During a recent episode of Mad Money, Jim Cramer discussed how the recent wave of deregulation by the U.S. administration would lead to more buying opportunities for investors:
“There are many reasons why Trump won November. inflation, immigration, culture war backlash. But there’s one reason why the business community got behind him in a way they never really did in 2016 or 2020, and that’s deregulation.“
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He elaborated that Donald Trump is pro-business and highlighted the recent performance of specific sectors to highlight how the new administration might affect opportunities in each sector. He began with natural gas:
“Some industries win, others lose. So far, it’s been a decidedly mixed picture. We’ve seen big deregulation of the oil business. President quickly ended the so-called pause on the new liquefied natural gas export approvals which was an insane policy because gas exports have so much potential. […] As far as natural gas, we have the most in the world already, mainly in the South, but also in the Pennsylvania and Ohio basins.”
He then proceeded to talk about financials:
“Beyond energy, I’m starting to see some crucial deregulation in banking, and I think it can really help the economy. More importantly, from a stock picking perspective, it can definitely help the companies being deregulated.”
He closed the episode with:
“My hope is that the deregulation will continue because that’s exactly what we need after 4 years of heavy-handed regulation.”
Our Methodology
For this article, we compiled a list of 11 stocks that were discussed by Jim Cramer during the Mad Money episodes that aired between the 27th and 31st of May 2024. We then calculated their performance for the past 12 months, until June 4th, 2025, market close. We have also included the hedge fund sentiment for the stocks, which we sourced from Insider Monkey’s Q1 2025 database of over 900 hedge funds. The stocks are listed in the order that Cramer mentioned them.
Please note that this article mentions Jim Cramer’s previous opinions and may not account for any changes to his opinions regarding the stocks that are mentioned. It is primarily an examination of how his previously provided opinions have panned out.
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).
11. Riot Platforms, Inc. (NASDAQ:RIOT)
Number of Hedge Fund Holders: 35
When asked whether Riot Platforms, Inc. (NASDAQ:RIOT) was worth buying amid a dip in Bitcoin miners, Cramer dismissed the idea entirely. He made clear in that older episode that he preferred simpler exposure to crypto:
“If we’re going to be in that, we’re just going to go buy Bitcoin or go buy Ethereum. Either one is fine with me.”
Great call. The bitcoin miner is down -6.42% since while Bitcoin has risen significantly since then.
Riot Platforms Inc. (NASDAQ:RIOT) is a Bitcoin mining company that operates large-scale data centers powered by renewable energy sources to mine and secure the Bitcoin blockchain.
Cramer remains sceptical about Bitcoin miners. Here’s what he said about the stock on January 3:
“Okay, well, Riot Platforms, I have to go to my chief scientist Ben Stoto on that. He points out that it’s a Bitcoin miner and can you get a better business than mining Bitcoin?”
10. KLA Corporation (NASDAQ:KLAC)
Number of Hedge Fund Holders: 61
A caller reported that their position in KLA Corporation (NASDAQ:KLAC) had nearly tripled and asked for guidance on profit-taking. Cramer advised a classic approach back then:
“It’s tripled — I want you to take out half. Let the rest run, then you’ll be in great shape. Can’t lose your money and I think that’ll be perfect.”
Good, measured call by Cramer as the stock has been flat since, rising only by +2.87%.
KLA Corporation (NASDAQ:KLAC) is a semiconductor equipment company specializing in process control and yield management systems used in advanced chip manufacturing.
Cramer thinks there’s more downside to stocks like Lam and KLA. Here’s what he said on February 25:
“I had Lam on and I had KLA on, and they’ve already taken the big hit. They could take another hit.”
9. ServiceNow, Inc. (NYSE:NOW)
Number of Hedge Fund Holders: 106
A caller who previously acted on Cramer’s buy recommendation returned after a sharp decline in enterprise software stocks, wondering if ServiceNow, Inc. (NYSE:NOW) was still worth holding. Cramer made it clear this was one of the exceptions in the sector:
“ServiceNow could be an exception… they’ve got that rule of whatever — Rule of 90 — and they have not missed. They’ve made it… They may be the only one where if you go to Nvidia, you might see ServiceNow.”
Indeed, an exception. The stock has surged by +50.56% since then.
ServiceNow Inc. (NYSE:NOW) provides cloud-based workflow automation software that helps enterprises digitize operations across IT, HR, security, and customer service.
Jim Cramer remains a fan of ServiceNow. Here’s what he said about it on May 23:
“I also like ServiceNow. I love what Bill McDermott’s doing. They’re actually going at each other right now, or at least Bill McDermott’s declared war, so to speak on Salesforce. These are two really fine companies, and over the long term, they’ve both been sensational.”
8. Beyond Meat, Inc. (NASDAQ:BYND)
Number of Hedge Fund Investors: 9
Back in that segment, a viewer curious about alternative meat stocks asked about Beyond Meat, Inc. (NASDAQ:BYND) as a potential long-term play. Cramer dismissed the company outright, favoring a more conservative food stock:
“No. Don’t own that — way too risky. I’d rather have you own Hormel down here. I think it’s a better play.”
Great call. The stock has sunk by -59.02% since those comments.
Beyond Meat Inc. (NASDAQ:BYND) develops plant-based meat substitutes designed to replicate the taste and texture of animal products while offering environmental and health benefits.
Recently in May, a caller asked Cramer if they should buy the stock at these levels, to which Cramer replied with another straight-forward:
“No, don’t want to own that. Way too risky.”
7. Warby Parker Inc. (NYSE:WRBY)
Number of Hedge Fund Investors: 38
In that older episode, a caller asked whether Warby Parker Inc. (NYSE:WRBY) was worth owning as mall traffic and in-store retail improved. Cramer leaned mildly positive, citing retail insider sentiment:
“I’m thinking about what Steve Yoffe told me from Tanger — he was saying it’s quite a triumph to get these guys in the store… I’m going to say yeah, it’s okay. It’s all right to buy.”
Cramer gave it a mild thumbs-up, and with a +20.53% gain since, he was right to be cautiously optimistic.
Warby Parker Inc. (NYSE:WRBY) is a direct-to-consumer eyewear company that designs, manufactures, and sells glasses and contact lenses both online and through its retail stores.
6. Viking Therapeutics, Inc. (NASDAQ:VKTX)
Number of Hedge Fund Investors: 41
Back then, a humorous caller asked if they should “bulk up” on Viking Therapeutics, Inc. (NASDAQ:VKTX), referencing both weight loss drugs and football. Cramer responded with his trademark flair and a clear preference:
“I even like the Vikings more than I like Viking Therapeutics — and that’s saying something ‘cause they ain’t that good. I say you need to be in Eli Lilly. Step your game up, partner.”
Cramer favored Eli Lilly over Viking, and with VKTX down -52.27%, he made the better call.
Viking Therapeutics, Inc. (NASDAQ:VKTX) is a clinical-stage biopharmaceutical company developing treatments for metabolic and endocrine disorders, including obesity and liver disease.
Cramer remains firm in his opinion. Here’s what he said on January 30 this year:
“Okay, people, people think that even if Lily’s stock can’t go up, why would we want Viking Therapeutics? And a lot of people were in it for a takeover. So far it doesn’t look like that’s materializing, so they’re giving up and they are selling it. I prefer Eli Lilly.”
5. Sunoco LP (NYSE:SUN)
Number of Hedge Fund Investors: 3
In that older discussion, a caller expressed concern over how ConocoPhillips’ acquisition of Marathon Oil might impact other related companies like NuStar Energy L.P., which has known for its generous 9% dividend. NuStar was also acquired by Sunoco LP (NYSE:SUN) during that month. Cramer reassured the caller, saying:
“You know I like them. NS I like. My understanding is they’re separate — if I find otherwise, I’ll tell you. I think MPLX is a terrific situation and I don’t want to back away from it.”
Cramer’s cautious optimism around the dividend play held up well with a +6.86% gain.
Sunoco LP (NYSE:SUN) is a master limited partnership engaged in the wholesale distribution of motor fuels and operates a network of fuel stations and convenience stores across the U.S.
4. Hawaiian Electric Industries, Inc. (NYSE:HE)
Number of Hedge Fund Investors: 29
In that older segment, a caller from Texas asked whether to hold or sell Hawaiian Electric Industries, Inc. (NYSE:HE), a troubled utility company. Cramer was blunt and strongly recommended exiting:
“No, you don’t want to be in Hawaiian Electric. Come on… I want you to be in Exelon, I want you to be in PG&E… I don’t care what utility you’re in, other than that one.”
Although the stock surged a few days later, it is now flat for the past year, with an overall increase of 2.61%.
Hawaiian Electric Industries, Inc. (NYSE:HE) is a utility holding company that provides electricity to 95% of Hawaii’s residents and also owns a local financial services subsidiary.
3. Vistra Corp. (NYSE:VST)
Number of Hedge Fund Holders: 102
In that older episode, Jim Cramer revisited Vistra Corp. (NYSE:VST) after a viewer question and admitted he had previously underestimated the stock. He discussed the company’s transformation into a clean energy powerhouse and its pivotal role in powering AI data centers, a theme he believed was just beginning to take off at the time. Here’s his full older analysis:
“We actually got a call about this one before and it even turned into a homework assignment, but while I was generally positive on the story, I clearly wasn’t bullish enough. Nobody’s been bullish enough on this one. […]
Right now, we’re in the midst of an enormous AI infrastructure buildout… meaning tons and tons of data centers that practically devour electricity… and that’s where the independent power producers come in—especially the ones that can provide clean energy like Vistra or Constellation Energy. […]
That AI data center power demand story is a huge driver of the stock’s strength. Vistra stock has been such a juggernaut. Everything else flows from there. […]
Ideally, you wait for a pullback in these incredibly hot stocks before starting a position, but I’m certainly not going to tell you that the rallies are over. […]
Let me give you the bottom line here: we weren’t bullish enough on Vistra. We just weren’t. It’s an excellent story… gives you exposure to one of the best themes in the market right now. I know after working on this piece, I’m thinking about the same thing for my Charitable Trust.”
Cramer admitted he had underestimated Vistra and turned bullish just in time — the stock is up a huge +96.40%.
Vistra Corp. (NYSE:VST) is a power generation and retail electricity company with a growing portfolio of nuclear, solar, and battery storage assets serving U.S. energy markets.
Interestingly, Cramer recently admitted that he doesn’t like energy stocks anymore. Here are his comments from April 9:
“Now, see, I never really, really care right now, honestly for the energy trade, because then Microsoft will say that it’s closing a data center. No one will like the group. So let’s stay away from the energy trade. It’s too much second derivative, so to speak.”
2. Constellation Energy Corporation (NASDAQ:CEG)
Number of Hedge Fund Holders: 83
Cramer brought up Constellation Energy Corporation (NASDAQ:CEG) in the same segment as a key peer to Vistra. Back then, he explained why he still favored Constellation, highlighting its purer nuclear focus, longer-term stability, and his deeper familiarity with the company’s management and performance history. Here are his remarks from back then:
“Right now, we’re in the midst of an enormous AI infrastructure buildout… meaning tons and tons of data centers that practically devour electricity… and that’s where the independent power producers come in—especially the ones that can provide clean energy like Vistra or Constellation Energy. […]
If you made me choose between the two, you know what? I’d still stick with Constellation Energy, despite the valuation disparity, simply because I’m more familiar with the story. […]
I’ve spoken to the management team a few times since I started pounding the table on the stock in early 2022. […] Constellation is much closer to being a pure play on nuclear energy, which I really care for. […] Constellation’s gradual move higher looks more sustainable than the parabolic move we’ve seen in Vistra.”
Although CEG did not outperform Vistra, it’s still up by 51.22%, making this a great call.
Constellation Energy Corporation (NASDAQ:CEG) is a leading clean energy provider that generates electricity from nuclear, solar, wind, and hydro sources for residential and commercial customers.
Cramer recently advised against owning energy stocks due to Microsoft’s decision to close down some data centers. Here’s what he said in April:
“Now, see, I never really, really care right now, honestly for the energy trade, because then Microsoft will say that it’s closing a data center. No one will like the group. So let’s stay away from the energy trade. It’s too much second derivative, so to speak.”
1. Salesforce, Inc. (NYSE:CRM)
Number of Hedge Fund Holders: 140
In those older episodes, Jim Cramer addressed the sharp 20% post-earnings drop in Salesforce, Inc. (NYSE:CRM). In the first segment, he broke down the company’s disappointing earnings report and explained why the stock’s after-hours collapse may have been overdone. In the following episode, he widened the lens to discuss broader weakness in the enterprise software sector but reiterated his long-term belief in Salesforce’s quality and resilience. Here are his comments from back then:
“What the heck just happened to the stock of Salesforce? That’s the king of customer relations management software. After the close, Salesforce reported a genuine miss. Several key lines were weaker than expected—revenue, operating margin, current remaining performance obligations—although the earnings per share number actually came in better than expected. […]
That said, I’m not sure it’s justified to make it a total meltdown in after-hours trading. The misses weren’t that big and there’s no doubt Salesforce is throwing off a ton of cash. […] But we’re so used to having this company do the right thing that I think it just took people by surprise. Or perhaps it shouldn’t—because the whole enterprise software sector that Salesforce belongs to seems under siege right now after what looks to be overearning during COVID. […]
Salesforce is a company that I’ve championed since it started—well, I guess really since it came public there in the single digits back in 2008… I have never heard of an unsatisfied customer of Salesforce.”
I’m not going to write off Salesforce. Too much cash, too much cash flow, too good, too many smart people. When the smoke clears and the stock works its way down, perhaps under 200, call me a buyer—provided we have requisite number of downgrades that help shake out all the weak hands. Can’t have them in there if we’re going in.”
Cramer remained a long-term believer and said to buy on weakness — a good call as the stock is up +12.62%.
Salesforce, Inc. (NYSE:CRM) is the world’s leading customer relationship management (CRM) platform, offering cloud-based tools for sales, marketing, service, and analytics.
Cramer remains a big believer in Salesforce. Here’s his analysis from a recent episode which aired in June:
“How come I’m sticking with this one?…. Look, I can’t dispute that the growth of the core business is slowing here, but that’s, I think, simply the law of large numbers… I don’t care that old Salesforce is seeing slower growth because it’s also seeing a significant increase in profitability. People are treating this like it’s an ailing revenue growth story, and that’s why they bought in Informatica to kind of hide it. But it’s increasingly become an earnings growth play, and the earnings growth is excellent, and Informatica doesn’t worry me.
As for the other legs of the controversy, again, the Informatica deal and the Agentforce ramp up, I gotta give you what might be a really unsatisfying answer: This is now a show me story. I hear Benioff’s arguments for why Informatica is good for Salesforce, but I understand why the market’s unconvinced. He’ll have to prove over time that the deal makes sense. I don’t think Marc wants to sit there and buy back a lot of stock…. He’s itching to buy more businesses if they’re additive, if they make the company faster growing, if they augment Agentforce. I see nothing wrong with that, but I don’t mind big buybacks either.
Now, how about this Agentforce? Again, Salesforce will just have to prove that the product’s a winner over time. What do we really want to see? I’ll tell you what we really want to see. We want to see more bold-faced customer wins, but more importantly, we need to see companies that use Agentforce engaging in large-scale, yes, layoffs….
In the end, look, I’m going to stick with Salesforce because they got an incredible track record. Every time there’s been some… uncertainty about the company’s outlook, the right call was to trust Marc Benioff and his team. Plus, at this point, the stock’s gotten surprisingly cheap. The numbers keep rising, yet the stock has struggled. I mean, the darn thing’s over 23 times earnings. That’s the cheapest Salesforce has been in ages…
Right now, I think you’re getting a steal, but here’s the bottom line: Salesforce is hated here because Wall Street doesn’t believe in the Informatica deal or in the core business, and they think it’s slowing, and the idea that Agentforce can somehow grow fast enough to make up for that difference, uh-uh. This is a moment where you need to have some faith in management. I have faith, but you need to decide for yourself if you’re willing to trust Marc Benioff and his team because ultimately that’s all this comes down to, and for many I know, that’s just not enough.”
While we acknowledge the potential of CRM as an investment, 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 CRM and that has 100x upside potential, check out our report about this cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
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