On Monday, Mad Money host Jim Cramer discussed the current rally in a segment of the market that resembles the speculative excesses of the dot-com era.
“People keep asking me, why am I always urging traders to take profits in all these hyper speculative stocks, the ones that have had parabolic moves. The answer is simple. I lived through and traded through the year 2000, that great peak to the 1990s bull market, and the end of the dot-com bonanza. While I think most of this market is fairly priced on an earnings basis, there’s a cohort of speculative stocks connected to nuclear power, rare earth, quantum computing, crypto mining, and some tangential data center applications. These stocks, they’ve gone up way too much, yet the buyers never quit.”
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Cramer pointed out that many investors have not actually made any money yet in the speculative names. He said, “You haven’t actually made any money until you take something off the table.” He added that most investors in the speculative names have done little, if any, profit-taking, meaning they remain exposed to potential reversals.
“This time, most of the stocks that have rallied are ones with little hope of having profits before the money runs out. They’ll have to do underwritings or pay for the mines or the research and development or the clients. So they’ll be offering billions and billions of dollars worth of stock to get there. So I want you to know that I said to take profits in these speculative names before all that happens. When the insider selling and corporate selling begin en masse, don’t say I didn’t warn you.”
Our Methodology
For this article, we compiled a list of 13 stocks that were discussed by Jim Cramer during the episode of Mad Money aired on October 20. 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 427.7% since May 2014, beating its benchmark by 264 percentage points (see more details here).
Jim Cramer Was Focused on These 13 Stocks Recently
13. NIO Inc. (NYSE:NIO)
Number of Hedge Fund Holders: 19
NIO Inc. (NYSE:NIO) is one of the stocks Jim Cramer was focused on recently. When a caller mentioned that they have a position in the stock, Cramer commented, “I don’t know. NIO is a, look, it probably goes to $10. Then you have to sell it, okay?”
NIO Inc. (NYSE:NIO) designs, manufactures, and sells smart electric SUVs and sedans. It also provides battery-swapping solutions, energy services, and develops electric powertrains and related components. On October 1, the company announced that it achieved new monthly and quarterly high deliveries.
In September, the company delivered 34,749 vehicles, up 64.1% year-over-year. In the quarter ending September 2025, the company delivered 87,071 vehicles, representing an increase of nearly 41% year-over-year. As of September 30, NIO Inc.’s (NYSE:NIO) cumulative deliveries reached 872,785. Additionally, during the August 8 episode, a caller inquired about the company’s stock, and Cramer replied:
“You know, I don’t think that that is a really terrific situation. I happen to think that there are better buys, and I think that market is flooded right now. Let’s stay away from that one.”
12. Utz Brands, Inc. (NYSE:UTZ)
Number of Hedge Fund Holders: 20
Utz Brands, Inc. (UTZ) is one of the stocks Jim Cramer was focused on recently. A caller asked what they should do with their position in the stock, and Cramer stated:
“UTZ is really hard to own. I remember when they had it, of course, Mad Men, my daughter’s in this business. It’s a one tough business, potato chips with snacks. My hope is that these guys do get a bid. They’ve been working very well. They make money. I would not sell this stock. It’s too low here.”
Utz Brands, Inc. (UTZ) produces and markets salty snacks, including chips, tortilla chips, potato chips, pretzels, popcorn, and party mixes, among others. Baron Small Cap Fund stated the following regarding Utz Brands, Inc. (NYSE:UTZ) in its second quarter 2025 investor letter:
“We sold our position in Utz Brands, Inc. (NYSE:UTZ). Sales and earnings are growing slower than we had originally expected, with a more intense promotional and competitive environment along with weaker consumer spending. We don’t see a reversal of those trends soon, so on to better ideas.”
11. Lightwave Logic, Inc. (NASDAQ:LWLG)
Number of Hedge Fund Holders: 17
Lightwave Logic, Inc. (NASDAQ:LWLG) is one of the stocks Jim Cramer was focused on recently. Answering a caller’s query about the stock during the lightning round, Cramer commented:
“You know, that’s one of those companies that has almost no revenues. It’s never really done anything. I’m going to have to say no. I’m going to have to say, if you own it, I want you to sell it, okay? I’m sorry. It just, you can’t have, no, they have nothing. No sales, nothing. I can’t recommend it.”
Lightwave Logic, Inc. (NASDAQ:LWLG) develops electro-optic polymer materials and photonic devices that enable high-speed data transfer through fiber-optic networks.
10. Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX)
Number of Hedge Fund Holders: 21
Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX) is one of the stocks Jim Cramer was focused on recently. A caller asked if the stock lives up to the hype or if it is too speculative. Cramer replied:
“Okay, I had Recursion on when they were 9, 10. They did an equity offering. The stock got clobbered. It’s been down. Now, it’s a meme stock, and I can predict, unfortunately, that when it’s a meme stock, it’s going to go up every day. They’ve adopted this stock. They want to take it higher. I don’t know why, but that’s what they say. And I say they, I’m saying, I see they’re buying early on in the morning. That’s what’s going to happen.”
Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX) is a biotech company that uses automation, data science, and AI to accelerate drug discovery. The company develops treatments for genetic, infectious, and cancer-related diseases. When a caller inquired about the stock during the September 25 episode, Cramer replied:
“I don’t know. It’s been such a dog. It’s been a dog, we had them on, twice the price. It’s done absolutely nothing. I need to see a proof of concept here. I absolutely know that NVIDIA’s in it, but you know what? This, this, this stock has been a bad stock. We need to see something good before I tell you I would put any money in it.”
9. Hut 8 Corp. (NASDAQ:HUT)
Number of Hedge Fund Holders: 26
Hut 8 Corp. (NASDAQ:HUT)is one of the stocks Jim Cramer was focused on recently. During the lightning round, a caller asked if the stock is a long-term hold, given that it is making money. In response, Cramer said:
“It’s making, it is making money, and so the, but it’s still a parabolic move, and you know that I feel that parabolic moves are very, very suspect. I think you should ring the register on some.”
Hut 8 Corp. (NASDAQ:HUT) is an energy and Bitcoin mining company that provides infrastructure development, data center hosting, and cloud services. During the June 10 episode, Cramer mentioned the stock and said:
“But what they’re really interested in are stocks that don’t get coverage, even if they trade millions and millions of shares every day. Look at the volumes of these things. We all ought to be talking about them constantly, stocks like Hut 8… When I think of this cohort, I wonder why we don’t devote hours to this stuff because there’s a hunger for it like no other I’ve ever seen. Any stock that trades 10 million shares a day is worth covering, but there’s no analyst covering them, and nobody knows anything about them. Wall Street ignores them entirely. Now that the IPO window’s open again, I believe we’ll see dozens of these companies come public, and they’ll continue to go uncovered because they have no pedigree and no sponsorship. It’s amazing how irrelevant they are to the older folks, even as younger investors can’t get enough of Hut 8… Now, do you think any analyst on Wall Street cares about… Hut 8 or quantum this, quantum that? But you know what? No one, if they report a number, no one’s going to be disappointed…”
8. Ulta Beauty, Inc. (NASDAQ:ULTA)
Number of Hedge Fund Holders: 56
Ulta Beauty, Inc. (NASDAQ:ULTA) is one of the stocks Jim Cramer was focused on recently. Cramer noted that the company is the “largest beauty retailer” in the US, as he said:
“I’m always searching for stocks that can escape the gravitational pull of their sectors. Take Ulta Beauty. In a tough environment for retail, Ulta was flirting with new highs as recently as a couple weeks ago. Since then, it’s pulled back pretty hard. This is the largest beauty retailer in the country with a network of 1400 stores that double as salons…
New CEO Kecia Steelman took over at the beginning of the year, and she’s been focusing on turning this company around… It’s all about the strong earnings… So they had both, pricing and traffic. A lot of people were worried that the company would need to get very promotional to keep moving lots of merchandise. That just hasn’t been true. As a result, management was once again able to raise its full-year forecast, increasing the guidance for both same-store sales and earnings per share. Again, the turnaround is really starting to bear fruit. Under Kecia Steelman, Ulta has strengthened its core business…
The bottom line here is that I think new CEO Kecia Steelman has her arms around the situation. And I don’t blame anybody who wants to buy some Ulta stock, given the sharp pullback we’ve seen this month. And I gotta tell you, I’m with these people. It sounds like a terrific story.”
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.
7. The Goldman Sachs Group, Inc. (NYSE:GS)
Number of Hedge Fund Holders: 73
The Goldman Sachs Group, Inc. (NYSE:GS) is one of the stocks Jim Cramer was focused on recently. When a caller mentioned that they have diversified their portfolio by investing in the stock, Cramer stated:
“Oh my god, that is so right. Goldman Sachs is so cheap, and David Solomon’s doing such a good job. At 15 times earnings, I think you’re in fantastic shape owning Goldman. Large position for my Charitable Trust. It was a great quarter. I went over it with a fine-tooth comb. It was ridiculous that the quarter was not received as well, and it was a great opportunity to buy.”
The Goldman Sachs Group, Inc. (NYSE:GS) provides financial advisory, investment banking, lending, and trading services, along with asset and wealth management solutions. The firm also offers credit cards, transaction banking, and payment services. When a caller inquired about the stock during the October 6 episode, Cramer responded:
“Buy. The stock is selling at a ridiculously low multiple still. It’s hovering around this level. People are getting nervous at this level. It’s going to blow through this level, and you’re going to wish that you got in right now.”
6. Oklo Inc. (NYSE:OKLO)
Number of Hedge Fund Holders: 36
Oklo Inc. (NYSE:OKLO) is one of the stocks Jim Cramer was focused on recently. Cramer urged investors to take “something off the table,” as he commented:
“This is Oklo… the experimental nuclear power company that’s expected to burn nearly $100 million of cash per year, according to the consensus estimates. Oklo’s yet to book a dime of revenue. Yet, it has more than, it has a $23 billion market capitalization. It’s one of the biggest winners of the year. As she (Carley Garner) sees it, Oklo’s the height of speculation. The kind of stock you put in your discretionary portfolio, but not your retirement portfolio. I couldn’t agree more, and I’m urging you to take something off the table right here. It’s just gone too far, too fast. This is a parabola. You know, I hate parabolas.”
Oklo Inc. (NYSE:OKLO) develops advanced fission power plants to deliver clean and reliable energy and recycles nuclear waste into usable reactor fuel.
5. American Express Company (NYSE:AXP)
Number of Hedge Fund Holders: 70
American Express Company (NYSE:AXP) is one of the stocks Jim Cramer was focused on recently. Cramer dissected the company’s latest earnings during the episode, as he said:
“What was so great about this quarter that American Express finally… [broke] its post-earnings losing streak? Well, to start, the results were just fantastic… In short, the overseas business is great, too. Even better, American Express raised the low end of its full-year sales and earnings guidance… The credit metrics are improving. Tell that to the bears. The percent of card members’ loans and receivables that are 30 plus days past due remains at just 1.3%.
That number hasn’t budged over the past five quarters… What was different about this quarter, different enough to send the stock into the stratosphere? Okay, right at the start of the conference call on Friday, CEO Steve Squeri, one of my absolute favorite CEOs, said that the recent launch of their new platinum card has been a success…
Here’s the bottom line: On Friday, American Express reported a fantastic quarter. And for once, its stock actually rallied in response. Highly unusual, people, but it makes sense. The numbers remain excellent, including the credit metrics. The new platinum card is a huge hit. Frankly, I just wish the stock had sold off like usual so I could tell you to buy it on weakness. But hey, there’s always next quarter.”
American Express Company (NYSE:AXP) provides credit and charge cards, payment and financing solutions, and travel and lifestyle services.
4. The Walt Disney Company (NYSE:DIS)
Number of Hedge Fund Holders: 111
The Walt Disney Company (NYSE:DIS) is one of the stocks Jim Cramer was focused on recently. Inquiring about the stock, a caller mentioned an increased attendance at the theme parks and made a note of “good management changes” at the company. In response, Cramer said:
“Okay, I think at this level… It’s good. I did speak a lot with Jeff Marks about it. I expressed some displeasure today, saying, ‘Oh my god, it’s still at $111. I thought it should be at $120.’ I think it gets to $120. At $120, we’re going to have to reconfigure and rethink.”
The Walt Disney Company (NYSE:DIS) creates and distributes film, television, and streaming content. Additionally, the company operates theme parks, resorts, and cruise lines, and also licenses its characters and franchises. Cramer discussed the stock during the August 6 episode. He remarked:
“But then there’s the other side of the trade, stocks that just go begging because there’s no narrative that can attract attention. Take Disney. The company made a major deal with the NFL last night on the eve of earnings that were usually positive, but no one cared. Disney reported a nice beat and raise, one that should have sent the stock flying, but no. Because it didn’t raise its earnings forecast enough, the stock got hit. Disney beat the earnings estimates by 14 cents, but it didn’t pass all that beat on to the full year guidance. That’s deadly, suicidal even. It’s an implicit cut to the forecast. You have to raise your full-year earnings guidance at least as much as you beat the quarter, or your stock is just going to get clubbed. It didn’t need to be that way, but management played it safe. Safety took a vacation.”
3. Adobe Inc. (NASDAQ:ADBE)
Number of Hedge Fund Holders: 104
Adobe Inc. (NASDAQ:ADBE) is one of the stocks Jim Cramer was focused on recently. A caller asked for Cramer’s thoughts on the stock, and he replied:
“A lot of people are comparing Adobe to Salesforce and saying that Adobe can make a comeback like Salesforce did. I think they’re two different animals. The problem with Adobe is they got some very powerful competition. I think the stock’s come down a lot, but it still doesn’t make me want to pull the trigger.”
Adobe Inc. (NASDAQ:ADBE) provides creative, document, and digital experience software. The company’s solutions are used to create, manage, and optimize digital content and customer experiences. A caller asked about the stock during the September 19 episode, and Cramer replied:
“Tough… very tough. Adobe, Adobe made that quarter, but I think there were, a lot of that was price raising, and I want to see organic growth. If you want to know like… if you want to compare that with something, compare it to Workday, which we had on the other day, and I think that they were doing it by doing new deals, not at higher prices, but just a lot of new deals. Organic growth is what we want, not price-driven growth.”
2. Amazon.com, Inc. (NASDAQ:AMZN)
Number of Hedge Fund Holders: 335
Amazon.com, Inc. (NASDAQ:AMZN) is one of the stocks Jim Cramer was focused on recently. Cramer made bullish comments about the stock during the episode. He remarked:
“Amazon, despite this painful Web Services outage today, may actually be reaching a bottom. And that’s what it means when your stock goes up on bad news like Amazon did today.”
Amazon.com, Inc. (NASDAQ:AMZN) sells consumer products and digital content and provides advertising, subscription, and cloud computing services. The company also produces electronics and develops media content. Cramer mentioned the stock during the September 8 episode and commented:
“Now, we had another one, Amazon. A few weeks ago, this stock was plummeting. Why? Because we heard that Amazon Web Services was falling behind Microsoft’s Azure, something that actually we picked up loud and clear on the show from Snowflake’s explosive conference call. It didn’t help when a Morgan Stanley analyst asked Amazon CEO Andy Jassy if he was worried about falling behind, and Andy didn’t say, ‘We are spending and getting a great return on our spending, whether it’s on our Trainium chips or NVIDIA chips.’ He didn’t say that. The Street was quick to hammer the stock because he didn’t say that.
Here we are, a couple weeks later, and Amazon stock’s at 235 and change. It’s knocking on the door of 242, its all-time high. What changed? Nothing, nothing at all. The market simply moved on from the bear narrative because there’s so much good that’s happening at Amazon, so much good. Who knows how much more revenue Amazon can bring in from Prime starting October 1 now that… you can’t share your password with relatives. Did you know that? I think it could be like Netflix, where you had this huge surge of subscribers. Be long, Amazon. What really was wrong with Amazon? Again, I can’t remember.”
1. Apple Inc. (NASDAQ:AAPL)
Number of Hedge Fund Holders: 156
Apple Inc. (NASDAQ:AAPL) is one of the stocks Jim Cramer was focused on recently. Cramer explained why he always suggests owning but not trading the stock, as he commented:
“You know why I always say own Apple, don’t trade it? Because despite the myriad bears and there are endless haters, this company always comes up with the best there is, the most beloved products on earth. And that’s why you can’t trade it. That’s why you must own it… I’ve said over and over and over again that as long as Apple makes the best products, people will buy them, and the stock will eventually play catch-up.
You will never catch these big moves like today, entirely unexpected, if you’re constantly flitting in and out in and out. You will be selling at the bottom and buying at the top. Sure enough, the recently released iPhone 17 series is a monster hit… This rally in Apple was totally getable. The bullish facts were all there, but so many people missed the move because there’s a whole cottage industry of people pumping out negative data points on Apple…
All three analyst reports today said that Wall Street’s earnings estimates were probably too low, not just for the year, but maybe even for the out years. I think that makes sense. Explains why the price-to-earnings multiple looks high but might come down when we see the real earnings.”
Apple Inc. (NASDAQ:AAPL) designs and sells iPhones, Macs, iPads, wearables, and accessories. In addition, it provides subscription platforms like Apple Music, Apple TV+, and Apple Arcade, along with digital payments through Apple Pay and Apple Card.
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