Jim Cramer’s 21 Stock Calls: Micron, Affirm, and the Strength of the Data Center Complex

In this article, we will look at Jim Cramer’s stock calls on Mad Money as he discussed how semiconductor and AI infrastructure stocks are driving the market higher. On Friday, the host of CNBC’s Mad Money discussed the upcoming quarterly earnings reports of various companies and said that the market is still being driven largely by excitement surrounding semiconductor and data center companies

This market keeps going up and up on the same old stuff: news about semiconductors, even old news about semiconductors, retreaded news about semiconductors, even pure conjecture about semiconductors. Anything remotely positive moves that group. Anything remotely negative about any other group is considered catastrophic. You know what? They tend to cancel each other out when you look at the averages.

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Cramer also pointed to Tuesday’s upcoming consumer price index report and said that investors hoping for an interest rate cut later this year are likely looking for a softer inflation reading. He noted that the latest employment data came in strong, although wage growth eased, which he described as an ideal outcome for the Federal Reserve. He added that a weaker CPI number would make it easier for the next Fed chair to persuade other members of the Federal Open Market Committee to support rate cuts.

Now the country is going toward an agentic world where thinking machines can do all sorts of heavy lifting that we can’t do. Some doubt this whole movement. They’re skeptical because so many data center-related stocks have gone parabolic here, and that usually doesn’t end well, and I agree with that.

But the bottom line: I look at it another way. When I talk about how amazing what is happening right now and how this time is really different, the cynics, and that’s most people, heckle me and warn me that my thinking is dangerous to their wallet. I say this is still a gigantic opportunity, and I am also telling you right now, it is not too late to buy. We will get dips. There will be… negative stories by the greedy press. There was one yesterday, was just totally made up. It gave a great opportunity to buy a stock… That’s when you have to pounce because these stocks don’t have much quit in them, even for a day.

Our Methodology

For this article, we compiled a list of 21 stocks that were discussed by Jim Cramer during the episode of Mad Money aired on May 8. 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’s 21 Stock Calls: Micron, Affirm, and the Strength of the Data Center Complex

21. Micron Technology, Inc. (NASDAQ:MU)

Micron Technology, Inc. (NASDAQ:MU) was among Jim Cramer’s stock calls on Mad Money as he discussed how semiconductor and AI infrastructure stocks are driving the market higher. Cramer addressed the memory and storage supply shortage and high demand, as he stated:

These days, the big winners are the memory and data storage stocks. Micron’s up 777% over the past 12 months alone. Sandisk’s up 4,162%. Western Digital’s gained 984%. Seagate jumped 712% over the same period. But these are real companies that make real things. And right now, they’re practically just printing money simply because there’s so much demand and so little supply. Believe it or not, but they may all be undervalued because of this fourth industrial revolution… Earlier this week, I told you that some stocks are galloping higher because they have to go where they have to go. It sounded like circular reasoning, I understand that.

We keep seeing it happen, though. Micron rallied another 15% today to $746. Why? 746, why? Because it’s going to $1,000. It needs to go through the 700s, 800s, and 900s to get there. Even after… $1000, the stock would still be pretty… cheap on an earnings basis. Micron can keep running because there’s endless demand for its chips from the data center companies and not enough supply, so pricing just gets better and better and better. Right now, the stock sells for just six times earnings. Same exercise with Sandisk. In fact, it could be even cheaper than Micron, despite already rallying a lot harder.

So what do you do? Unlike the old days when we were flipping the dot-com IPOs, you gotta pick some of these moonshots and stick with them… As long as you have some cash on the sidelines and your portfolio has some diversification, you have my blessing to buy these red-hot stocks, even if you missed them, even if you missed a lot, even if you’re just getting in on Monday. If you have nothing but the memory plays and someone comes up with a… mousetrap, you’re going to lose a lot of money, hence the need to diversify among the plays. But of all the people I’ve talked to in the business, nobody knows of anyone who’s even trying to tackle a memory shortage, so these stocks keep running and running. And it’s not too late to buy them here because the price-to-earnings multiples are simply too low.

Micron Technology, Inc. (NASDAQ:MU) develops memory and storage solutions, including DRAM, NAND, and SSD products, under the Micron and Crucial brands.

20. Amphenol Corporation (NYSE:APH)

Amphenol Corporation (NYSE:APH) was among Jim Cramer’s stock calls on Mad Money as he discussed how semiconductor and AI infrastructure stocks are driving the market higher. Toward the end of the lightning round, a caller sought Cramer’s opinion on the stock. In response, he said:

I like Amphenol. I think you’ve got a good one. It’s actually come down a little, for heaven’s sake. I thought it was never going to come in.

Amphenol Corporation (NYSE:APH) manufactures electrical, electronic, and fiber optic connectors, cables, and sensors for industries including automotive, aerospace, communications, and industrial technology. During the episode aired on November 11, 2025, a caller inquired about the stock, and Cramer replied:

Oh my God, it’s just such a great stock, and it’s still not even expensive versus its growth rate. You want to stay in that cable play.

It is worth noting that the stock has declined nearly 10% since the above comment was aired.

19. Bloom Energy Corporation (NYSE:BE)

Bloom Energy Corporation (NYSE:BE) was among Jim Cramer’s stock calls on Mad Money as he discussed how semiconductor and AI infrastructure stocks are driving the market higher. When a caller inquired about the stock, Cramer remarked:

Listen to me… you should buy it, okay?… You want to be in this Bloom Energy. This is non-combustible power. You know how hard it is to find that? All the data centers are going crazy for it.

Bloom Energy Corporation (NYSE:BE) develops and sells solid-oxide fuel cell systems that convert natural gas, biogas, or hydrogen into electricity without combustion. Cramer was bullish on the stock during the May 5 episode, as he commented:

Then there’s the red-hot Bloom Energy with its non-combustible energy generation. Stock is a rocket ship.

18. ASML Holding N.V. (NASDAQ:ASML)

ASML Holding N.V. (NASDAQ:ASML) was among Jim Cramer’s stock calls on Mad Money as he discussed how semiconductor and AI infrastructure stocks are driving the market higher. Answering a caller’s question about the stock, Cramer said:

Jeez, you know, now, this is the great problem right now. That stock’s been straight up ever since it had a great quarter, and people didn’t understand. I… am going to say, after the $75 move today, let’s just hope for a down day and get in. I don’t want to top tick it. That’s what I fear, but I think you got a great one.

ASML Holding N.V. (NASDAQ:ASML) builds and maintains semiconductor lithography equipment. It provides systems such as ultraviolet scanners and inspection tools to help chipmakers create integrated-circuit patterns. Cramer mentioned the stock during the January 27 episode and said:

Whenever there’s a chip shortage like we have now, sooner or later, these companies start buying more manufacturing equipment in order to boost production. That’s why ASML, Applied Materials, KLA, and Cramer fave Lam Research have been roaring because people know that they’ll have big orders as the year goes on. The big four semiconductor capital equipment makers rallied like crazy last year. They’re up anywhere from 29 to 39% just since the beginning of January. You’re not early, but they haven’t run nearly as much as the storage and memory makers. So, relatively, they’ve still got more room to run…

Now, the specific commentary was about Taiwan Semi investing to meet demand for AI semiconductors, not necessarily memory or data storage chips, but if anything, that’s better for the capital equipment makers because manufacturing AI chips requires more advanced hardware. ASML is best positioned for this type of leading-edge equipment, but all the big four semiconductor capital equipment companies participate in the market, which is why they all had such huge gains in response to Taiwan’s Semi’s quarter. Rational.

17. Steel Dynamics, Inc. (NASDAQ:STLD)

Steel Dynamics, Inc. (NASDAQ:STLD) was among Jim Cramer’s stock calls on Mad Money as he discussed how semiconductor and AI infrastructure stocks are driving the market higher. Noting that they have held the stock for five years, a caller asked whether they should continue to hold it or switch. Cramer commented, “Steel Dynamics is a great company. Why would you do anything other than [buy, buy, buy]?”

Steel Dynamics, Inc. (NASDAQ:STLD) is a major steel and aluminum producer that also operates a metal recycling business. The company makes everything from hot-rolled and coated steel to aluminum products, and also manages scrap processing and building components for the non-residential sector. During the January 22 episode, a caller asked about the stock during the lightning round, and Cramer responded:

It’s an excellent company. I like Steel Dynamics, and I like Nucor. Those are the two. Wow, what a terrific buy. This is America doing well, and the tariffs working.

16. Digi Power X Inc. (NASDAQ:DGXX)

Digi Power X Inc. (NASDAQ:DGXX) was among Jim Cramer’s stock calls on Mad Money as he discussed how semiconductor and AI infrastructure stocks are driving the market higher. Starting the lightning round, a caller asked about the stock, and Cramer replied:

Oh man, that thing has just been straight up. I’m not there for that. The ones that are straight up, that are not making money, I have to say pass.

Digi Power X Inc. (NASDAQ:DGXX) develops data centers to support energy asset expansion and is active in cryptocurrency mining, electricity sales, and colocation services.

15. Element Solutions Inc (NYSE:ESI)

Element Solutions Inc (NYSE:ESI) was among Jim Cramer’s stock calls on Mad Money as he discussed how semiconductor and AI infrastructure stocks are driving the market higher. Cramer highlighted the stock’s gains after his prior endorsement, as he said:

Near the end of March, I had to do some homework on a name called Element Solutions. I gave the stock my enthusiastic endorsement. Really thought it was terrific. It’s the kind of chemical company that can make fortunes as long as Iran is blockading the entire Persian Gulf or for many other reasons. Six weeks later, Element’s up a quick 34%. What a call. Last week, these guys reported a terrific beat-and-raise quarter. And even after this incredible run, with the stock up 73% year to date, it’s still trading just under 24 times this year’s earnings estimates.

Element Solutions Inc. (NYSE:ESI) is a specialty chemicals and technology company that provides assembly, circuitry, and semiconductor solutions. A caller asked for Cramer’s thoughts on the stock during the April 13 episode, and he replied:

I like it. We profiled it. We think it’s a very, very good company. We ourselves are in Qnity. That’s letter Q… But I think Element Solutions is good. That’s… Martin Franklin company.

14. Restaurant Brands International Inc. (NYSE:QSR)

Restaurant Brands International Inc. (NYSE:QSR) was among Jim Cramer’s stock calls on Mad Money as he discussed how semiconductor and AI infrastructure stocks are driving the market higher. Cramer highlighted the company’s latest quarterly results, as he remarked:

Oh boy, it’s been a tough earnings season for the fast food space. We’ve heard some incredibly disputing things from Shake Shack, even McDonald’s seems to be getting dragged down by the poor state of the consumer. But when we heard from Restaurant Brands International earlier this week, that’s the parent company of Burger King, Tim Horton’s, they reported a pretty solid quarter.

More importantly, they told us that Burger King’s American business is taking share and taking names, I was astonished, 5.8% same store sales growth. A lot of guys have double-digit declines. Burger King has spent years working to turn itself around, improving restaurant operations, modernizing stores, offering better menu items. And according to management, this is not an outlier; it’s the new normal.

Restaurant Brands International Inc. (NYSE:QSR) owns and operates quick-service restaurant chains, including Tim Hortons, Burger King, Popeyes, and Firehouse Subs.

13. Affirm Holdings, Inc. (NASDAQ:AFRM)

Affirm Holdings, Inc. (NASDAQ:AFRM) was among Jim Cramer’s stock calls on Mad Money as he discussed how semiconductor and AI infrastructure stocks are driving the market higher. Cramer noted a “great opportunity” in the stock, as he said:

Alright, what do we make of these numbers from Affirm Holdings, the king of buy now, pay later? This stock’s been roaring, up about 30% since its early April lows, but it’s still down 13% for the year, and it got hit hard today, off 5%. Why? Okay, last night, Affirm reported what I thought was a terrific quarter. This is now a very profitable business, and Affirm’s network has gotten a lot more powerful… I think you’re getting a great opportunity here.

Affirm Holdings, Inc. (NASDAQ:AFRM) provides a digital payment platform that enables consumers to pay for purchases over time through its point-of-sale solutions and app. Cramer was bullish on the stock during the April 8 episode, as he commented:

… If you want to play that theme, you know what, here we go again, I’d rather own Affirm, which I explicitly highlight in How to Make Money in Any Market. Affirm has democratized lending by providing financing in small increments for people who don’t have the means to buy things up front, and they do it transparently, showing you exactly when and how much you’ll be charged. I would rather go with a pioneer like Affirm and Max Levchin that has a strong relationship with the best of the best, Amazon, Shopify, Costco. That feels like the cleaner way to play this thesis. In a crowded field, I say go with the specials… And if you want to play buy now, pay later, oh come on, I’d rather own a pure play like Affirm, the democratizer of lending.

12. Waste Management, Inc. (NYSE:WM)

Waste Management, Inc. (NYSE:WM) was among Jim Cramer’s stock calls on Mad Money as he discussed how semiconductor and AI infrastructure stocks are driving the market higher. Calling the stock a “dog” in their portfolio over the last two months, a caller asked whether they should hold, buy more, or sell their position. Cramer replied:

You know, I saw somebody say some negative things about Waste Management today, and it’s been going down pretty consistently for the last like four or five days. I think, rather than just say, it’s time to buy, let me do this: Let me do some work on what they said at the May 7th… conference. Let me do some work about who’s driving the stock lower because someone is, and it’s a… good company. Maybe we should get involved. I will do the work, I promise.

Waste Management, Inc. (NYSE:WM) provides waste and recycling services, including collection, processing, transfer operations, and renewable energy generation from landfill gas. In addition, the company handles regulated waste, secure document destruction, and several industrial and other cleanup services. A caller asked about the stock during the November 18, 2025, episode, and Cramer replied:

Oh my god, you know, when I saw Waste Management, when it dropped precipitously, I said to myself, this thing has to be bought right underneath $200. I’m going to go, and talk to Jeff Marks for the Charitable Trust. And wouldn’t you know it, it lasted for about three days under $200, and then it shot right up. I like the stock.

11. Valero Energy Corporation (NYSE:VLO)

Valero Energy Corporation (NYSE:VLO) was among Jim Cramer’s stock calls on Mad Money as he discussed how semiconductor and AI infrastructure stocks are driving the market higher. A caller asked if the stock is a buy here or if it makes sense to wait for “more clarity.” In response, Cramer said:

I like Valero. I mean, Valero’s got that, look, as long as we’ve got this spread that they’ve got right now between the price of gasoline and what they buy the oil for, you are just going to print money, and Valero will print money for you.

Valero Energy Corporation (NYSE:VLO) produces and sells petroleum-based and low-carbon fuels, including gasoline, diesel, jet fuel, renewable diesel, and ethanol, along with petrochemical products and co-products for animal feed. During the January 5 episode, Cramer discussed the stock and said:

The US refiners, especially Valero, may be a big beneficiary of that oil because they still have refineries that can handle what’s known as heavy crude. That’s what Venezuela produces. Valero, Phillips 66, and Marathon Petroleum could be big winners in the US, but only if they can divert that oil to the Gulf. Who knows? Venezuela’s oil infrastructure is a mess, though.

10. United Parcel Service, Inc. (NYSE:UPS)

United Parcel Service, Inc. (NYSE:UPS) was among Jim Cramer’s stock calls on Mad Money as he discussed how semiconductor and AI infrastructure stocks are driving the market higher. Inquiring about the stock, a caller noted its 20% year-to-date decline and called the company’s Q1 earnings per share “not pretty.” Cramer replied:

I don’t, you know, look, it’s got that… yield, but I don’t buy stocks for yield. I buy stocks for growth, and therefore, I’d buy FedEx because that is the winner. Raj Subramaniam’s doing a remarkable job.

United Parcel Service, Inc. (NYSE:UPS) provides global package delivery and logistics services, including express shipping, freight forwarding, and supply chain management. Cramer highlighted the company’s lay-offs during the October 28, 2025, episode. The Mad Money host said:

Beyond tech, how about this one? UPS today, did you see that? They just announced they laid off 48,000 people this year. By the way, that was a major reason why they delivered much, much better than expected earnings today. Good for the shareholders, but obviously not good for the workers who lost their jobs or the broader economy.

9. Applied Materials, Inc. (NASDAQ:AMAT)

Applied Materials, Inc. (NASDAQ:AMAT) was among Jim Cramer’s stock calls on Mad Money as he discussed how semiconductor and AI infrastructure stocks are driving the market higher. Cramer mentioned the stock during the episode, as he commented:

Now, one reason we’ve seen such incredible runs in the… semiconductor stocks is that there simply aren’t enough machines out there to help boost production. Don’t understand the concept? It’s very easy. Go to the Applied Materials conference call on Thursday afternoon, along with their deck, for a refresher.

They’ll tell you that they simply can’t boost enough semiconductor capital equipment to make the semis. Competitors Lam Research and KLA are in the same position. This confluence of lackluster supply and insatiable demand makes me feel like you can still buy those stocks, too.

Applied Materials, Inc. (NASDAQ:AMAT) provides equipment, software, and services that help manufacturers produce semiconductors and other electronic devices. When a caller asked if the stock is a “good buy” on April 20, Cramer remarked:

No, it’s not a good buy, it’s a great buy. Applied Materials, Lam Research, KLA, of those, I’m going to order them, Lam, AMAT, and KLA. They’re all good because they are, this the only way we can get the, alleviate the shortages that we’re seeing in semiconductors. Those guys are it. And they have the intellectual property. They are the strong ones. Glad you came to me with Applied Materials.

8. Figma, Inc. (NYSE:FIG)

Figma, Inc. (NYSE:FIG) was among Jim Cramer’s stock calls on Mad Money as he discussed how semiconductor and AI infrastructure stocks are driving the market higher. Cramer discussed the stock ahead of the company’s earnings, as he remarked:

Thursday, we’re going to get the latest from Figma. Okay, now this is an eclectic design distributor that’s made life difficult for Adobe, which at one point had the field all to itself. I don’t know if the company can deliver terrific earnings, but I do know that you probably don’t want to own Adobe on the day Figma reports. Remember, just a few years back, Adobe tried to buy Figma for about $20 billion. The bid drew too much regulatory scrutiny to go forward. Figma’s only worth $10 billion now.

Figma, Inc. (NYSE:FIG) provides a cloud-based design platform that enables teams to collaborate on interface design, prototyping, and product development. It offers tools for design systems, whiteboarding, presentations, illustration, brand assets, websites, and AI-driven prototyping. During the April 13 episode, a caller asked for the reason behind the stock’s decline, and Cramer responded:

Well, okay, it’s going down and down because a lot of people feel you can do the same thing that Figma does with Google, I’m not kidding with Google, and that’s what’s causing it to go down and I don’t know how to stop that because some stocks that compete with Google just, well, that’s the wrong place to be.

7. Cisco Systems, Inc. (NASDAQ:CSCO)

Cisco Systems, Inc. (NASDAQ:CSCO) was among Jim Cramer’s stock calls on Mad Money as he discussed how semiconductor and AI infrastructure stocks are driving the market higher. Cramer had a mixed view on the stock, as he commented:

Now, Cisco reports this night, and I gotta tell you, its stock’s galloping like 1999. Cisco’s just moving like this because it’s one of only a handful of networking companies that are dominant in the data center; Arista and Ciena are the other two. My gut says you may be a little late to buy Cisco without a pullback because this has been a monster move. But my brain says the stock sells for just 23 times forward earnings, so it isn’t all that expensive. Nothing’s ever perfect with Cisco, though, so… please be careful. The future is bright for the data center part of the business. Let’s find out about the rest.

Cisco Systems, Inc. (NASDAQ:CSCO) creates networking, security, and collaboration tools that help organizations stay connected and protected. During the April 16 episode, a caller asked if it was a good or a profitable buy. Cramer replied:

Yeah, I do. I do. Now, we did sell for the Charitable Trust… nice gain. But we have so much data center; I felt like that we were taking, just taking on too much. Talked about that in today’s meeting. I think you’re in great shape without… It’s doing very, very well. Chuck Robbins is doing a terrific job there.

6. Nebius Group N.V. (NASDAQ:NBIS)

Nebius Group N.V. (NASDAQ:NBIS) was among Jim Cramer’s stock calls on Mad Money as he discussed how semiconductor and AI infrastructure stocks are driving the market higher. Cramer highlighted NVIDIA’s investment in the stock, as he remarked:

Wednesday, we hear from a company called Nebius, and that’s a company that NVIDIA poured $2 billion into because they want Nebius to help develop knowledge factories. This is a big deal for this relatively unknown AI company, and it’s part of a constellation that NVIDIA’s put together to ensure that clients can take advantage of NVIDIA’s best chips.

Nebius Group N.V. (NASDAQ:NBIS) provides AI-focused infrastructure, including GPU-based cloud platforms and tools that support the development of advanced models. During the April 6 episode, a caller inquired about the stock, and Cramer responded:

Okay, Nebius is doing quite well, and I normally, I would’ve said two years ago, way too speculative, but I’ve gotta tell you, they’re winning a lot of orders. I think they do a good job. I like CoreWeave more, but Nebius is actually a very respected company. I think you gotta good one.

Click to continue reading and see Jim Cramer’s 5 Stock Calls: Constellation Energy, Qnity, and the Strength of the Data Center Complex.

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