Jim Cramer’s 23 Stocks: Arm, QXO, and the Market’s Biggest Threat

In this article, we will look at stocks Jim Cramer covered on Mad Money as he discussed the wave of IPOs being the market’s possible biggest threat. The host of CNBC’s Mad Money said on Monday that one of the most underappreciated threats facing the market right now is the potential surge of very large initial public offerings.

Oh, we got a two-tiered market going on here, a real best of times, worst of times situation. The first tier is making you a fortune, but the second tier is downright awful… There are the beloved stocks that have something, anything to do with the data center, and then there’s the forlorn part of the market, basically everything else… Some days like today have some of the data center complex in retreat even as the mainstays plow forward. But you can still sense that any pullback might just be temporary and the result of just short-term overheating. I regard these pullbacks as buying opportunities, provided they take you down at least say 5%. They’re refuges from the hazards of the war as they don’t really correlate with energy other than on their own grid… They’re separate, apart from all others.

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Cramer highlighted a lineup of highly anticipated IPOs, including those from OpenAI, SpaceX, and Anthropic. He said the expected demand for these offerings could be so intense that investors might pull money out of existing holdings, including components of the S&P 500, in order to participate. He said that such a shift in capital could put pressure on the broader market even if enthusiasm for technology and artificial intelligence remains high.

Here’s the bottom line: At the moment, these IPOs are far enough away that I’m not fretting. That said, if the trial’s a fast one and OpenAI has a shot of coming public this year, they might be in a foot race with Anthropic. I don’t know which will be the winner, but the bull could be the loser because the bull runs on money. And the fourth industrial revolution or not, it just might run out of money if this trio of IPOs goes through the chute at one time.

Our Methodology

For this article, we compiled a list of 23 stocks that were discussed by Jim Cramer during the episode of Mad Money aired on April 27. 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 23 Stocks: Arm, QXO, and the Market’s Biggest Threat

23. Kaiser Aluminum Corporation (NASDAQ:KALU)

Kaiser Aluminum Corporation (NASDAQ:KALU) was among the stocks Jim Cramer covered on Mad Money as he discussed the wave of IPOs being the market’s possible biggest threat. Toward the end of the lightning round, responding to a caller’s query about the company, Cramer said:

Kaiser Aluminum is just up on such a spike. I know it’s absolutely terrific, and aluminum’s got all the tariff stuff going for it, but I can’t recommend it. It’s just straight up. I’m sorry.

Kaiser Aluminum Corporation (NASDAQ:KALU) manufactures and sells semi-fabricated specialty aluminum products, including flat-rolled plates, extruded shapes, and drawn tubes. The company reported its Q1 2026 results on April 22, posting a non-GAAP EPS of $3.74, outperforming estimates by $1.78. Its revenues were up 41.6% year-over-year at $1.1 billion, beating estimates by $100.1 million.

For the full year 2026, Kaiser Aluminum Corporation (NASDAQ:KALU) expects 10% to 15% improvement in conversion revenue and 20% to 30% in adjusted EBITDA.

22. QXO, Inc. (NYSE:QXO)

QXO, Inc. (NYSE:QXO) was among the stocks Jim Cramer covered on Mad Money as he discussed the wave of IPOs being the market’s possible biggest threat. A caller asked for Cramer’s view on the company and its CEO. Cramer stated:

Oh, okay, Brad’s a winner. Brad is going to make a series of acquisitions that are going to make it into a great home building, let’s say clearing house place with just lots of different warehouses, lots of different stuff all over the country. And when rates start coming down, this stock is going to go from $20 to $30. You want to be with Brad Jacobs, not against him.

QXO, Inc. (NYSE:QXO) supplies roofing, waterproofing, and building materials, including siding, insulation, and construction accessories. A caller inquired about the stock during the February 26 episode, and Cramer responded:

Okay, that’s Brad Jacobs’ company. I don’t bet against Brad. That’s roofing. Normally, it shouldn’t be doing right now in the cycle, but Jacobs will pull it off. You can buy it.

21. Intuitive Machines, Inc. (NASDAQ:LUNR)

Intuitive Machines, Inc. (NASDAQ:LUNR) was among the stocks Jim Cramer covered on Mad Money as he discussed the wave of IPOs being the market’s possible biggest threat. When a caller queried about the stock during the lightning round, Cramer said:

Okay, this is the kind of speculative stock that I’m going to endorse. I like Rocket Lab. I like this. I think any one of these is… leading up to the IPO of SpaceX is going to be a winner. And I’m going to bless them when you call me on them because I do think that this is a decent time to speculate on rocket and rocket technology.

Intuitive Machines, Inc. (NASDAQ:LUNR) specializes in space infrastructure. The company provides delivery to the lunar surface along with data transmission and navigation services.

20. Talen Energy Corporation (NASDAQ:TLN)

Talen Energy Corporation (NASDAQ:TLN) was among the stocks Jim Cramer covered on Mad Money as he discussed the wave of IPOs as the market’s biggest possible threat. A caller inquired about the stock, and here’s what Cramer had to say in response:

I’ll tell you, if it hasn’t gone up yet with this market that we’ve got because of Iran, I don’t know how well you’re going to do. I mean, look, it’s a power infrastructure play without a good yield. That’s not for me. Some of them that I really like do have good yields.

Talen Energy Corporation (NASDAQ:TLN) operates a large network of power plants that generate and sell electricity using a mix of nuclear and fossil fuel sources. During the January 9 episode, a caller noted a recent period of difficulty with the company’s stock, after a successful run where they executed several profitable trades throughout 2025. Cramer replied:

No, no, I think you’re okay. I actually… I think you’re okay. It’s come down, I know it’s come down a lot, but it’s only down 1% for the year. I think you’re fine. As a matter of fact, I actually would be inclined to to buy some here. I don’t want you to sell that stock.

19. Pinnacle West Capital Corporation (NYSE:PNW)

Pinnacle West Capital Corporation (NYSE:PNW) was among the stocks Jim Cramer covered on Mad Money as he discussed the wave of IPOs being the market’s possible biggest threat. Inquiring about the stock, a caller mentioned they are looking into utilities that they think could “benefit from the data build-out.” In response, Cramer said:

Pinnacle hasn’t really been a beneficiary of the data build-out, but it happens to be a really good company. So I’m not going to tell you to run from Pinnacle. Now, it has just had a gigantic move up from where it was just at the beginning of the year. But that said, you know what, it’s a good company. Buy some here and then buy some a little bit lower.

Pinnacle West Capital Corporation (NYSE:PNW) provides retail and wholesale electric services through the generation, transmission, and distribution of power. The company uses various energy sources, including nuclear, solar, and gas, and maintains a network of overhead lines, underground cables, and storage facilities.

18. Fabrinet (NYSE:FN)

Fabrinet (NYSE:FN) was among the stocks Jim Cramer covered on Mad Money as he discussed the wave of IPOs being the market’s possible biggest threat. A caller inquired after Cramer’s thoughts on the company, given the “bull market in optical electronics.” He replied:

Okay, I mean, this is one that I talked about at the top of the show. This is the kind of bull market, you’re absolutely right. I do think that it needs to cool, though. I think it needs to drop back a little, and I don’t want you to be caught in that downdraft if you buy it tomorrow.

Fabrinet (NYSE:FN) provides advanced optical packaging and electronic manufacturing services, including process design, assembly, and testing for complex electro-mechanical systems. The company produces specialized components such as lasers, sensors, and optical switching products. Wasatch Global Investors stated the following regarding Fabrinet (NYSE:FN) in its Q4 2025 investor letter:

Fabrinet (NYSE:FN) was also a significant contributor. Fabrinet is a contract manufacturer of laser-based communication hardware. The company’s optical transceivers are noted for their ability to maintain precise thermal control and alignment of internal components during high-speed transmission of data. Fabrinet is seeing increased demand as data centers upgrade their networks to faster and lower-latency communication standards capable of handling complex AI workloads. Favorable trends in telecommunications end markets have added to investor optimism.

17. Rocket Lab Corporation (NASDAQ:RKLB)

Rocket Lab Corporation (NASDAQ:RKLB) was among the stocks Jim Cramer covered on Mad Money as he discussed the wave of IPOs being the market’s possible biggest threat. When a caller mentioned that they have been holding the stock for a while, Cramer stated:

I feel exactly like you, exactly like you. And when they had a problem two weeks ago, the stock barely… went down for a day, and that’s about it. I think that Rocket Lab is a winner, and that is a speculative stock that I am blessing right here.

Rocket Lab Corporation (NASDAQ:RKLB) provides launch services, spacecraft design, manufacturing, and on-orbit management solutions. Cramer mentioned the stock during the April 16 episode and said:

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.

16. Boston Scientific Corporation (NYSE:BSX)

Boston Scientific Corporation (NYSE:BSX) was among the stocks Jim Cramer covered on Mad Money as he discussed the wave of IPOs being the market’s possible biggest threat. Answering a caller’s query about the stock, Cramer commented:

Well, the competition just got too strong for Boston Scientific. They’re always one step out of the posse, and they’ve just been caught. I think they can come back. I just want to see the stock bottom before I say okay, I think it’s okay.

Boston Scientific Corporation (NYSE:BSX) manufactures medical devices for different fields, including cardiology, neurology, and urology. Some of the company’s products include heart-monitoring implants, spinal cord stimulators, and diagnostic tools for gastrointestinal conditions and cancer treatment. Cramer made a similarly bearish comment on the stock on March 18 when a caller asked about it, as he said:

You know, I have to tell you, I’ve been blown away… [by] how badly that stock’s performing. The competition got much more severe than I realized it could do. I thought that Mike Mahoney had it under control. I was not right, which therefore means I’m wrong. And I’m surprised. This stock was one of the greatest performers. It’s not anymore.

15. BillionToOne, Inc. (NASDAQ:BLLN)

BillionToOne, Inc. (NASDAQ:BLLN) was among the stocks Jim Cramer covered on Mad Money as he discussed the wave of IPOs being the market’s possible biggest threat. When a caller inquired about the stock, Cramer said:

We looked into BillionToOne. We think it’s a really good diagnostic company. Now, the diagnostic companies themselves have been going down, whether it be Becton, Dickinson, whether it be Abbott Labs, they’ve not been working. That said, this stock never ran to begin with. I think BillionToOne’s a winner.

BillionToOne, Inc. (NASDAQ:BLLN) develops precision molecular diagnostics using a platform that counts DNA molecules to improve disease detection. The company’s tests include non-invasive prenatal screening and liquid biopsies for detecting and monitoring cancer mutations. On November 14, 2025, discussing the company in detail, Cramer said:

Where do I come down on this thing? Honestly, I really like it. BillionToOne is playing in an industry that I’m a big fan of, diagnostics, and it has a fantastic story within that space, which feels like it’s still in the early innings. I wish Danaher would buy them. That’s a Charitable Trust name that’s just languished here. Their growth is excellent and even possibly accelerating. At the same time, they’ve just started turning a profit. Look to get even more profitable going forward.

Still, how much do we pay for it? Well, the stock came public at 60 bucks. It’s now at $90, where it’s valued at… roughly $4 billion depending on your estimates for this year’s revenue. That means BillionToOne’s trading… between 10 to 15 times this year’s sales estimate. Okay, pretty rich, but given the sky-high growth rate and the newfound profitability, you know, I don’t think it’s all that unreasonable. Frankly, if you like this story, you got my blessing to put on a small position right here on Monday. That said, we’re in a pretty precarious moment for high-risk stocks as evidenced by the more than $30 pullback that BillionToOne’s already experienced from its first day’s highs. If this volatility continues, I think the stock will come down even more. But you know what? This is the kind of stock that gets cheaper as it goes lower, so I’d be thrilled to see it come down. That just means you can get a better buy price.

All that said, this BillionToOne IPO is what we call a sliver deal. They sold 4.55 million shares, which is only about 10% of the total share count. That’s near-term positive because it artificially depresses the amount of supply. But after that lockup on insider selling expires in May, you’re going to have to expect that there’s a chance this thing could really sell off hard. Here’s the bottom line: I am a big fan of BillionToOne and I love what they’re trying to do, but I think you gotta expect some turbulence in the share price, and that’s why I’m recommending putting a small position here on Monday and then gradually buying more into any weakness. If that doesn’t happen any soon, I think you’re going to get your chance when the lockup expires in six months. Be patient with this one. If you take your time, I’ll bet you get a great entry point. Memo to Danaher: take a look at these guys.

14. Joby Aviation, Inc. (NYSE:JOBY)

Joby Aviation, Inc. (NYSE:JOBY) was among the stocks Jim Cramer covered on Mad Money as he discussed the wave of IPOs being the market’s possible biggest threat. Starting the lightning round, a caller asked about the stock, and Cramer remarked:

The problem with Joby, it’s way too risky. If you’re just starting out, I want you to be in something that could actually go up over time, and you don’t feel like you get disgusted if it drops real quick. That’s what could happen with Joby. Let’s be careful out there.

Joby Aviation, Inc. (NYSE:JOBY) designs and makes electric vertical takeoff and landing aircraft for use in aerial ridesharing. The company is also developing a related app. On March 18, a caller was bullish on the stock and inquired about it. In response, Cramer said:

Okay, I am not as big a fan as you are. I think it’s incredibly speculative, and I’m in that era of no more magical investing. They’re losing too much money, and when companies are losing too much money, even if they have a very exciting idea, I’ve got to pull in my horns here because we have a very, very tough market, and we can’t deal with companies that are losing a lot of money.

13. Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI)

Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) was among the stocks Jim Cramer covered on Mad Money as he discussed the wave of IPOs being the market’s possible biggest threat. Cramer was bullish on the stock during the episode, as he explained:

What happened to the stock of Ollie’s Bargain Outlet Holdings? This is one of the big off-price chains, so you’d think it would be thriving when the consumer’s feeling the pinch from sky-high gasoline prices. But ever since peaking last August, the stock has been, well, a real dog… Wall Street’s expectations got too high, and Ollie’s execution couldn’t keep up. They never totally dropped the ball, but there were too many missteps given that the stock was trading at a premium to the other off-price chains, which were much more consistent…

In the end, Ollie’s is not TJX, and it may not deserve a TJX multiple, but it also shouldn’t trade like a broken retailer. This is good business that got priced too richly, then got punished as investors moved toward bigger, cleaner value names. Now, with the stock back in the low $90s and trading around a much more reasonable price-to-earnings multiple, I think the risk-reward is a lot more enticing. So I’d say that Ollie’s now belongs on the shopping list. The stock seems more fairly priced and cheap right now, even with this multiple contraction. But if the entire market continues to do well, companies outside the data center with low multiples should eventually start to enjoy the fun.

Small, small, start small, buy gradually in weakness, and watch three things: same store sales, new store productivity, and the gross margin. If Ollie’s can keep delivering positive comps while opening stores without ruining returns and holding that gross margin, I think this stock can work again. Bold claim because it’s been really bad. Here’s the bottom line: When you look at Ollie’s, the business isn’t perfect, and the stock’s been frustrating, stock’s been bad, it’s still not the best bargain at current levels, but it’s certainly cheaper than it’s been in ages. In an economy where everyone wants a bargain, Ollie’s still has a simple premise that resonates: good stuff cheap and at the right price, which may be right here, that may apply to the stock, too.

Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) sells discounted closeout and excess inventory across home goods, food, toys, electronics, and more.

12. Reliance, Inc. (NYSE:RS)

Reliance, Inc. (NYSE:RS) was among the stocks Jim Cramer covered on Mad Money as he discussed the wave of IPOs being the market’s possible biggest threat. A caller inquired about the stock, and Cramer replied:

That is a very fine company, and I’ve gotta tell you, I happen to like that one right after Nucor. Now, Nucor just reported today, I think, terrific numbers this very evening. That’s probably going to move up Reliance. But there’s no problem with that other than the fact that, again, the stock has had a very nice, quick move, almost parabolic, going higher. But I can’t, I gotta tell you, I’m not going to tell you not to be in that stock. It’s just a really, really good company, and it’s not outrageously expensive.

Reliance, Inc. (NYSE:RS) is a metals service center and solutions provider that distributes a wide range of metal products like aluminum, carbon steel, and titanium. The company provides specialized processing services directly to manufacturers and small machine shops across the aerospace, construction, and energy industries.

11. USA Rare Earth, Inc. (NASDAQ:USAR)

USA Rare Earth, Inc. (NASDAQ:USAR) was among the stocks Jim Cramer covered on Mad Money as he discussed the wave of IPOs being the market’s possible biggest threat. When a caller asked about the stock during the episode, Cramer said:

Well, it is up 100%, and what we’re discovering is the companies that are up between say 60 and 100% are rolling over and not going higher. I want to wait for a pullback… I think it’s too risky right here.

USA Rare Earth, Inc. (NASDAQ:USAR) supplies rare earth elements and other critical minerals, including neodymium, dysprosium, terbium, gallium, beryllium, and lithium. A caller asked about the stock during the lightning round of February 27’s episode, and Cramer responded:

Okay, so I’m going to tell you this is a totally speculative situation. Now, in How to Make Money in Any Market, I say you can buy one of these, okay? Let that be your one. Do not betray me and buy two of them. That’ll be too dangerous.

10. POET Technologies Inc. (NASDAQ:POET)

POET Technologies Inc. (NASDAQ:POET) was among the stocks Jim Cramer covered on Mad Money as he discussed the wave of IPOs being the market’s possible biggest threat. Calling it an “extreme version” as he discussed parabolic moves, Cramer said:

These types of moves worry me. If you want to know what can happen when they go wrong, alright, I’m going to give you an extreme version. It’s called POET Technologies… For those who don’t remember, we covered POET last Tuesday night as a homework item after I got a call about the stock. I said it was too early stage to get excited about it with roughly just $300,000 in revenue last year… More of a science project than an established business.

Then I watched in horror as the stock proceeded to gain another 25% last Wednesday, and after an 8% decline last Thursday, it jumped another 29% on Friday. But today, POET announced that one of its largest potential customers, one that I mentioned last week, had canceled its orders, seemingly because POET’s executives may have run their mouths too much about those deals. Loose lips sink ships, especially ships like a stock. As a result, POET’s stock was basically cut in half today, down 47%, and that’s exactly the kind of thing that I’m really worried about when I see all these parabolic moves. No, not about chicanery, just that these, you know, too far, too fast.

POET Technologies Inc. (NASDAQ:POET) manufactures semiconductor products using an optical interposer platform that integrates electronic and photonic devices onto a single chip. The company develops optical engines and circuits for several industries, including data centers, telecommunications, and AI applications.

9. Arm Holdings plc (NASDAQ:ARM)

Arm Holdings plc (NASDAQ:ARM) was among the stocks Jim Cramer covered on Mad Money as he discussed the wave of IPOs being the market’s possible biggest threat. Mentioning that the Charitable Trust started a position in the stock a while ago, Cramer said:

Last Monday, the Trust added semiconductor design company, Arm Holdings, to the portfolio, and then the… thing proceeded to rally 34% over the next four days. If you go back further, Arm gained over 71% from March 30th to April 24th. So even though we’re big fans of the stock, what we do, we can’t sell it because I mentioned it, but we downgraded it from a one, which means a buy for the Trust, to a two, meaning a buy into weakness, which typically means I try to take something off. Price matters and when something surges 34% in less than a week, well, you know what, you gotta pull in your horns. You can’t be a pig.

Arm Holdings plc (NASDAQ:ARM) designs and licenses CPU architectures, system IP, and software used across automotive, computing, consumer, and IoT applications.

8. Qnity Electronics, Inc. (NYSE:Q)

Qnity Electronics, Inc. (NYSE:Q) was among the stocks Jim Cramer covered on Mad Money as he discussed the wave of IPOs being the market’s possible biggest threat. Discussing the run in the Philadelphia Semiconductor Index, Cramer said:

After today’s pullback, the SOX is up 46% above its 200-day moving average, not perfect. At the end of February 2000, SOX was up 96% from its 200-day moving average. Alright, we’re not even half as overextended as we were back then. So I, look, I’m concerned too, okay? I don’t like rapid moves, I don’t like parabolic moves, and lately we’ve seen a lot of parabolic moves all over the market, and those are worrisome.

I don’t want to overreact, but we’ve been taking some action around the edges for the Charitable Trust on the sell side… For example, last Thursday, the Charitable Trust trimmed some of its position in Qnity Electronics. That is a DuPont spinoff that makes specialized materials for semiconductors, and it rallied 30% from March 30th to April 23rd. No, too fast.

Qnity Electronics, Inc. (NYSE:Q) provides materials and chemical solutions used in the manufacturing of semiconductors and electronic components.

7. Novo Nordisk A/S (NYSE:NVO)

Novo Nordisk A/S (NYSE:NVO) was among the stocks Jim Cramer covered on Mad Money as he discussed the wave of IPOs being the market’s possible biggest threat. A caller asked if they should hold the stock or not, and in response, Cramer said:

Oh, Novo Nordisk, no, look, Eli Lilly’s struggling right here. I think, and Novo Nordisk is going to lose a lot of share on the pill to Eli Lilly. So I say no, we don’t want to be there.

Novo Nordisk A/S (NYSE:NVO) manufactures pharmaceuticals for chronic conditions, including diabetes, obesity, and rare blood or endocrine disorders. The company also produces some medical devices. On January 29, answering a caller’s question about the stock, Cramer said:

I kind of liked it when I spoke to them. I gotta tell you, I kind of warmed up… I was in San Francisco, and I said, you know what? I get that stock a little down more… But I love Eli Lilly and David Ricks, and what can I say? You know, as long as Eli Lilly and David Ricks are putting up those numbers and they get that pill form soon, I think that Novo is a hold, not a buy.

6. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) 

Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) was among the stocks Jim Cramer covered on Mad Money as he discussed the wave of IPOs being the market’s possible biggest threat. A caller inquired if the company has “a lot of room to grow,” and Cramer commented:

I like TSM very, very much. I think it’s terrific. I remember when it reported last week, the stock went down on a perfectly good quarter. I came in here, I said, listen, I like that quarter. I looked real bad for about 48 minutes, and that’s about it. Taiwan Semi is a very good situation.

Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) produces and sells integrated circuits and semiconductor devices. The company provides fabrication and other related services. On April 7, a caller inquired about the stock, and Cramer replied:

Look, I like Taiwan Semi very much, but I have to tell you, I am going to send you to NVIDIA. NVIDIA’s down a great deal. It’s suddenly become a disliked stock, and that’s when you want to own it.

Click to continue reading and see Jim Cramer’s 5 Stocks: Intel, Apple, and the Market’s Biggest Threat.

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