In this article, we will look at Jim Cramer’s stock calls, as he discussed the rising market speculation. The host of CNBC’s Mad Money said Thursday that signs of excessive speculation are starting to creep back into the market.

Something is not right, and we gotta talk about it. Remember what happened last year when speculative stocks took over the market? They climbed, and they climbed, and they climbed ever higher, as complacency and over-enthusiasm took over the field. I called it the year of magical investing. I said, enjoy it while it lasts, because it’s going to end and end badly. Sure enough, in the middle of October, speculation peaked and the year of magical investing came crashing down. I bring that up because we’ve had a huge run here, a run that continued today.

READ ALSO: Jim Cramer’s 11 Stocks Review: HOOD, WFC, and Market Rotation and What You Missed on Mad Money: 17 Stocks Reviewed by Jim Cramer.

Cramer added that the same speculative names are once again driving gains, which he called unfortunate. He noted that the market has advanced very quickly in a short period, and repeated that prices have moved up too far, too fast. He explained that this kind of rally draws in people who become overly enthusiastic, as they assume anything they buy will keep rising simply because the market is going up.

They actually think they’re geniuses. They lost all discipline. They’re too cocky, same as last year. Cocky is not a positive trait when you’re buying stocks…. What did these people get excited about today? The exact same stuff that first made and then lost them tons of money last time: nuclear power, quantum computing, and space.

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 April 16. 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 Stocks Calls: NVDA, AMD, and Speculation Warning

21. PepsiCo, Inc. (NASDAQ:PEP)  

PepsiCo, Inc. (NASDAQ:PEP) was among Jim Cramer’s stock calls, as he discussed the rising market speculation. Cramer praised the company’s CEO, Ramon Laguarta, as he said:

This morning, PepsiCo’s Ramon Laguarta put on a clinic about how to grow earnings in a group that we’ve all, for the most part, given up on, consumer packaged goods… Let me walk you through the details here because I think it’s an important story. PepsiCo’s a complex company and doesn’t lend itself to easy analysis. There’s Frito-Lay, the snacking business. It’s the chief mover of the stock. Then there’s the beverages led by Pepsi, but also, of course, with the inclusion of Gatorade, which had a total facelift today. The company’s been challenged by a multitude of hardships… Some of these headwinds have dissipated. We’re seeing some behavior changes among people in GLP-1s…

The answer is smaller packages. That’s what Ramon figured out. A small… pack of chips with a good price is crushing it here. The price differential of a smaller bag has worked for more than just GLP-1 users. It seems like a great deal for consumers who are tired of inflation. Second, Ramon’s winning with innovation. The fast hydration system of Gatorade, faster to hydrate than water, was just introduced. I think it’s going to be a home run. There’s acquisitions like poppi, a more natural drink that’s doing quite well. The analysts seem a little clueless about these changes, though. Most are focused on how Ramon’s been able to control costs…. Having been through COVID, Ramon’s learned how to source from around the globe, and he is hedged on aluminum till the end of the year.

Plus, Pepsico’s scale allows them to crush on price the smaller players who can’t keep up with the sourcing, and they certainly aren’t hedged on aluminum till the end of the year. So Frito’s taken share, he’s confounding the analysts who are mostly focused on gross margins, not the bigger picture of PepsiCo’s business. They seem to be expecting the same shortfalls the other food companies gave them. Not with this one. What Ramon’s work shows is that you have to be inventive. You have to be willing to cut price, which he only did with the chips by the way, and you have to source from around the globe. Oh, and you need some luck, like the changing attitudes of consumers on the GLP-1s. That’s how you get a PepsiCo-style upsize surprise. At the end of the day, you should always look for wins wherever you can find them, whatever aisle they’re in. And there are plenty of wins outside of tech. The bank doesn’t asterisk that money; go make some of it.

PepsiCo, Inc. (NASDAQ:PEP) produces, markets, and distributes beverages and convenient foods, including snacks, cereals, dairy, and ready-to-drink products.

20. ARMOUR Residential REIT, Inc. (NYSE:ARR)

ARMOUR Residential REIT, Inc. (NYSE:ARR) was among Jim Cramer’s stock calls, as he discussed the rising market speculation. Toward the end of the lightning round, when a caller inquired about the stock, Cramer said:

I’ve known it for a long time. I don’t understand why the yield’s so high, and it does concern me. I know that higher rates don’t necessarily help it. I’ve never really been a big fan, but I can see that you would want to own it.

ARMOUR Residential REIT, Inc. (NYSE:ARR) manages a specialized portfolio focused on mortgage-backed securities issued or guaranteed by U.S. government entities. The company also holds a variety of government bonds and money market assets.

19. Fastly, Inc. (NASDAQ:FSLY)

Fastly, Inc. (NASDAQ:FSLY) was among Jim Cramer’s stock calls, as he discussed the rising market speculation. During the lightning round, a caller asked for Cramer’s thoughts on the stock, and he replied:

At $6, I was recommending this thing, and then it went up to like $35. It’s at $24. I think it’s a buy. I do like Cloudflare more. I’ve been reading, Matthew, he’s been posting some interesting things on Twitter. I think, oh jeez, it was up seven today. Hold on to Fastly. Hold on to it. But if it goes down, buy more. At $5, $6, it was just way too cheap.

Fastly, Inc. (NASDAQ:FSLY) provides an edge cloud platform that helps developers build, secure, and deliver digital experiences through infrastructure designed to process data at the internet’s edge. The company offers a suite of network services, content delivery optimization, and robust security solutions like bot management and DDoS protection. It is worth noting that when a caller inquired about the stock on June 2, 2025, Cramer said:

No, I mean they’ve missed a quarter too often. If you want to be in that, you wanna be in CloudFlare, which just reported tonight. Matthew Prince, doing an absolutely terrific job.

Since the above comment was aired, Fastly, Inc. (NASDAQ:FSLY) stock has gone up more than 226%.

18. Venture Global, Inc. (NYSE:VG)

Venture Global, Inc. (NYSE:VG) was among Jim Cramer’s stock calls, as he discussed the rising market speculation. When a caller mentioned that they are considering selling their VG shares and buying BKV shares, Cramer said:

Oh, jeez, I like Venture Global. I think Venture Global could, you know, I didn’t like it initially, but it’s come down. It’s, look, the world is going to be a changed place. Venture Global has the LNG, the carriers. I’m saying don’t make that move.

Venture Global, Inc. (NYSE:VG) develops and operates LNG facilities and handles natural gas liquefaction, transport, shipping, regasification, and sales. Cramer was similarly bullish on the stock when a caller asked about VG on March 27. He said:

Yeah, it’s breaking out. I think it can go much higher, probably goes to $25. This is precisely the kind of stock that you need in this environment. It’s tough to bite the bullet and say to buy it after the stock has been all the way down to 5, 6. But you know, we don’t care where it’s coming from. We care where it’s going to. And the answer is that stock is going higher.

17. Lumen Technologies, Inc. (NYSE:LUMN)

Lumen Technologies, Inc. (NYSE:LUMN) was among Jim Cramer’s stock calls, as he discussed the rising market speculation. A caller asked if the company’s recent partnerships with big companies, including Microsoft, Google, and Palantir, could help it “come back from the ashes.” Cramer replied:

You know what, you know it better than I do. I know it’s from Monroe, Louisiana, and I’ve always felt that it was a decent spec, and you qualify it by putting out a lot of interesting customers there. I’ll go with you on that one.

Lumen Technologies, Inc. (NYSE:LUMN) is a networking company that provides integrated communication services, ranging from fiber infrastructure and edge cloud solutions to high-speed broadband and managed security. The company offers its products under brand names such as CenturyLink and Quantum Fiber. During the December 16, 2025, episode, Cramer said to exercise caution as he commented:

Okay, I mean, look, this is home business technology. I think the stock’s run too much. I know an $8 stock, people think… can’t hurt you, but it can. I’d say be careful.

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

Cisco Systems, Inc. (NASDAQ:CSCO) was among Jim Cramer’s stock calls, as he discussed the rising market speculation. A caller asked if Cramer thinks the stock is a “good buy” or a “profitable buy.” In response, he said:

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.

Cisco Systems, Inc. (NASDAQ:CSCO) creates networking, security, and collaboration tools that help organizations stay connected and protected. On February 6, Cramer mentioned the company under his game plan, and said:

The stock’s been soaring. I don’t know. We have to find out whether this is a company that has got less software, more hardware. In the old days, I used to hope it had more software and less hardware, but it’s still a sizeable position for the Charitable Trust.

15. Enphase Energy, Inc. (NASDAQ:ENPH)

Enphase Energy, Inc. (NASDAQ:ENPH) was among Jim Cramer’s stock calls, as he discussed the rising market speculation. When a caller asked Cramer about the stock, he said:

This has been such a disappointing stock. The other day… we talked positively about First Solar. I know you don’t want to hear that; you’re looking more at Enphase. But we think First Solar’s better. And I’ll tell you, Enphase has just been, just been a disappointment for too long.

Enphase Energy, Inc. (NASDAQ:ENPH) develops home solar solutions centered on its microinverter technology, which converts and monitors power at the individual panel level. The company offers home battery storage and EV charging systems, all of which are managed through its cloud-based software. During the July 1, 2025, episode, Cramer was similarly bearish on the company, noting that it was the “second-worst performer in the S&P through June.” He said:

Next, the second-worst performer in the S&P through June was Enphase Energy, that’s a solar power play, with the stock down 42%. Now this one is just political. The solar industry relies on tax credits, but the Big Beautiful Bill that just passed the Senate will cut those tax credits, starting in a couple of years. Doesn’t help that Enphase reported the latest in a long line of weak quarters in late April.

This was once one of the greatest growth stories around. Now, it’s basically untouchable as the fundamentals stink, and the regulatory backdrop is likely to get much worse for the company. Sadly, the solar industry’s become a partisan football.

14. Madison Air Solutions Corporation (NYSE:MAIR)

Madison Air Solutions Corporation (NYSE:MAIR) was among Jim Cramer’s stock calls, as he discussed the rising market speculation. Discussing MAIR’s recent IPO, Cramer said:

With the market now fully recovered from its Iran-related weakness and back to setting fresh all-time highs, it makes sense that the IPO window would open again. And sure enough, today we got the largest new listing of the year, the IPO of Madison Air Solutions… This is basically a successful rollup that’s made a bunch of smart acquisitions over the past decade to build itself into an airflow and cooling powerhouse. That’s the best way to think about Madison Air. It’s a shrewd rollup with an attractive set of industrial end markets… How do the numbers look? Honestly, pretty good… The fact that Madison is accelerating revenue growth… makes the story even better. Company’s also solidly profitable… I think the best way to look at the valuation for Madison Air is with what’s known as an enterprise multiple, measures enterprise value… We have to use last year’s numbers… I want to compare Madison to Vertiv… When you stack these stocks up against each other, I have to say that I think Madison Air looks pretty darn reasonable… At nearly $32, the company has an enterprise multiple of around 20…

I think MAIR or Mayor can be bought right here, right now even after the stock’s strong debut. For an initial price target, i’ll throw out 41 bucks, which would give the company roughly the same valuation as Trane, the most expensive HVAC comparison here… But I’m pretty optimistic about this in fact, because I like the story… Here’s the bottom line: The market has bounced back and now the IPO market has reopened for business with the largest deal of the year. Fortunately, it was a good one. I like the Madison Air story. I like the numbers and the price still looks fine to me even after solid pricing and a good open today. Even after this move, I think Mayor of East Town (Cramer’s nickname for MAIR) is a buy.

Madison Air Solutions Corporation (NYSE:MAIR) manufactures air quality and climate control systems under brands like Reznor, AprilAire, and Big Ass Fans. It also provides custom design and repair services for its heating, cooling, and filtration lines.

13. Shake Shack Inc. (NYSE:SHAK)

Shake Shack Inc. (NYSE:SHAK) was among Jim Cramer’s stock calls, as he discussed the rising market speculation. Cramer was bullish on the company, mentioning that he is a “satisfied customer,” and said:

There’s a real chance that Shake Shack reports again in early May. Same store sales will come in at the high end of expectations helped by value offers, we love those, menu innovation, and improving trends over the course of the quarter. But even if the quarter’s strong, management may not rush to raise their full-year forecast because beef prices are rising and their international licensing business has meaningful exposure to the Middle East. That could potentially give you a buying opportunity. But I have to tell you, it’s going to hurt the numbers. Long-term, though, I think Shake Shack’s biggest advantage is the fact that they haven’t alienated their customer base…

Now, historically, Shake Shack is underinvested in marketing. Now that they’re firmly profitable again, there’s a real push to spend more on ads. I think that’s a smart move… Of course, that does not mean the risk is gone. The biggest swing factor for Shake Shack is still beef… Even if Lynch is doing a good job, even if traffic’s holding up, even if the long-term unit growth story is improving, this thing can still get clipped if input costs move against them. That’s just the reality of the business… If the company can keep getting better unit economics, then this stops being viewed as a recovery story and starts becoming the great growth story that it used to be.

Of course, the stock’s been a disappointment for six years now, but that’s exactly why I think it’s really interesting. The expectations got reset, the story got less romantic, the market got tougher, and in the middle of all that, the business actually seems to have improved dramatically. That’s why I think Shake Shack should not be held down forever by its reputation. If CEO Rob Lynch keeps doing what he started doing, tightening operations, lowering build costs, protecting the customer relationship, spending more intelligently behind the brand and scaling without messing up what made Shake Shack special, then this can absolutely become one of those stories where the company quietly fixes itself up before the stock really caught on.

Doesn’t mean Shake Shack will go straight up. I told you, I can’t emphasize enough how tough beef is, okay? The high price-to-earnings multiple here also can still hurt them. One bad quarter can still knock the stock around. But the bottom line: When you zoom out, the picture looks pretty clear. Shake Shack was doing well, got floored by COVID, then sales came back first, with profits lagging. Now, it finally looks like the turnaround may be real. I know I’m a believer, and more importantly, I am a satisfied customer.

Shake Shack Inc. (NYSE:SHAK) operates and licenses a chain of restaurants that serve burgers, chicken, hot dogs, fries, shakes, frozen custard, and beverages.

12. Reddit, Inc. (NYSE:RDDT)

Reddit, Inc. (NYSE:RDDT) was among Jim Cramer’s stock calls, as he discussed the rising market speculation. Answering a caller’s query about the stock during the episode, Cramer said:

No, no, Reddit should not have been down that much. I wish Steve Huffman would come on because he knows how much I think Reddit is a very, very valuable company. And I gotta tell you, if I had a bigger company and I could… snap up that $31 billion business, I would do it. I think that they’re, you can train on their stuff. It’s very exciting.

Reddit, Inc. (NYSE:RDDT) runs an online platform that hosts communities where users connect over shared interests, exchange ideas, and share content such as posts, images, and videos. During April 9’s episode of Mad Money, Cramer reiterated his bullish stance on the company, as he said:

I’m glad you asked me. I was talking about it today. It’s down 40%. We use it for my wife’s mezcal because it’s just got a good mezcal affinity group. I think a lot of people use it. They don’t charge enough. I shouldn’t say that; now they’re going to raise our prices. But I think that they should be making more money off their different groups. But the company is really suffering right here, I’m sorry, the stock is suffering, the company’s not. Big dispute over the Google feed and whether Google’s treating them right. All nonsense. Reddit’s a good company.

11. Snap Inc. (NYSE:SNAP)

Snap Inc. (NYSE:SNAP) was among Jim Cramer’s stock calls, as he discussed the rising market speculation. When a caller inquired about the stock, Cramer was quick to say:

No, there’s nothing there. Let’s just, like, you know, I’ve been fighting this SNAP now for I don’t know how many years, saying don’t invest in it, and so far, I’m looking pretty good, frankly.

Snap Inc. (NYSE:SNAP) is a technology company that provides the visual messaging application Snapchat and augmented reality glasses. The company also offers a subscription service for exclusive features and a suite of advertising products. On April 1, a caller asked about the stock, and Cramer replied:

Now, it does have an activist investor; maybe they can get them to do something or even sell themselves. But you know, five bucks maybe, I don’t know, what, a couple bucks up, one down, not a bad ratio. But nothing I’m interested in.

10. CAVA Group, Inc. (NYSE:CAVA) 

CAVA Group, Inc. (NYSE:CAVA) was among Jim Cramer’s stock calls, as he discussed the rising market speculation. Mentioning that they are in the red and bought shares at $88, a caller inquired if they should buy more CAVA shares. Cramer replied:

You’re in the red? CAVA’s at $91. You’re not in the red. You’re doing great… I just think it’s exactly what you said. I think it actually might be the next Chipotle. I want you to hold on to it, and if it comes down, I think… You should buy more.

CAVA Group, Inc. (NYSE:CAVA) operates a restaurant chain under the CAVA brand and sells dips, spreads, and dressings through grocery retailers. Calling the company “great” during the March 20 episode, Cramer said:

I think that Cava is great. I never understood why it was all the way down. As you know, it’s recommended in the book very intensely. The stock’s down $3 today. I think the stock could repeal some of those gains. Maybe at 75, 73, that’s where I’d go, and not before then, okay? Not before then.

9. NVIDIA Corporation (NASDAQ:NVDA)

NVIDIA Corporation (NASDAQ:NVDA) was among Jim Cramer’s stock calls, as he discussed the rising market speculation. Noting that the company’s CEO has a “real sense of the industry,” Mad Money’s host said:

Wait a second, I got a better idea. Instead of buying Allbirds, maybe buy NVIDIA. Call me crazy, but when it comes to GPUs and service, I want to go with Jensen, not with the really nice people from Allirds. I just think he knows more and has a real sense of the industry.

NVIDIA Corporation (NASDAQ:NVDA) develops accelerated computing and AI platforms, GPUs for gaming and professional use, cloud services, robotics and embedded systems, and automotive technologies. Earlier in the week, Cramer restated his bullish stance on the company and said:

NVIDIA, which had become a real laggard, came roaring back to life in the last couple of days. Do you know how many times I heard that Google was eating NVIDIA’s lunch with its own chips? Or how about Amazon was tired of paying the price NVIDIA wanted? Or that NVIDIA was investing in companies so they would buy goods from NVIDIA, so-called circular deals? Or how about when it didn’t get the China orders? The negativity never stopped, just endless explanations for the demise of a stock that never should have been up. Remember how they kept saying never should have been in the first place? It was the most overvalued stock in history. That’s what people were saying. So down goes NVIDIA, down goes NVIDIA…

And it just wouldn’t stop until it got down to $165, less than a month ago. At that level, when it was selling for less than 17 times earnings for what I think will be the forward earnings, we got a crescendo sell-off where everyone who wanted to sell, everyone insisted that something bad was going to happen, finally dumped the darn stock. Now, maybe the pain just became too great for these sellers, many of whom didn’t even know what NVIDIA was or did. Whatever bad that was supposed to happen to NVIDIA, it just didn’t happen. And now NVIDIA’s back up to $196.

8. Advanced Micro Devices, Inc. (NASDAQ:AMD)

Advanced Micro Devices, Inc. (NASDAQ:AMD) was among Jim Cramer’s stock calls, as he discussed the rising market speculation. Cramer said that investors should buy companies like AMD when CPUs “are in short supply.”

Seriously, you want exposure to this area? Last night, Taiwan Semi, the actual maker of chips for NVIDIA, said that CPUs are in short supply. That means go buy AMD and Intel like everyone else. Those stocks are up a lot, but it’s certainly better than buying this convert, buying the stock [of Allbirds].

Advanced Micro Devices, Inc. (NASDAQ:AMD) designs and manufactures processors, graphics cards, and AI chips for computers, servers, and gaming systems. The company’s products include Ryzen, Radeon, and EPYC. On March 12, Cramer praised the company and its CEO, as he remarked:

Alright, now, this is very interesting because I have, because we own such a big position in NVIDIA, I don’t want to own its biggest competitor, which is AMD. But you know what, if I didn’t own NVIDIA, I most certainly would. It is a dog fight, and Lisa Su is fabulous.

7. Allbirds, Inc. (NASDAQ:BIRD)

Allbirds, Inc. (NASDAQ:BIRD) was among Jim Cramer’s stock calls, as he discussed the rising market speculation. Cramer made a note of the stock’s gigantic recent rally, as he said:

Why am I so adamant that speculation is getting out of control again? Well, exhibit A has to be a company called Allbirds… Six weeks ago, Allbirds seemed to be headed into the dustbin of history… It doesn’t make any money. But rather than shut down, it did something I’m sure it thought was genius. Allbirds sold its shoe business to American Exchange Group, and it announced a definitive agreement with an institutional investor for a $50 million convertible bond, which, and I’m quoting from the release here, “will enable the company to pivot its business to AI compute infrastructure, with a long-term vision to become a fully integrated GPU-as-a-Service and AI-native cloud solutions provider.”

Yep, they pivoted from casual shoes to AI, and they’re changing the name to NewBird AI. The company sees a need for more compute and it’s going to bridge the gap. They say that NewBird AI will, and I quote, “initially seek to acquire high-performance, low-latency AI compute hardware and provide access under long-term lease arrangements, meeting customer demand that spot markets and hyperscalers are unable to reliably service.” Oh, I got it. There’s a compute shortage and we know who to call, a casual shoemaker… Allbirds wasn’t even a successful shoe company, for heaven’s sake, yet the stock rallied nearly 600% yesterday on this… news story.

Before its recent pivot to become an AI infrastructure company, Allbirds, Inc. (NASDAQ:BIRD) produced a variety of lifestyle footwear and clothing, selling everyday shoes along with apparel staples like tees, sweats, and underwear. The brand marketed its products to both men and women.

6. Rocket Lab Corporation (NASDAQ:RKLB)

Rocket Lab Corporation (NASDAQ:RKLB) was among Jim Cramer’s stock calls, as he discussed the rising market speculation. Cramer said that stocks like RKLB are likely to go higher before SpaceX’s IPO.

Space is easier because of the mammoth IPO of SpaceX brought to us soon by Elon Musk, maybe later this summer. I think it’s going to be a huge hit. In the interim, anything that looks like SpaceX should go higher, including Rocket Lab. I’m blessing Rocket Lab because it’s got a $1.85 billion backlog, giving them terrific visibility in the future, although it was up a lot today. Needless to say, to get your hands on any SpaceX might be difficult, but I think it’ll be a better performer than Tesla.

Rocket Lab Corporation (NASDAQ:RKLB) provides launch services, spacecraft design, manufacturing, and on-orbit management solutions. During the episode aired on December 17, 2025, when a caller asked if the stock is part of the “magical year of investing,” Cramer said:

I think Rocket Lab’s better than that. I don’t think it’s a magical thinking… I think it’s a very good spec ahead of another big offering in the rocket world next year. I think you can own it as your spec play, as I say in How to Make Money in Any Market.

Click to continue reading and see Jim Cramer’s 5 Stock Calls: IBM, GEV, and Speculation Warning.

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