Mad Money 01/26/26 | Audio Only
Speakers
Jim Cramer
— Host, Mad Money
Ammar Al-Jundi
— President and CEO, Agnico Eagle Mines
Summary
Cramer opened by arguing weekend political unrest, weather, and Sunday futures do not drive stocks; earnings-season fundamentals and company-specific issues matter more. He previewed the week's Mag Seven reports from Meta, Microsoft, Tesla, and Apple, then analyzed the EquipmentShare IPO, took calls on Broadcom, Costco, Nucor, and Old Republic, and interviewed Agnico Eagle CEO Ammar Al-Jundi about gold. The lightning round covered American Tower, midstream yield names, Pure Storage, and high-multiple avoidances, and he closed by defending Nvidia and CoreWeave against bearish sentiment.
- Cramer says stock moves are driven by business fundamentals, not weekend headlines or Sunday futures.
- He previewed Meta, Microsoft, Tesla, and Apple earnings with stock-specific catalysts and risks.
- He called EquipmentShare a compelling new IPO with an asset-light rental model and software edge.
- Lightning-round calls favored Broadcom, Costco, Nucor, Old Republic, MPLX/Marathon, and midstream yield names while avoiding American Tower, Signet, Pure Storage, and high-multiple momentum stocks.
- Agnico Eagle's CEO said gold fundamentals remain strong on central-bank buying, fiscal spending, and constrained supply; Agnico offers tier-one growth and capital returns.
- Cramer defended Nvidia and CoreWeave, saying demand is strong and the investment is not vendor financing.
Ideas
Own Apple; iPhone demand offsets memory costs.
Cramer expects Apple to overcome memory-price worries because demand for its phones is strong; he wants an update on gross margins, iPhone sales durability, and the Siri/Gemini AI strategy. He also likes that Apple has sidestepped the massive AI data-center spending commitments of other megacaps. His stance is own Apple, don't trade it.
Azure demand and CapEx discipline drive upside.
Cramer expects stronger-than-expected Azure sales because demand for web services is off the charts, and he wants no incremental increase to the CapEx outlook plus an Azure growth upside surprise. Positive Copilot commentary and proof that Windows enterprise software has a moat against generative AI would help.
CapEx guidance key to Meta breakout.
Cramer expects great Meta numbers, especially in core advertising, but the stock needs CapEx restraint as a catalyst. If Meta gives not-terrible CapEx guidance and explains how AI investments pay off, the stock could break out of its downtrend; a gigantic CapEx projection would make a rally tough.
Weak dollar lifts Procter & Gamble.
Cramer says a weak dollar is great for U.S. exporters, and Procter & Gamble, with almost half its sales overseas, could be a huge winner when it reports next quarter; that may explain why the stock rallied after a not-so-hot quarter.
Precious metals hurt Signet; valuation high.
Cramer says the insane rallies in gold and silver may hurt the earnings of Signet Jewelers, owner of Kay, Zales, and Jared, and the stock might be too high at nine times earnings.
Cheap AI play with Hock Tan.
Cramer says buy Broadcom, not hold or sell. It is down about 100 points from its high, Hock Tan delivers quarter after quarter, software and hardware are on fire, its Google work is expanding, and Broadcom is one of the cheaper ways to play AI.
Stay long Costco despite valuation concerns.
Cramer remains concerned about Costco's roughly 50x earnings and a re-up rate that is not as strong as he would like, and he attributes the recent bounce partly to technicals. Still, he urges investors to stay long Costco and says he likes it.
EV weak; Musk narrative drives Tesla.
Cramer pays least attention to Tesla because it is the only Mag Seven stock he does not own and it does not trade on numbers; the EV business is in bad shape. The stock trades on Elon Musk's storytelling about self-driving taxis and robots, so clearer timelines would be what could bolster it.
Asset-light model powers EquipmentShare growth.
Cramer calls EquipmentShare a compelling first major IPO of 2026 and a stock he wants to own. Its T3 software and asset-light sale-leaseback OWN program have driven rapid growth, revenue compounded 140% from 2015 to 2024, adjusted EBITDA is growing, and the 14.5x enterprise multiple is reasonable for a fast-growing disruptor despite a premium to United Rentals and Herc. He would start small and buy more on weakness.
Nucor over Cleveland Cliffs; buy weakness.
Cramer prefers Nucor over Cleveland Cliffs, calling Nucor the superior operator. Nucor reported a number people disliked and is now available at a discount, so he is a buyer on any weakness and praises CEO Leon Topalian; he would not recommend Cleveland Cliffs over Nucor.
Nucor over Cleveland Cliffs; buy weakness.
Cramer prefers Nucor over Cleveland Cliffs, calling Nucor the superior operator. Nucor reported a number people disliked and is now available at a discount, so he is a buyer on any weakness and praises CEO Leon Topalian; he would not recommend Cleveland Cliffs over Nucor.
Buy Old Republic; look through insurers.
Cramer says insurers are under pressure and the quarter was bad, but investors should look through it because Old Republic is a great company and there will be many good quarters after this. He tells the caller to keep buying and reinvesting.
Gold hedges inflation and economic chaos.
Cramer has long urged owning gold as a hedge against inflation and economic chaos. Gold has broken above $5,000 an ounce for the first time, up from less than $2,800 a year ago, and the move has been a huge boon for gold miners.
Gold supply constrained; central banks buying.
Al-Jundi says gold's fundamentals remain intact: government spending, the weaponization of reserves after Russia's invasion of Ukraine, a less ordered world, and central-bank buying, especially from China. Supply cannot respond quickly because miners produce only about 2% of above-ground supply, exploration has been cut, and new mines take 10-15 years.
Tier-one growth, reserves, capital returns.
Agnico is the second-largest gold company by market cap and production, differentiated by tier-one jurisdictions both geologically and politically. It has exceptional reserves and expects to add about 1.5 million ounces of annual production over five years from five major projects, with expansions in Finland, Australia, Mexico, and Nunavut; it has capital for projects and buybacks/dividends, and sells gold globally without tariff pressure.
Tower demand slowing; no longer investable.
Cramer says demand for towers has slowed and American Tower is no longer as investable as it was when James Taiclet ran it.
High multiple too dangerous; avoid.
Cramer says AppLovin has great momentum but trades at one of the highest P/E multiples in the market; he is not recommending stocks with that high a multiple because there is too much danger even if the company is great.
Inexpensive income stocks for older investors.
Cramer likes MPLX and Marathon Petroleum as inexpensive income stocks; he says owning income is particularly attractive as investors get older.
LNG transport names offer yield.
Cramer believes in LNG and says transportation has been one of the strongest stories. While not going against the caller's midstream name, he prefers Enterprise Product Partners, also likes Oneok, and highlights Energy Transfer as a yield play.
High multiple, rate risk; avoid.
Cramer says Pure Storage has flash-array technology but sells at an extremely high P/E multiple, and he stays away from such stocks because a higher interest-rate spike could drive them down regardless of company news.
Own Nvidia; demand outweighs skepticism.
Cramer acknowledges Nvidia is the ultimate battleground stock but thinks sellers will be wrong. He cites Jensen Huang's comments that demand is incredible, the CoreWeave investment as a way to satisfy customers who cannot get allocations, potential big Chinese sales, hyperscalers and non-hyperscaler demand, and says own Nvidia, don't trade it.
Nvidia-backed preferred chip access provider.
Cramer views Nvidia's additional $2 billion investment in CoreWeave as fantastic validation that CoreWeave is a preferred provider of scarce Nvidia chips for customers who are not big hyperscalers. He rejects the vendor-financing criticism and notes CoreWeave has had no trouble financing purchases and has sold old chips for more than they cost.
Up Next
This CNBC video, published January 27, 2026, features Jim Cramer, Ammar Al-Jundi discussing AAPL, MSFT, META, PG, SIG, AVGO, COST, TSLA, EquipmentShare, NUE, CLF, ORI, GLD, AEM, AMT, APP, MPLX, MPC, EPD, OKE, ET, PSTG, NVDA, CoreWeave. 22 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Jim Cramer, Ammar Al-Jundi · Tickers: AAPL, MSFT, META, PG, SIG, AVGO, COST, TSLA, EquipmentShare, NUE, CLF, ORI, GLD, AEM, AMT, APP, MPLX, MPC, EPD, OKE, ET, PSTG, NVDA, CoreWeave