Inc. (NASDAQ:MAT) – Children’s toy, media, and consumer products creator Mattel was a contributor for the quarter and the year. The company is in its strongest position in over 10 years, and there are multiple ways to win. Over 80% of Mattel’s value comes from growing power brands like Hot Wheels, Barbie, and UNO. Mattel has a strong balance sheet which allowed material stock repurchases of $600 million in 2025, and we believe additional share repurchase will come at these discounted prices in 2026. Fundamentally, the toy business continues to grow and gross margins remain strong at 50%. Mattel has a promising owned IP (intellectual property) outlook for 2026 with the Masters of the Universe and Matchbox movies, along with two video games, being released.
6. Power Solutions International, Inc. (NASDAQ:PSIX)
Power Solutions International, Inc. (NASDAQ:PSIX) is one of the stocks Jim Cramer looked at. Cramer highlighted one of the main reasons for the stock’s “harsh sell-off,” as he stated:
This is precisely the kind of stock I tell you to look for in How to Make Money in Any Market… After the pullback late last year, the stock made another run starting in 2026 briefly, trading into the triple digits again in mid-February. But since then, the stock had a breakdown encore, taking it down to the point where it’s now trading in the mid-50s. So what the heck on earth happened here?… Well, the biggest chunk of the decline came last Tuesday when Power Solutions International reported, and the stock plunged nearly 29% single session next day, awful. While the quarter represented top and bottom line beat, when you drill down, other major line items like gross profit and EBITDA had year-over-year declines. Now, that was a major departure from last year. I think this is a significant step down, and it is significant in margins in the fourth quarter was the main reason for such a harsh sell-off. But I also think that this dislocation might represent a good opportunity to get into the stock. Yes, into it.
Power Solutions International has been nearly cut in half in less than a month and to me, this looks like a terrific entry point because there’s nothing wrong with the data center thesis… Part of the issue here has to do with some of the quirks of the Power Solutions story. For example, and this bothers people, the company doesn’t hold a regular conference call; they just put out a press release. So while the margin pressure might have been something that they could have explained by management on a conference call, there was no call, and we just had a quote from the CEO on the press release. It was kind of stunning. At the same time, it didn’t help that management declined to issue any formal guidance this year, a big change versus previous quarters. They did offer some commentary on the outlook for 2026, which I thought was broadly positive…
Are we positive on PSIX? Come on, I have to try this. After taking a closer look at Power Solutions and what’s caused this recent pullback, you know what, I actually still think this stock looks real good. Stock’s been overly punished when it was sold off last week, and I’m betting many of the worries here will turn out to be overblown. Plus, with the company expected to earn $5.61 per share this year, Power Solutions International is now selling for right around 10 times this year’s earnings estimate. When you compare that to something like Caterpillar at 31 times, Cummins at 21 times, this looks like a steal. Of course, there’s a reason why PSIX sells for such a discount. They’re a lot less transparent than your typical publicly traded company, and it’s a small-cap operator with major ties to China. But none of these, for me at least, are deal breakers, which is why I’d be a buyer down here. I think data center buildout is here to stay, and there’s growth enough for everyone, including PSIX.
Power Solutions International, Inc. (NASDAQ:PSIX) develops and sells engines and power systems along with custom electrical generation units.
5. Oracle Corporation (NYSE:ORCL)
Oracle Corporation (NYSE:ORCL) is one of the stocks Jim Cramer looked at. Cramer noted the company’s “tremendous quarter,” as he commented:
So last night we got this tremendous quarter from Oracle that allowed the stock to pop 9% today, even as the market rolled over, and that was a very pleasant surprise… Oracle shot the lights out. Not only did they deliver a sizable top-line beat with 22% revenue growth, but every division posted better than expected sales except for hardware, which is their smallest unit… For at least the next 10 months, we won’t have to worry about the company piling one more debt to pay for its AI data center buildout. That’s a very big win… Hey, speaking of the backlog, Oracle mentioned that most of the increase in their remaining forms of obligation, their bookings, was “related to large scale AI contracts where Oracle does not expect to have to raise any incremental funds to support these contracts as most of the equipment needed is either funded upfront via customer prepayments so Oracle can purchase the GPUs, or the customer buys the GPUs and supplies them to Oracle”… I really like the flexibility of it…
Now, there was one more thing to this quarter that I’d love to cover if I have more time. Management came out with a great rebuttal to all this talk of a software-as-a-service apocalypse… Remember, while Oracle’s got a huge business building data centers, this used to be a pure play on an enterprise software company, and they still do a ton of software business, so they have a very good read on what’s happening here. Of course, there are still some lingering concerns that they could hurt the stock, especially the $20 billion at the market equity offering that might do some damage to the share price.
That said, the stock only ran up more than 9% today despite the spectrum of that offering. So, it might not make the dent you think. Let me give you the bottom line here: A win is a win, and this latest quarter was a big win for Oracle, a stock that’s been synonymous with AI data center worries since last fall. In a crazy, unpredictable environment… this is one theme that’s just holding on fine. Oh, and those myriad hedge funds who bet against it, they have felt the wrath of Founder, Chairman, and Chief Technical Officer Larry Ellison, which, trust me, is a lot worse than even the Wrath of Khan.
Oracle Corporation (NYSE:ORCL) provides cloud and on-premise software, databases, and IT infrastructure to help businesses manage operations.
4. Five Below, Inc. (NASDAQ:FIVE)
Five Below, Inc. (NASDAQ:FIVE) is one of the stocks Jim Cramer looked at. Cramer was bullish on the stock, as he remarked:
Finally, you have my blessing right now to buy Five Below, the eccentric, eclectic specialty retailer that seems to unite all economic groups, but it caters to the families who don’t want to pay an arm and a leg for some fun. Oh, I wish I had more themes, but these are the only ones I know that can be bought after a run in oil that devastates the stock market. Even as oil’s certainly less of a factor in our economy than it used to be, that’s not enough to minimize it.
Five Below, Inc. (NASDAQ:FIVE) sells a wide range of low-priced essentials, decor, tech accessories, toys, crafts, snacks, and seasonal items. Cramer shed light on the stock during the episode aired on December 17, 2025, as he said:
Five Below, a company that’s been on fire, even though its merchandise has been heavily tariffed, would benefit enormously if the tariffs get struck down.
3. Ulta Beauty, Inc. (NASDAQ:ULTA)
Ulta Beauty, Inc. (NASDAQ:ULTA) is one of the stocks Jim Cramer looked at. Cramer highlighted that he liked the stock, as he commented:
Third theme is the trade downers. There are plenty of people who are being hurt by the new bout of oil-induced inflation. We got a tame CPI number this morning, but it’s from before we attacked Iran, so it doesn’t count at all. What does count is that the financially challenged families are moving down to Burlington, Ross Stores, and TJX with its HomeGoods, Marshalls, and… TJ Maxx… The more adventuresome can buy Dollar Tree or Dollar General, the latter of which reports tomorrow. By the way, I like Ulta Beauty, too, the cosmetics retailer that reports tomorrow night. I don’t like putting a gun to my head, though, but you should buy some of these here and then buy some more after you see the quarter.
Ulta Beauty, Inc. (NASDAQ:ULTA) provides cosmetics, skincare, haircare, and fragrance products. In addition, the company offers in-store beauty services, including hair, makeup, brow, and skin treatments.
2. Applied Materials, Inc. (NASDAQ:AMAT)
Applied Materials, Inc. (NASDAQ:AMAT) is one of the stocks Jim Cramer looked at. Cramer discussed the stock during the episode, as he remarked:
If we see the $120 oil, those are the four stocks you gotta reach for, or you can go with the semiconductor capital equipment makers, a little less risky. Lam Research and KLA… You can do AMAT too, Applied Materials. The memory shortage will ultimately drive lots of businesses their way. Again, though, none of these will be real winners until the war ends and the decline runs its course.
Applied Materials, Inc. (NASDAQ:AMAT) provides equipment, software, and services that help manufacturers produce semiconductors and other electronic devices. A caller highlighted their massive gains from the stock and inquired about it during the February 27 episode. Cramer replied:
Alright, now I will tell you that both Jeff Marks and I were talking about adding Applied Materials to the bullpen. It got away from us. I actually think, and I know this is a little radical because I like Gary Dickerson so much, I would take a little bit off. It’s a parabolic chart, and then come back to it if you want to, but not more than that because I gotta tell you, that’s a great, great position… Congratulations.
We mentioned the stock while discussing the top stocks that will make you rich in 10 years. You can read about it here.
1. Micron Technology, Inc. (NASDAQ:MU)
Micron Technology, Inc. (NASDAQ:MU) is one of the stocks Jim Cramer looked at. Cramer discussed the stock in light of the memory shortage, as he commented:
Second theme, the memory shortage. I keep thinking this has got to end, but we got confirmation this week from HP Enterprise that it’s going to go on for much longer than people think. However, I can’t recommend these memory stocks, even the ones I really like. They’re just too much, too high. Western Digital, Seagate, Sandisk, and Micron could all be bought on a big move down because of oil.
Micron Technology, Inc. (NASDAQ:MU) develops memory and storage solutions, including DRAM, NAND, and SSD products, under the Micron and Crucial brands. Cramer mentioned the stock during the January 28 episode and stated:
We’ve got a big shortage in tech, one that’s truly unlike anything I’ve ever seen. It’s about storage and memory, specifically data storage. We just don’t have enough of it for the data centers that are being put up all over this country and the world. We’ve heard this theme now from Micron and from Seagate last night. The former is a maker of sophisticated memory chips, and the latter’s known for more reasonably priced commodity disk drives. These stocks are just, you can’t even… boom. Micron’s doing everything it can to alleviate the shortage. Sanjay Mehrotra, the effervescent CEO, seems to be breaking ground everywhere. Must be carrying shovels to put up new foundries. But you can’t put these up overnight. They take years. They’re just way too complicated. In this situation, where you have NVIDIA’s new high-end chip spewing data, Micron has absurd pricing power.
While we acknowledge the potential of Micron Technology, Inc. (NASDAQ:MU) to grow, our conviction lies in the belief that some 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 MU and that has 100x upside potential, check out our report about the cheapest AI stock.
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