On Thursday, Mad Money host Jim Cramer talked about the day’s market developments as he highlighted the intense attention drawn by a recent initial public offering. He said:

“This may mark a whole new phase of the bull market, the phase of ludicrous valuations. The year of marvelous thinking will be gone. You have to hope that Figma’s a one-and-done bout of enthusiasm. It just can’t be the norm. Did you hear me?”

READ ALSO: Jim Cramer Recently Talked About These 19 Stocks and Jim Cramer Highlighted 8 Potential Winners From the US-EU Deal.

As per Cramer, what we are seeing could signal a shift into a new stage of the current bull market, one defined less by earnings and more by what he called “ludicrous valuations.” He noted, “The year of marvelous thinking will be gone.” He cautioned that this kind of enthusiasm, if not contained, could distort the market’s focus. His concern was not just about one company, but about what it might represent, a broader return to speculative behavior, and he added, “It just can’t be the norm.”

Cramer emphasized, “We gotta put this genie back in a bottle.” He admitted that a single day of overvaluation might be tolerable, but a continued pattern could do lasting damage. He went on to say that, “Maybe the best thing is to try to get at least one wish from the genie.”

“The bottom line: If we can stick to price to earnings multiples, not price to sales, that means the bull would be still be intact and we can live to make more money another day. Everyone acts like Microsoft and Meta have reached insane valuations that are way too high, but their stocks are priced very reasonably. If anything, they deserve to be a lot higher. If the Figmas in the world that have gone to crazy levels and are probably set to go higher still before they repeat the lesson, if they win, then let me just say we are all on borrowed time.”

Our Methodology

For this article, we compiled a list of 18 stocks that were discussed by Jim Cramer during the episodes of Mad Money aired on July 31. 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 Spoke About These 18 Stocks

18. Shake Shack Inc. (NYSE:SHAK)

Number of Hedge Fund Holders: 39

Shake Shack Inc. (NYSE:SHAK) is one of the stocks that Jim Cramer spoke about. Cramer mentioned the stock during the episode and said:

“Or what about Shake Shack? Terrific company with a stock that took a real header today, down 14%. As I go over the conference call, I came across this fly in the ointment, ‘The majority of the commodity situation is in beef, and obviously we sell a lot of beef.’ Boom.”

Shake Shack (NYSE:SHAK) operates and licenses restaurants providing a menu of burgers, chicken, hot dogs, fries, shakes, frozen custard, and beverages. Cramer mentioned the company in a January episode of Squawk on the Street and commented:

“[how market viewed ex-Mag 7 on the day of the sell off] I mean, it is interesting, by the way, that Rob Lynch moved over to Shake Shack, and he’s done a great job. But I will say that not the right day to ring the opening bell, in the sense of its line of focus. But a good sense that he’s brought the company to a growth pattern that’s far in excess of we thought it was going to have. He, Papa John’s, turnaround guy.”

Since the above comment, SHAK stock is up 1.5%.

17. Align Technology, Inc. (NASDAQ:ALGN)

Number of Hedge Fund Holders: 52

Align Technology, Inc. (NASDAQ:ALGN) is one of the stocks that Jim Cramer spoke about. Cramer highlighted that the company “missed its numbers badly.” He remarked:

“What do you make of the shocking decline in a company like Align Technology? That’s the maker of Invisalign clear aligners. It’s the gold standard, the one that dentists love to recommend, but it missed its numbers badly, and its stock collapsed, down nearly 37%, one session. Let me tell you what CEO Joe Hogan, who again is no slouch, gave as his excuse for the weakness in his conference call. Listen to this, ‘In the face of a challenging and uncertain macroeconomic backdrop characterized by global tariff volatility, ongoing inflation, elevated interest rates, and unstable consumer confidence, we’re navigating with a clear focus to control what we can.’ Then he says, ‘significant headwinds across the consumer discretionary spend landscape’ has come to hurt these guys. I say, well, wait, wait a second, wait a second. We’re talking about clear braces here; we’re talking about your teeth. To me, that’s not really that much of a discretionary item, at least not in America, maybe in Britain. But most Americans get their teeth straightened, or at least they did. I mean, apparently now it’s becoming discretionary spending. People must really be strapped. Because I believe Hogan, I’ve had him on the show a bunch of times.”

Align Technology (NASDAQ:ALGN) develops and markets Invisalign clear aligners, retainers, and iTero intraoral scanners, as it provides digital solutions for orthodontic and restorative dental treatments. The company’s products include aligner systems for all age groups, 3D printed devices, and CAD/CAM software for dental professionals.

16. TeraWulf Inc. (NASDAQ:WULF)

Number of Hedge Fund Holders: 35

TeraWulf Inc. (NASDAQ:WULF) is one of the stocks that Jim Cramer spoke about. During the lightning round, a caller asked for Cramer’s thoughts on the company, and he remarked:

“Well, again, I mean, I like the real, I’m a real deal guy. I got, I like the Bitcoin. I can, you know, I wish I could feel it. I like gold even more, but that’s a whole ‘nother kettle of gold.”

TeraWulf (NASDAQ:WULF) is a digital asset technology company that develops and operates bitcoin mining facilities and offers hosting services for third-party miners. When announcing its Q1 2025 results, Chief Executive Officer Paul Prager reiterated that the company is aiming to secure additional HPC customers with the goal of reaching between 200 and 250 megawatts of contracted HPC capacity by the end of 2026. The company reported that it remains on schedule to complete the deployment of its Core42 project within the year and has started the financing process required to move into the next stage of its HPC development.

15. Lincoln Educational Services Corporation (NASDAQ:LINC)

Number of Hedge Fund Holders: 12

Lincoln Educational Services Corporation (NASDAQ:LINC) is one of the stocks that Jim Cramer spoke about. Responding to a caller’s query about the company, Cramer said:

“Oh, it’s a pretty expensive stock. I like the concept, but it’s up 44%. We got to wait to have it come in.”

Lincoln Educational Services (NASDAQ:LINC) provides career-focused postsecondary education as it offers programs in automotive technology, skilled trades, health sciences, and information technology. On July 7, when a caller asked if the stock is a good long-term investment, Cramer replied:

“Yes, I do. Actually, I do, and I’ve been thinking about that myself all weekend. That’s where you want to be.”

The company is expected to release its Q2 earnings on August 11. In Q1, based on the results, the company had raised its full-year guidance. Lincoln Educational Services (NASDAQ:LINC) raised its revenue estimates from $480 million – $490 million to $485 million to – $495 million and net income from $8 million – $13 million to $10 – $15 million.

14. Core Scientific, Inc. (NASDAQ:CORZ)

Number of Hedge Fund Holders: 67

Core Scientific, Inc. (NASDAQ:CORZ) is one of the stocks that Jim Cramer spoke about. A caller asked for Cramer’s thoughts on the company, and he commented:

“Well, I think Core Scientific’s kind of happened already. You know, there’s nothing there to be able to do, I mean, we’re done with that one. I do think that, I did like it very much, though.”

Core Scientific (NASDAQ:CORZ) provides digital asset mining and hosting services, operating its own mining fleet and providing infrastructure, software, and maintenance for blockchain networks. Additionally, the company supplies power, repairs, and mining equipment to customers. During the July 9 episode, Cramer suggested a caller to “ring the register,” as he said:

“Well, but you know… remember, they’re selling themselves to CoreWeave, so you can just sell it tomorrow and ring the register. Why not ring the register? You’re not an arbitrageur and neither am I.”

13. Bitmine Immersion Technologies, Inc. (NYSE:BMNR)

Number of Hedge Fund Holders: N/A

Bitmine Immersion Technologies, Inc. (NYSE:BMNR) is one of the stocks that Jim Cramer spoke about. During the lightning round, a caller inquired about the company, and Cramer stated:

“Alright, listen to me, sunshine, we don’t play that game. If you want to own that kind of stuff, just go buy some Bitcoin. Go, buy some Ethereum. I own them both. They’re fine.”

Bitmine Immersion (NYSE:BMNR) provides blockchain infrastructure services, including hosting and self-mining of digital assets like Bitcoin. Moreover, the company sells mining equipment and offers data center solutions with thermodynamic management and custom software. The company stock is up nearly 310% at the time of writing, since it started trading on the NYSE American.

12. Lam Research Corporation (NASDAQ:LRCX)

Number of Hedge Fund Holders: 91

Lam Research Corporation (NASDAQ:LRCX) is one of the stocks that Jim Cramer spoke about. When a caller asked about the company during the lightning round, Cramer replied:

“Lam Research had a great quarter. Don’t believe anything else. I mean, I know the stock’s rolling over because the chart’s bad. I really liked it. I thought that Tim Archer did a terrific job. Let it come in and then do some buying.”

Lam Research (NASDAQ:LRCX) provides advanced semiconductor processing equipment used in chip fabrication. The company specializes in deposition, etch, and cleaning technologies. During the July 22 episode, Cramer said “don’t be in a hurry” to buy the stock, as he commented:

“It would be best to accept that the food and drugs can have a couple of days in the sun, can’t they? The old leaders pulled back a little, can’t they? Don’t be in a hurry to buy Lam Research or Applied Materials or KLA… not after we had Texas Instruments on tonight, and I wouldn’t step in front of the falling knives that represent any of the meme stocks…”

11. CoreWeave, Inc. (NASDAQ:CRWV)

Number of Hedge Fund Holders: 36

CoreWeave, Inc. (NASDAQ:CRWV) is one of the stocks that Jim Cramer spoke about. Answering a caller’s query about the company during the lightning round, Cramer said:

“Look, I think CoreWeave, I gotta tell you, CoreWeave was up 11 today, CoreWeave was 11. I think CoreWeave was good. Remember, NVIDIA’s better than CoreWeave. I think CoreWeave might even tell you that.”

CoreWeave (NASDAQ:CRWV) provides a cloud platform optimized for GenAI workloads, as it provides compute, storage, networking, and managed services. The company’s tools support AI model training, inference, rendering, and dataset optimization for enterprise-scale deployments. When a caller inquired about the stock during the July 21 episode, he responded:

“Alright, I think I like CoreWeave and I like Michael Intrator, but I would say the stock is $60 billion, and it’s going to have to come down and cool off a little bit. There are too many shorts in it. The shorts are covering right now. Once they’re finished covering, I think the stock does drop, and you can take a look at it.”

10. Agnico Eagle Mines Limited (NYSE:AEM)

Number of Hedge Fund Holders: 50

Agnico Eagle Mines Limited (NYSE:AEM) is one of the stocks that Jim Cramer spoke about. During the episode, Cramer called the company his “favorite.” He said:

“The price of gold has been on an incredible run this year, but some of the gold miners have done even better. Take Agnico Eagle Mines, my favorite, the Canadian company, that’s one of the best operators in space, maybe the best. Here’s a stock that’s up almost 58% for the year, going into its earnings report last night, so expectations, I’d say pretty sky high, but Agnico Eagle still delivered a terrific top and bottom line beat with a stunning level of free cash flow generation. If the stock hadn’t been up already so much, I think it would’ve just skyrocketed. Still, it finished at 0.80% up.”

Agnico Eagle Mines (NYSE:AEM) is a gold mining company involved in the exploration, development, and production of gold and other precious metals, including silver, zinc, and copper.

9. Fair Isaac Corporation (NYSE:FICO)

Number of Hedge Fund Holders: 68

Fair Isaac Corporation (NYSE:FICO) is one of the stocks that Jim Cramer spoke about. Cramer mentioned that the stock’s sell-off “seemed wrong” to him, as he remarked:

“What the heck just happened to FICO, the predictive analytics and data science company, best known as the keeper of the FICO credit score. A company that we’ve liked for a very long time, we love their business model. Historically, this has been one of the best-performing stocks in the past 20 years, but lately it’s come under attack by the new director of the Federal Housing Finance Agency, who’s called FICO a monopoly.

Just a couple of weeks ago, the FHFA pushed through new rules so that lenders can use different credit score models to issue mortgages that are later sold to Fannie Mae and Freddie Mac. Now, look, I was hoping FICO could turn things around this earnings season, but last night, they reported, and while the quarter results were terrific, most of the conference call unfortunately had to be devoted to the FHFA drama. Initially, the stock roared in after-hours trading. I thought that was right, but then it rolled over, and then it finished down 6% today. That seemed wrong to me.”

Fair Isaac (NYSE:FICO) provides software and analytics tools that support automated decision-making across credit scoring, fraud detection, and customer management.

8. Carvana Co. (NYSE:CVNA)

Number of Hedge Fund Holders: 90

Carvana Co. (NYSE:CVNA) is one of the stocks that Jim Cramer spoke about. Cramer highlighted that he has been recommending the stock for a couple of years. He commented:

“Look at the stock of the Carvana run. Now, I’ve been recommending this digital used car retailer for over two years now, and it just keeps winning. In fact, the stock’s now more than doubled, at least from its post-Liberation Day low in April, and it never should have sold off like that because, in the first place, President Trump’s tariffs on imported autos make used cars a lot more valuable. Sure enough, last night Carvana reported a magnificent top and bottom line beat, tremendous guidance for the current quarter, which is why the stock shot up another 17%.”

Carvana (NYSE:CVNA) runs an e-commerce platform that enables customers to buy and sell used cars. The company provides services such as vehicle sourcing, inspections, financing, logistics, and post-sale support, and also operates auction sites.

7. Spotify Technology S.A. (NYSE:SPOT)

Number of Hedge Fund Holders: 106

Spotify Technology S.A. (NYSE:SPOT) is one of the stocks that Jim Cramer spoke about. A caller asked if the stock is a buy or hold given that the economy seems to be faltering. In response, Cramer said:

“I was so mystified by Spotify. That was a really not great number. I don’t get it. I don’t know what happened. I can’t own the stock until I figure out what the heck happened.”

Spotify (NYSE:SPOT) provides audio streaming services through subscription and ad-supported models, providing access to a vast catalog of music and podcasts. Cramer suggested buying the stock during a June episode:

“My confidence in subscription model extends to Spotify. This incredible company dominates the podcast business and the music business, and of course, the new high list. It’s roaring right now, but it does have periodic moments of underperformance, and that’s when you gotta snap it up [buy, buy, buy].”

6. The Wendy’s Company (NASDAQ:WEN)

Number of Hedge Fund Holders: 31

The Wendy’s Company (NASDAQ:WEN) is one of the stocks that Jim Cramer spoke about. A caller asked for Cramer’s opinion on the company, and he replied:

“Wendy’s about to report, and it’s not going to be pretty. They got steak problem, you know, meat, meat. They got competition. They got so much wrong. The only thing they got right is that darn Baconator, because I know my wife eats them in her sleep.”

Wendy’s (NASDAQ:WEN) operates and franchises quick-service restaurants focused on hamburger sandwiches, while also managing owned and leased real estate.. When a caller inquired about the company stock in a May episode, Cramer replied:

“No, we are best of breed operators here. That’s who we are. We buy best of breed, and that means we can buy McDonald’s if you want a substitute for Wendy’s, which I have not liked for a very, very long time. I have said, get out of Wendy’s. I’m reiterating my get out of Wendy’s call.”

5. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 159

Apple Inc. (NASDAQ:AAPL) is one of the stocks that Jim Cramer spoke about. During the episode Cramer discussed the company’s earnings and he commented:

“Now, we also heard from Apple, whose sales and earnings came in substantially better thanks to surprisingly strong iPhone sales. Even though Chinese business improved, people always want to write off, Apple’s a no-growth company, best days behind them. But they just put up 10% revenue growth. A reminder that this remains one of the greatest companies on earth. You know what I say? Own it, don’t trade it.”

Apple (NASDAQ:AAPL) designs and sells smartphones, computers, tablets, wearables, and accessories. The company also provides cloud, support, and digital content services. Cramer mentioned the company in a June episode. He remarked:

“Apple’s pulling off something amazing, moving about 20% of their iPhone manufacturing to India, but the rest are still coming from China. Still, the White House doesn’t care. They want those phones made in America, so they’re threatening a 25% tariff on the ones from India… What a shame. Apple is a huge employer in China, and China’s a huge market for Apple, but the White House is making them leave, and they’re not even getting any credit for it.

If Trump wants leverage with China, he should be doing everything he can to make Apple move its manufacturing literally anywhere else and not tariff them… You have to play with the cards you’ve been dealt. And for decades, our government did everything it could to encourage outsourcing to China. They left us with a pretty lousy darn hand, both Republicans and Democrats. Between NVIDIA and Apple, Trump has a lot of leverage, but he doesn’t want to use it. Those two companies seem hostage to totally different agendas inside the White House.”

4. Amazon.com, Inc. (NASDAQ:AMZN)

Number of Hedge Fund Holders: 328

Amazon.com, Inc. (NASDAQ:AMZN) is one of the stocks that Jim Cramer spoke about. Cramer believes the stock’s sell-off creates a buying opportunity. He said:

“After the close, we drifted from lunacy back to reality. Amazon reported what I thought was a good quarter… Much better than expected sales at every division, even if the web services margin was like, oh, give me a break. Unfortunately, Amazon gave mixed guidance, but they always do that. That’s what they do. It’s my largest position in the Charitable Trust. I’m not worried about it at all. I am worried about, what do you think? What I’m worried about Figma’s law and Amazon stock got hit. But you know, please, I mean, it’s getting crushed in after hours. It’s just going to be another buy.”

Amazon (NASDAQ:AMZN) operates a global e-commerce retail platform that provides consumer products, media, and subscription services. Moreover, the company provides cloud computing through AWS, sells electronic devices, and supports third-party sellers and content creators.

3. Meta Platforms, Inc. (NASDAQ:META)

Number of Hedge Fund Holders: 273

Meta Platforms, Inc. (NASDAQ:META) is one of the stocks that Jim Cramer spoke about. Cramer considers the company’s earnings “spectacular,” and he commented:

“What should it have been about? Well, how about Microsoft? How about Meta? Nope. They were overshadowed by the Fig-Man Carnival. It was all anyone talked about down here. Call me old-fashioned, but I really wanted the market today to be defined by those earnings reports from two tech titans. I’m talking about Microsoft, briefly a $4 trillion company today, before closing just below that level, and Meta at just under $2 trillion. I wanted these to be foundational…

I wanted it because they smashed estimates. I mean, they crushed them by billions of dollars. These were marvels. They did so because they spent fortunes on artificial intelligence, something which many thought to be foolhardy, but it turns out to be they didn’t spend enough… Meta, which blew the estimates away, kingdom come, sells for less than 29 times earnings. Given how spectacular these reports were, it was natural, totally natural for the stocks to go up… Meta jumping more than 11%…

I say they’re still too cheap, and most national economies are an inflation-binging joke anyway. I’ll take their balance sheets over any country in the whole world. We pay 35 times earnings for Microsoft, 29 times earnings for Meta, because we look at the benchmark, the valuation, the S&P 500, and the aggregate, that sells at 24 times earnings, then we try to assess how much better Microsoft and Meta are than the average stock, and they are really better.”

Meta Platforms, Inc. (NASDAQ:META) develops products across social media, messaging, and immersive technologies. The company’s offerings include Facebook, Instagram, WhatsApp, Messenger, and Threads, and it also builds virtual and augmented reality tools through its Reality Labs division. During the July 15 episode, when a caller inquired about the stock, Cramer replied:

“Yeah, absolutely. I love the fact that it came in. I want stocks to go down a little so we can prevent the kind of situation that we got with BlackRock and present the kind of situation we got with Wells Fargo. Meta’s coming in a little. That is great. The stock is very inexpensive when you back out the cash. Very inexpensive, by the way, if… [it] ever decide to try, I don’t know, billing for WhatsApp. It is a fantastic company, and I’m glad you brought it up to me.”

2. Microsoft Corporation (NASDAQ:MSFT)

Number of Hedge Fund Holders: 284

Microsoft Corporation (NASDAQ:MSFT) is one of the stocks that Jim Cramer spoke about. During the episode, Cramer discussed the company’s recently posted strong earnings. He said:

“What should it have been about? Well, how about Microsoft? How about Meta? Nope. They were overshadowed by the Fig-Man Carnival. It was all anyone talked about down here. Call me old-fashioned, but I really wanted the market today to be defined by those earnings reports from two tech titans. I’m talking about Microsoft, briefly a $4 trillion company today, before closing just below that level, and Meta at just under $2 trillion. I wanted these to be foundational…

I wanted it because they smashed estimates. I mean, they crushed them by billions of dollars. These were marvels. They did so because they spent fortunes on artificial intelligence, something which many thought to be foolhardy, but it turns out to be they didn’t spend enough. Microsoft shocked people by obliterating the earnings estimates, now sells at roughly 35 times earnings… Given how spectacular these reports were, it was natural, totally natural for the stocks to go up. Microsoft gained nearly 4%…

I say they’re still too cheap, and most national economies are an inflation-binging joke anyway. I’ll take their balance sheets over any country in the whole world. We pay 35 times earnings for Microsoft, 29 times earnings for Meta, because we look at the benchmark, the valuation, the S&P 500, and the aggregate, that sells at 24 times earnings, then we try to assess how much better Microsoft and Meta are than the average stock, and they are really better.”

Microsoft Corporation (NASDAQ:MSFT) provides software, cloud services, devices, and AI-driven tools across productivity, business applications, and personal computing. The company’s major platforms include Microsoft 365, Azure, LinkedIn, Xbox, GitHub, and Windows.

1. Figma, Inc. (NYSE:FIG)

Number of Hedge Fund Holders: N/A

Figma, Inc. (NYSE:FIG) is one of the stocks that Jim Cramer spoke about. Jim Cramer blamed the company for the market going down, as he remarked:

“Valuation matters. Sure, you can pay whatever you want for a stock. You, it’s personally you. You don’t have to tell anybody, but the price you pay does ultimately matter to your bank account, especially if you’re one of the people who got in on the initial public offering of Figma, the digital design company, which priced its IPO at $33 today. Then saw it open for trading at $85 and finished the day at $115 and change. Did you take some off? Did you ring the register, or did you just let it ride?

Somehow, Figma captured the zeitgeist of the entire joint, no, the entire market… And do you know why that happened? Was it the Fed? Was it the president? Was it earnings? No, it happened because of Figma. This market went down because of Figma. Why? Because valuation matters. What matters to this market is to be reasonable, and we weren’t today. Today was dominated by euphoria. And guess what? Euphoria is bad for business…

Now, I’m not disparaging Figma here. This is not some profitless company. It makes money, it grows fast, consistently. I like the product, used by everybody… But there’s a problem here, problem with Figma stock. The price made no sense whatsoever. It’s wildly inflated because it doesn’t make that much money. In fact, it makes so little that I can’t even use a price-to-earnings multiple that I used for Microsoft and Meta.

Valuation is irrelevant when we talk about Figma, irrelevant. How do we value it then? There’s really only one way. You have to judge it on a price-to-sales basis… The Figma deal mattered even more than the two giants because it’s the worst possible sign of froth. I hate it… What goes up must come down, okay?”

Figma (NYSE:FIG) provides a collaborative design platform with tools for UI design, prototyping, team alignment, and developer handoff. The company’s offerings include features for presentations, brand assets, AI-driven prototyping, and website publishing.

While we acknowledge the potential of Figma, Inc. (NYSE:FIG) 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 FIG 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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