Mad Money 01/28/26 | Audio Only
Speakers
Jim Cramer
— Host, Mad Money
Bill McDermott
— CEO, ServiceNow
Michelle Gass
— Levi Strauss & Co. President and CEO
Richard Francis
— CEO, Teva Pharmaceutical
Summary
Jim Cramer framed the earnings season around shortages versus gluts, highlighting gold, memory/storage, and power as shortage-driven markets. He reviewed Mag 7 results and interviewed ServiceNow, Levi Strauss, and Teva executives, then hosted a lightning round. Cramer ended with a bullish long-term take on Starbucks' turnaround under Brian Niccol.
- Cramer says shortage beneficiaries are the market's best performers; gluts are dangerous.
- Gold and Agnico Eagle highlighted on supply scarcity and Canada jurisdiction.
- Memory/storage names Micron, Seagate, Western Digital, and SanDisk cited as shortage winners.
- GE Vernova cited for power and gas-turbine demand from data centers.
- Mag 7 wrap: Meta, Tesla, and IBM positive; Microsoft pressured by AI capex.
- ServiceNow CEO defended AI positioning and buyback; Levi Strauss CEO touted DTC, Asia, and women's; Teva CEO outlined pipeline turnaround.
- Lightning round: bullish Robinhood, Energy Transfer, and enterprise software; cautious DraftKings and TPL; avoid Lithium Americas; speculative SATL.
- Starbucks turnaround praised on throughput and transaction growth.
Ideas
Gold shortage supports higher prices.
Gold is in a persistent shortage: miners grow supply only about 1% annually, much of global gold sits in risky jurisdictions where governments can break contracts or seize assets, and gold has broken above $5,400/oz. Cramer remains a gold bug and says the move is not done.
Canada-focused gold miner avoids jurisdiction risk.
Cramer likes Agnico Eagle, the second-largest gold miner, because almost all of its gold is in Canada, a normal developed country, avoiding the contract and seizure risks seen in Mali and other jurisdictions.
Silver corner risks collapse.
Silver may be experiencing an artificial shortage or corner/manipulation even though the metal is plentiful, and the action could collapse if the alleged corner blows up.
Storage/memory shortage persists, boosting suppliers.
There is an unprecedented data storage and memory shortage driven by data centers; new memory fabs take about four years to build, and demand from Nvidia's high-end chips gives storage/memory suppliers strong pricing power. Cramer expects the shortage to last for some time.
Micron has pricing power from shortage.
Micron has absurd pricing power in the memory shortage because Nvidia's high-end chips generate huge data demand, and new memory capacity cannot be added overnight; Micron is investing but fabs take years.
Seagate supply discipline lifts earnings.
Seagate is benefiting from the storage shortage and is being disciplined about supply, refusing to flood the market with more disk drives, which supports a roadmap to higher earnings and helped the stock jump 19%.
TI tight supply boosts outlook.
Texas Instruments, previously stuck, jumped nearly 10% as management discussed tight supply for industrial chips and chips for its new data center division.
Storage peers keep ramping higher.
Cramer expects Western Digital and SanDisk to continue ramping after the Seagate and Micron examples, even though they are already up 61% and 122% year-to-date; he cites Sandisk's move from 237 to 527 and argues it has to get to 800.
Power shortage fuels GE Vernova growth.
The U.S. is short on power as data centers need compute, storage, and cooling, reviving the gas turbine business. GE Vernova cannot come close to satisfying clients, giving it earnings visibility into the 2030s, which is why the stock soared.
Microsoft capex worries outweigh beat.
Microsoft beat but sold off because Azure constant-currency growth of 38% was not enough for Wall Street and its capex budget rose 66% year-over-year, which is not what the market wants to see during the AI spending debate.
Meta can afford AI spending.
Meta reported huge earnings and revenue beats and, even with a planned $135 billion AI buildout, management is confident it can grow operating income year-over-year because it can afford the spending. The stock is rallying on that message.
Tesla beat and robotaxi upside.
Tesla delivered a surprisingly strong top- and bottom-line beat for Q4, generated $1.4 billion in free cash flow, and showed robotaxi and robot introductions ahead of expectations, enough to send the stock higher after hours. Cramer calls it a beast that wants to roar higher.
IBM inexpensive with strong software growth.
IBM reported a magnificent quarter with software revenues up 14% and a strong full-year forecast; Cramer calls it an inexpensive, well-run stock even after the move, with CEO Arvind Krishna doing a great job.
TPL is still an oil bet.
Texas Pacific Land has data center optionality through a Bolt data center business, but Cramer says it will still trade mainly on oil and gas; he liked it last year but oil and gas are not his favorite, so it is only a speculative bet on higher oil.
Netflix is a buy.
Cramer says pull the trigger on Netflix; he likes the Warner Bros. Discovery deal because David Zaslav has built the best movie and TV studios and Netflix wants them, and he refuses to bet against Ted Sarandos.
DraftKings needs legalization catalyst.
Cramer likes DraftKings, but without Florida, Texas, and California gambling legalization, the stock is stuck in the wilderness; it is not expensive and consolidation could help, but there is no clear catalyst.
ServiceNow wins in agentic AI.
ServiceNow reported a strong quarter and raised guidance, with a once-in-a-generation agentic AI platform that works with language models, hyperscalers, data lakes, and systems of record. AI is not eating software; ServiceNow is consolidating feature/function companies, increasing monthly active users 25% year-over-year, expanding TAM to $600 billion, monetizing AI consumption packs, and buying back $5 billion of stock including $2 billion immediately. McDermott says he is personally all in and expects the multiple to re-rate higher.
Levi's turnaround has long runway.
Levi Strauss is executing a long-term turnaround with 15 quarters of positive DTC comps, e-commerce up 22%, DTC now half the business, and a head-to-toe denim lifestyle expansion. International and Asia are underpenetrated, women's is only 38% of sales with a path to 50%, and Super Bowl/World Cup campaigns should support momentum. Management expects mid-single-digit growth and margin expansion.
Teva pipeline drives growth turnaround.
Teva's pivot to growth is working: AUSTEDO peak sales are now $3 billion versus prior $1.4 billion estimates and closed 2025 at $2.26 billion; migraine injectable Ajovy grew 30% and can reach $1 billion; the schizophrenia franchise is strong with long-acting injectables, Uzedy up 63%, and a long-acting olanzapine launch coming. Teva expects four product launches in five years, seven innovative milestones in 2026, and the market underestimates its science.
Robinhood captures sticky young users.
Robinhood has captured the young cohort and has become a product people actually use and stick with, and Cramer says the stock is a buy.
SATL is speculative earnings step-up.
Satalogic (SATL) has had a parabolic move but is about to have a big earnings step-up, and Cramer views this $5 stock as a speculative candidate, saying it may be the one to speculate on.
Energy Transfer high yield cheap.
Energy Transfer offers a 7.3% yield, is very inexpensive, and is a great pipeline company; Cramer says the NFL ads have raised awareness and the stock is up big since then.
Enterprise software beaten down, buyer.
Enterprise software stocks have been beaten down on fears AI will erode their advantage, but Cramer says these are enterprise names rather than SaaS and should do better, and he would be a buyer even though the stocks are heavy.
Lithium Americas too speculative.
Lithium Americas is too speculative for Cramer, and he is not a lithium investor.
Starbucks turnaround is solid.
Starbucks is a solid, long-lasting turnaround: Brian Niccol fixed throughput and service, same-store sales surprised sharply, rewards and non-rewards transactions grew, the company is winning back the morning and targeting the afternoon. Cramer already owns it for the travel trust and would not buy more, but if you don't own it, he thinks the price is right.
Up Next
This CNBC video, published January 29, 2026, features Jim Cramer, Bill McDermott, Michelle Gass, Richard Francis discussing GLD, AEM, SILVER, Storage/memory semiconductors, MU, STX, TXN, WDC, SNDK, GEV, MSFT, META, TSLA, IBM, TPL, NFLX, DKNG, NOW, LEVI, TEVA, HOOD, SATL, ET, IGV, LAC, SBUX. 25 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Jim Cramer, Bill McDermott, Michelle Gass, Richard Francis · Tickers: GLD, AEM, SILVER, Storage/memory semiconductors, MU, STX, TXN, WDC, SNDK, GEV, MSFT, META, TSLA, IBM, TPL, NFLX, DKNG, NOW, LEVI, TEVA, HOOD, SATL, ET, IGV, LAC, SBUX