Jim Cramer’s Opinion on 13 Stocks Like Eli Lilly and Boeing and Increased AI-Related Spending

In this article, we will look at the stocks on which Jim Cramer gave his opinion, as he warned that increased AI-related spending might cause near-term headwind for stocks. The host of CNBC’s Mad Money said on Wednesday that the surge in capital raising tied to the artificial intelligence boom may become a short-term obstacle for the stock market.

Bull markets can be killed by business conditions, interest rates, or geopolitical turmoil, but the thing that most easily leads them to the slaughterhouse is an excess of new supply, too many new shares, not enough buyers. Like any market, when supply outstrips demand, prices go right down as buyers get overwhelmed and they go home.

READ ALSO Jim Cramer Talked About 16 Stocks Like Micron and Dell, Along With the AI Infrastructure Spending and Jim Cramer’s Game Plan: 25 Stocks to Watch, Including Broadcom and CrowdStrike

Cramer did say that he does not fault companies for taking advantage of the opportunity to raise capital. He noted that if he were running a competing business, he likely would have done the same, if only to keep pace in an increasingly competitive environment. Still, he questioned whether investors have enough money available to support the growing number of initial public offerings and secondary stock offerings without putting pressure on the broader market and potentially pushing stocks to significantly lower levels.

Here’s the bottom line: Once we get through this period and we see that the buyers of NVIDIA’s wares are making fortunes, we’re home free. That will happen, or these companies wouldn’t be spending all that money in the first place. Until then, though, it’s a battlefield.

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 June 3. 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. Insider Monkey’s quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 599.2% since May 2014, beating its benchmark by 372 percentage points (see more details here).

Jim Cramer’s Opinion on 13 Stocks Like Eli Lilly and Boeing and Increased AI-Related Spending

13. Banco Santander, S.A. (NYSE:SAN)

Banco Santander, S.A. (NYSE:SAN) was among the stocks on which Jim Cramer gave his opinion, as he warned that increased AI-related spending might cause near-term headwind for stocks. Answering a caller’s question about the stock, Cramer said:

That was Ana Botín. I think the world of her. I know that the stock has had a big run. I think it’s paused here as it catches its breath. I don’t want people to sell it, and if it came back to $10, I’d tell people to buy it.

Banco Santander, S.A. (NYSE:SAN) provides banking, financing, investment, and insurance services to individuals, businesses, and public institutions. The company offers lending, wealth management, payments, and digital banking. During the May 5 episode, a caller inquired whether Cramer was still bullish on the stock and his thoughts on the Webster Bank acquisition. The Mad Money host replied:

Not only do I like the acquisition, but I thought it was so good that I actually wrote the chairman Ana Botín, saying that is some franchise because I owned it when I was a hedge fund manager 20 years ago. Buy Banco Santander.

12. Becton, Dickinson and Company (NYSE:BDX)

Becton, Dickinson and Company (NYSE:BDX) was among the stocks on which Jim Cramer gave his opinion, as he warned that increased AI-related spending might cause near-term headwind for stocks. When a caller mentioned that they had started a position in the stock, Cramer commented:

I like Becton, Dickinson. It is selling frankly at the lowest level to the market that I have ever seen. I think you buy some and then you wait to see if they even oversell it more. That stock is very inexpensive.

Becton, Dickinson and Company (NYSE:BDX) sells a variety of medical supplies, diagnostic tools, and lab equipment used by healthcare professionals and researchers. Cramer highlighted the company’s recent earnings during the May 7 episode, as he said:

This morning, we got a strong quarter from Becton, Dickinson and Company, which is one of the major medical supply and medical technology companies. After spending the last five years with some fine growth, Becton, Dickinson really shot the lights out with this one. Huge top and bottom line beat, management raising the full year earnings forecast, and that sent the stock up nearly 6% today on a not-so-great day for the market. The company showed excellent execution across the board. They’re getting a real boost from all sorts of technology that helps hospitals do more with fewer people.

11. JFrog Ltd. (NASDAQ:FROG)

JFrog Ltd. (NASDAQ:FROG) was among the stocks on which Jim Cramer gave his opinion, as he warned that increased AI-related spending might cause near-term headwind for stocks. Starting the lightning round, a caller inquired about the stock, and Cramer replied:

Oh, you got to take a little off the table. Software development is a good business, but the multiple’s too high. I want you to take a little off the table tomorrow morning.

JFrog Ltd. (NASDAQ:FROG) provides a comprehensive software supply chain platform that offers package repositories, advanced security scanning, machine learning pipeline tools, and IoT device management. TimesSquare Capital Management stated the following regarding JFrog Ltd. (NASDAQ:FROG) in its fourth quarter 2025 investor letter:

Among the wide variety of Information Technology companies, we prefer critical system providers, specialized component designers, systems that improve productivity or efficiency for their clients, and others that are growing their shares of corporate IT budgets. Lastly was JFrog Ltd. (NASDAQ:FROG), the portfolio’s strongest performer this quarter. JFrog manages the software supply chain and enables organizations to securely deliver software updates across their enterprises. Demand for security increased following the recent NPM supply chain attack. JFrog’s security add-on—which secures open-source packages before organizations onboard them—has seen significant pipeline growth, driving a 32% rally in its shares.

10. Prologis, Inc. (NYSE:PLD)

Prologis, Inc. (NYSE:PLD) was among the stocks on which Jim Cramer gave his opinion, as he warned that increased AI-related spending might cause near-term headwind for stocks. Cramer highlighted the company’s transformation, as he stated:

Not that long ago, Prologis was a logistics play. It’s a real estate investment trust, owns and manages 1.3 billion square feet of logistics facilities across 20 countries, lots of fulfillment centers. But then they realized they could take some of these warehouses and fill them full of servers, get a piece of the data center business. This transition, where AI infrastructure’s a very important addition to warehousing logistics, has helped the stock rally 30% over the past 12 months. They have a lot of interest from the hyperscalers we talk about all the time.

When Prologis reported its most recent quarter, the numbers came in strong even as the company’s investing heavily in the data center buildout. Meanwhile, the core logistics business is improving with large format spaces pretty much sold out across the entire portfolio… The stock’s been a rocket, but it still has a 3% yield. And again… first stock to bottom in the 2008 Great Recession, first stock. That’s one of the reasons why I’ve always liked it so much.

Prologis, Inc. (NYSE:PLD) is a self-administered and self-managed REIT that invests in real estate through wholly owned subsidiaries and partner co-investment ventures.

9. The Boeing Company (NYSE:BA)

The Boeing Company (NYSE:BA) was among the stocks on which Jim Cramer gave his opinion, as he warned that increased AI-related spending might cause near-term headwind for stocks. A caller mentioned that they wish to pick up some shares but do not wish to violate their cost basis. Cramer replied:

I don’t want you to do it. I don’t want you to do it… Right now, Boeing trades with the war, okay? I mean, it shouldn’t, but it does because people feel that travel’s going to be hurt. You can’t touch it… I’m not going to let you buy it until it goes lower or the war ends, okay? It is just like so many other stocks that are stuck in purgatory because of the war.

The Boeing Company (NYSE:BA) designs and builds commercial aircraft, defense systems, satellites, and space technologies, and provides related support and service solutions. During the episode aired on April 1, a caller asked whether they should add more shares to their position in the stock, and Cramer responded:

Yes, I think Boeing is going to be… one of the big stocks of 2026. I think it can run. I was talking about it with Jeff Marks yesterday, of course, my colleague on the Charitable Trust, that we, I just felt when it was up six, I couldn’t pull the trigger. But this thing is going up much higher. It’s refreshed and ready.

8. Axon Enterprise, Inc. (NASDAQ:AXON)

Axon Enterprise, Inc. (NASDAQ:AXON) was among the stocks on which Jim Cramer gave his opinion, as he warned that increased AI-related spending might cause near-term headwind for stocks. Mentioning that they own shares of the stock, a caller asked if they should buy more, sell, or hold. In response, Cramer said:

No, I want you to hold it. I want you to hold it. You know, look, the only reason I don’t tell you to sell is because I know that the product is, you know, their products are doing well, but the problem is it sells at a very high price to earnings multiple. Now, people don’t understand the M. This is why I wrote How to Make Money in Any Market. The M is the secret sauce, and the M’s too high, and people are selling that because of it.

Axon Enterprise, Inc. (NASDAQ:AXON) develops and sells TASER devices, body and fleet cameras, and software solutions that help law enforcement capture, store, and manage digital evidence. During the May 15 episode, a caller noted that they have been holding the stock since 2015, when the share price was $34 on Cramer’s suggestion, and inquired about it. Cramer replied:

Well, they had, you know, Axon was on today. I thought they acquitted themselves, which is why I think why the stock was up three bucks. I have been, we were very worried about Motorola competition when we met with them when we were up at Harvard Business School. I am still concerned about that, and I still think that this market does not like high multiple stocks, and Axon is a high multiple stock.

7. Applied Aerospace & Defense, Inc. (NYSE:AADX)

Applied Aerospace & Defense, Inc. (NYSE:AADX) was among the stocks on which Jim Cramer gave his opinion, as he warned that increased AI-related spending might cause near-term headwind for stocks. Cramer highlighted that it is a story he likes, as he stated:

Now, which some of you may find discouraging, me, I actually like deals that break the print as long as I am not in them, tends to create bargains that I could sit back and look at, especially now that the market cap’s only $3.25 billion. If we add back the company’s post IPO net debt total, we get an enterprise value of $3.57 billion, and if we use a very crude 2026 EBITDA estimate of 114.8 million, that’s four times what they made in the first quarter, then we get an enterprise multiple of 31… I’m okay using a lower EBITDA estimate because I want to be conservative… So, is an enterprise multiple of 31 a good price? Honestly, still a bit high. It’s probably why the stock broke the print…

I can easily see a scenario where my back-of-the-envelope EBITDA estimates turn out to be too low, possibly way too low, and Applied Aerospace, which is in all the right end markets, looks a whole lot cheaper in retrospect. Here’s how I see it: In general, this is a story I like and a stock I want to own at some price. Ideally, you get a couple of bucks lower, say somewhere in the mid-teens, where it would have a mid-20s enterprise multiple based on a rough EBITDA estimate. That’s good.

Based on the stock’s lukewarm reception today, not impossible, though, I don’t think you can count on it getting down that low. But if you really like the story, then you know what? You’ve got my blessing to buy it here. This wasn’t a super hot start. You’re not chasing anything. Valuation isn’t crazy, just a little elevated. And like I just told you, in reality, the stock’s probably quite a bit cheaper than it looks. Here’s the bottom line: I actually like this Applied Aerospace Defense… If you can get the stock at a price you feel comfortable with, you know what, I say go for it.

Applied Aerospace & Defense, Inc. (NYSE:AADX) designs, engineers, and manufactures integrated subsystems for space, defense aviation, airborne, C5ISR, and precision strike applications. The company uses IP-enabled manufacturing, prototyping, and in-house testing services for its hardware.

6. Eli Lilly and Company (NYSE:LLY)

Eli Lilly and Company (NYSE:LLY) was among the stocks on which Jim Cramer gave his opinion, as he warned that increased AI-related spending might cause near-term headwind for stocks. Cramer noted that the company’s GLP-1 franchise is the best, as he said:

CEO David Ricks is a terrific steward of his shareholders’ capital. Still, at the end of the day, the thesis here boiled down to the simple fact that Lilly’s got the best GLP-1 franchise… In the last two weeks, though, we’ve gotten some major bullish catalysts from Eli Lilly… First, on May 21st, Lilly reported new data from a Phase 3 trial… The data from this trial showed Retatrutide is much more effective for weight loss than the GLP-1s that we currently have… But an unspoken part of the story, and this is, you know, I gotta be really careful here because they’ve not been approved for this, right, it’s about muscle atrophy.

The big problem with GLP-1s is that they make you lose both muscle and fat. There’s been a lot of speculation that Retatrutide will help you lose more fat and less muscle… But that’s why so many people are taking it in the gray market… It’s telling that there’s so much demand for something that isn’t even out yet. It could be the biggest drug of all time. You heard me, biggest drug of all time. The key is that, at least so far, no one else has a weight loss drug in the pipeline that’s in the same league as what Lilly’s working on.

Second positive development, on May 25th, Lilly announced some positive Phase 1… trial results for a new gene therapy that they’re testing on high cholesterol. But get this, very early stage data, the drug showed promising results for lowering LDL cholesterol, which is the bad kind of cholesterol… I’m calling that incredible. Basically, these results make the goal of a one-time treatment for high cholesterol look more realistic… Third, the very next day after that promising gene therapy data, Lilly announced that it was acquiring three vaccine makers in one fell swoop… In short, Lilly’s making a big initial push into vaccines, an area where it doesn’t have a major presence at the moment…

Finally, here’s some more good news: on May 28th, we learned that Lilly reached a deal with CVS Caremark, the largest pharmacy benefit manager in the US, to cover both Zepbound and Foundayo, their two big weight loss drugs… Here’s the bottom line… It’s made a big comeback in recent weeks, driven by real positive catalyst, not just sentiment. That’s why I’m sticking with Eli Lilly for the long haul, especially during times when tech’s a tither.

Eli Lilly and Company (NYSE:LLY) develops and markets medicines for diabetes, obesity, oncology, immunology, neuroscience, and other chronic conditions.

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