'Mad Money w/ Jim Cramer 5/26/26

你瞧。

Look.

不管从哪个角度看，一家亏损但增长尚可的公司，估值两万亿美元都实在难以说通。

By any stretch of the imagination, very hard to justify $2,000,000,000,000 valuation for a money losing company with decent growth.

可大家对这件事却异常兴奋。

Yet people are incredibly excited about this thing.

有些人甚至觉得它还能值更多，而我接下来要说的，正是有道理的理由。

Some think it could be worth even more than that, and for the good reasons I'm about to give you.

因为，光看数字是不够的。

See, there's more than just the numbers in this perspective.

SpaceX本质上是马斯克的载体，它的价值不在于财务报表，而在于对未来的宏大构想。

SpaceX is an Elon Musk vehicle, and that means it's all about the story, about a vision for the future.

如果你真信这个愿景，那两万亿美元的估值，似乎也没那么离谱。

If you believe in that vision, $2,000,000,000,000, it doesn't seem that unreasonable.

从一开始，SpaceX的使命就是打造实现人类多星球生存所需的系统与技术。

From the very start, SpaceX elicits mission as building quote, the systems and technologies necessary to make life multi planetary, end quote.

所以你看，这份文件充满了乐观情绪。

So you can see this document is one of great optimism.

他们甚至放了一张图表，提到高达28.5万亿美元的潜在市场规模。

They even included a chart that talked about a 28,500,000,000,000 total addressable market.

不过批评者指出，这几乎相当于去年美国全年GDP的规模了。

Although as critics pointed out, that's nearly the size of The entire US GDP last year.

不过我就不深入细究这些细节了，因为对这件事来说，这些其实不是重点。

Now I don't wanna get into the details too thick though because that's almost beside the point with this one.

简而言之，SpaceX相信，只要持续投入人工智能，就能赚得盆满钵满。

Long story short, SpaceX believes it can make a fortune as long as it keeps investing mainly in artificial intelligence.

招股书里列出了大量长期增长机会，涵盖航天、星链和人工智能，比如在太空中部署数据中心，利用太阳能为高耗能的数据中心提供巨大优势。

The prospectus list a ton of different long term great growth opportunities in space, in Starlink, in AI, where they're talking about deploying data centers in space where solar energy can create a real edge over terrestrial data centers with huge power demands.

但我更关心的是他们近期的计划。

But I'm more interested in their near term plans.

其中有三项特别让SpaceX眼下显得很有吸引力。

There are three in particular that makes SpaceX relatively enticing right now.

首先，我们聊聊星舰计划，这是SpaceX在研发比现有火箭大得多的可重复使用运载工具。

First, let's talk about the Starship program, which is SpaceX's effort to create a much larger reusable rocket than their current product line.

它的目标是能把100公吨的载荷送到地球轨道，然后还能顺利返回地面。

The idea is that this thing will be able to deliver 100 metric tons to Earth's orbit and then come right back down.

这几乎是他们现有最重火箭运力的两倍。

That's nearly double their heaviest existing rocket.

想象一下，未来不久他们甚至可能把运力提升到200公吨。

Imagine believes they can get to 200 metric tons in the not too distant future.

是的。

Hey.

上星期五，他们刚完成了星舰的第十二次试飞，基本达成了所有预定目标。

They just did the twelfth test for Starship last Friday, one that hit most of its targets.

计划是这些火箭将在今年下半年正式投入使用。

The plan is that these will go into operation sometime in the second half of the year.

如果SpaceX真能按时实现这个目标，那对他们目前增长放缓的航天业务来说，将是一次重大突破。

If SpaceX can really make that deadline, that'll be a major boom for their slowing space division.

招股说明书中提到的第二个近期增长机会，是SpaceX最近宣布的一项协议：将位于孟菲斯的、搭载NVIDIA芯片的数据中心算力租赁给Anthropic。

The second near term growth opportunity mentioned in the prospectus is SpaceX's recently announced deal to lease some of its NVIDIA powered data center capacity in Memphis to Anthropic.

据报道，Anthropic同意从现在到2029年5月，每月支付12.5亿美元，获得使用这些算力的权利，而算力将在五月和六月逐步增加，期间费用会有所降低。

Apparently, Anthropic agreed to pay SpaceX $1,250,000,000 per month through May 2029 to the right to use its compute with capacity ramping in May and June for reduced fee.

换句话说，SpaceX的AI业务去年收入为32亿美元，现在每年可能额外增加150亿美元的收入。

In other words, SpaceX's AI segment, which had $3,200,000,000 in revenue last year, could see an incremental $15,000,000,000 in revenue per year.

SpaceX还表示，从几乎立刻开始，他们预计还会签订更多类似的增值服务合同。

Starting almost immediately, SpaceX also said that they, quote, expect to enter to additional similar services contracts, end quote.

这些举措让SpaceX正在打造一个类似亚马逊云和谷歌云的超大规模云服务商业务。

All this amounts to a new hyperscaler like business for SpaceX similar to Amazon Web Services and Google Cloud.

仅这一项与Anthropic的合作，就彻底改变了AI部门的盈利模式，让它从一个烧钱的窟窿，变成了真正的赚钱机器。

This anthropic deal alone dramatically changes the economics of the AI division, to actually transform it from a money pit to a money maker.

我们还从招股书中了解到第三个近期动向，就是SpaceX与Cursor公司的合作。

The third near term effort that we got more details on the perspectives of SpaceX's deal with Cursor.

Cursor是一家AI初创公司，用户只需用简单的文字指令，就能让系统自动生成软件代码。

That's an AI startup that lets clients write software code through simple text prompts.

这跟Claude Code有点像，或者你可能听说过OpenAI的Codex。

It's kind of similar to Claude code or you might have heard of OpenAI's codex.

今年四月底，SpaceX和Cursor宣布达成合作：Cursor赋予SpaceX以600亿美元股票收购它的权利，如果SpaceX决定不收购，也可以直接支付100亿美元。

In late April, SpaceX and Cursor announced a deal to work together with Cursor giving SpaceX the right to acquire them for $60,000,000,000 in stock, or they could simply pay $10,000,000,000 in case SpaceX decides not to pull the trigger.

协议的核心是SpaceX将为Cursor提供特定的GPU集群算力，并合作优化现有模型，包括Rock，还可能共同开发AI模型及相关专属产品。

The main part of the agreement is that SpaceX will quote, provide Cursor with certain GPU cluster compute capacity and collaborate to improve existing models, including rock and potentially jointly develop AI models and related model specific deliverables or products end quote.

简单说，SpaceX给Cursor提供算力。

Basically, SpaceX gives Cursor compute.

作为回报，SpaceX能用Cursor的技术来改进Rock，双方还能一起打造其他AI产品。

And in return, it gets to use Cursor's technology to improve rock and Cursor create other AI products together.

接下来一两个月，我们大概就能知道SpaceX会不会正式收购了。

We'll probably know whether SpaceX wants to go ahead with the acquisition in the next month or two.

那这会怎么改变整个故事呢？

Now, how would that change the story?

Cursor是一家备受认可的公司。

Well, Cursor is a very well regarded company.

此外，收购 Cursor 会大幅提升 SpaceX 在顶级 AI 实验室中的地位，这一点非常关键。

In addition, Cursor would boost x AI status amongst the leading AI labs, which really matters.

当然，六百亿美元这笔钱，对大公司来说根本不算什么。

Of course, $60,000,000,000 knocks out the small chunk of change.

不过这会是全股票交易，不会影响 SpaceX 的现金储备，但现有股东的股权会被稀释。

It would be an all stock deal though, meaning it wouldn't hurt SpaceX's cash balances, but existing shareholders would indeed be diluted.

之后，AI 业务将承担 Cursor 所有的财务状况。

And then the AI business would absorb whatever cursor's financials look like.

和 Anthropic 的交易一样，这有助于提升 AI 部门的收入，但我们得承认，Cursor 离盈利还很远。

As with the anthropic deal, that should help the AI segment's revenue, but we have to assume that cursor's also a long way from profitability.

老实说，SpaceX 首次公开募股的看点，远比我在这两段里讲到的要多得多。

Honestly, is much, much more in SpaceX's IPO perspectives than I've been able to cover even in two segments.

公司还有更多雄心勃勃的项目正在推进，比如 SpaceX 和埃隆·马斯克的另一家公司特斯拉合作的几个项目。

There are more details on ambitious projects that the company has in the works, like a couple projects that SpaceX is doing with Elon Musk's other company, Tesla.

还有一些关键细节，比如内部人士禁售期，这会显著影响股票在上市初期几个月的表现，还有公司控制权的重要信息。

There are key details about things like the lockup on insider selling, which could significantly impact how the stock trades in its first several months and critical details about control of the company.

简而言之，马斯克对SpaceX的控制坚如磐石。

Long story short, Musk's grip on SpaceX is ironclad.

因为他持有公司B类股票的94%，而这些股票每股拥有十票表决权。

Thanks to its 94% ownership position in the company's class b shares, which have 10 votes per share.

不过，随着IPO临近，我们会陆续掌握更多关于交易定价的细节，到时再深入分析也不迟。

But we'll have plenty of time to dig into the rest of the story as we get closer to the IPO and learn more about the deal's pricing.

目前，我只希望你能更清楚地了解SpaceX的业务模式，以及它近期有哪些主要的增长机会。

For now, I just hope that you have a much better understanding of what the SpaceX business looks like and what some of the top near term growth opportunities might be.

说实话，我觉得SpaceX的招股说明书就像一场压力测试。

Look, overall, I think the SpaceX prospectus is a bit of a war shark test.

有些价值投资者看到现在的财务数据，可能会摇摇头，觉得这生意根本不适合自己。

There will be some state value investors who put their pencils down if you're going through the current numbers and decide, uh-uh, this business just isn't for them.

但也有一批更乐观、不太关注细节的投资者，只要看到总市场规模图表，听到什么‘太空数据中心’‘小行星采矿’这类词，就铁了心要买，管它价格多高。

There will be other more optimistic, less detail oriented investors who don't need to look at anything more than the total addressable market chart and hear things like, quote, data centers in space, end quote, and asteroid mining to know that they're buying this stock no matter what the price looks like.

我对小行星采矿一窍不通，但我相信，只要马斯克想，他迟早能把数据中心送上太空。

I don't know much about asteroid mining, but I do think Musk will be eventually be able to send data centers into space if he wants to.

我只是不知道，万一出了问题该怎么办。

I just don't know what happens if something goes wrong.

在轨道上修东西可太贵了，对吧？

Very expensive to do repairs in orbit, right?

同时，我猜肯定有一大批坚定的信徒，一有机会就会从特斯拉转投更胜一筹的SpaceX。

At the same time, I bet there's a whole contingent of must most firm and believers who swap out of Tesla into the superior SpaceX once they have the chance.

大多数投资者都会在这两个极端之间找平衡，这其实挺合理的。

Most investors are gonna fall somewhere between these two camps, which is a reasonable place to be frankly.

说到底就是这么回事。

Here's the bottom line.

历史上，押注反对埃隆·马斯克的人很少赢，但与此同时，SpaceX远非完美，股价几乎肯定会很高。

Historically, it's rarely paid the bet against Elon Musk, but at the same time, SpaceX is far from perfect and the stocks almost certainly gonna be expensive.

就算你打算入手，也不一定非得现在就买。

Even if you wanna own it, you might not want to buy it right away.

不过话说回来，这还得看定价是多少。

But then again, that depends on where they price the deal.

无论如何，这都会对整个市场产生巨大影响，所以我才会这么密切关注SpaceX。

Either way, it'll have a huge impact on the rest of the market, which is why I'll keep following SpaceX so closely.

如果你真打算入手一些股票，不管怎样，最好设个限价单。

And if you do decide to try to get some stock, it might pay to put a limit order on your or no matter what.

明白吗？

Okay?

不管股价涨到多少，只要市值没超过两万亿美元，我都觉得还能接受；要是超过这个数，没有新的信息让我改变对这家公司短期前景的判断，我就不值得再往上加钱了。

Whatever price equates to $2,000,000,000,000 market cap, as I simply can't justify paying any more than that without new information that changes the company's near term prospects.

我们来接电话吧。

Let's take calls.

现在请连线Pete和Georgia。

Let's go to Pete and Georgia.

Pete，你那边怎么样？

Pete.

嗨，Jim。

Hey, Jim.

您最近怎么样？

How are you, sir?

我挺好的，Pete。

I am good, Pete.

你呢？

How are doing?

我也不错。

I'm doing well.

亚特兰大这边有点儿降温。

A little bit of a you down here in Atlanta.

我手里持有一笔不小的英伟达股票，但再过五年就退休了。

I've got a pretty sizable investment in NVIDIA, but I'm five years to retirement.

我只是想知道，英伟达是不是已经成了一个长期增长的标的。

I'm just wondering if NVIDIA has become a compounder.

除此之外，您怎么看Arista、博通或者美光？当然，今天这些公司都挺值得关注的。

And outside of that, would you look at Arista, Broadcom, or Micron, which of course, today.

好的。

Okay.

美光，股价涨得挺猛。

Micron Micron, big spike.

阿丽斯塔，我不太确定它近期的前景会怎样。

Arista, not sure about how their near term prospect is gonna be.

博通，我们是为旅行信托持有的。

Broadcom, we own for the travel trust.

我们明天中午会议再详细聊这个。

We talk about that tomorrow at our at our noon meeting.

我觉得，目前英伟达的股价还没反映出公司真正的实力。

I would say this, NVIDIA currently is not reflecting the strength of the company.

这季度的表现明明很强劲，但股价却没跟上，跟我预期的不太一样。

It just didn't have the kind of oomph that I thought the stock didn't that the quarter actually had.

我知道，如果你去查，可能并不在那个圈子里。

I know that if you go, I don't know, you may not be a member of the club.

我之前详细谈了NVIDIA该怎么做才能推高股价，但那根本不是他们的目标。

I really went at length about what NVIDIA must do to get the stock price up, but that's certainly not their goal.

他们的目标是把业务做扎实，这方面他们做得非常好。

It's to get the business strong, and they're doing a great job of that.

好吧。

Alright.

听好了。

Look.

SpaceX下个月上市时股价肯定不便宜，但当初押注埃隆·马斯克，这步棋值不值？

SpaceX will definitely be an expensive stock when it comes public next month, but it's really paid the bet against Elon Musk, has it?

现在节目内容更丰富了，还包括我和一家叫Bridge的公司做的深度访谈。

Now there's much more Mad Money in it, including my sit down with a company called a bridge.

这家私营企业正用人工智能赋能医疗从业者。

This private player is using AI to empower health care providers.

我正在从他们的CEO那里了解这家公司的使命和未来前景。

I'm finding out more about the company's mission and its prospects from the CEO.

也许有人会质疑数据中心的建设，但这件事真的只是表面看起来那么悲观吗？

Then it might be easy to cast aspersions on the data center build out, but is is there more to this story than just the headlines that all seem so negative?

我来给你们一一拆解，别光顾着悲观了。

I'll break it all down, you doomers.

今晚的闪电环节，我会快速回应大家的所有来电。

And all your calls, rapid fire in tonight's edition of the lightning round.

继续关注克莱默的节目。

So stay with Cramer.

有时候，我们得回头看看那些私营公司。

Sometimes you need to check-in on the private companies.

你们正在彻底改变整个行业。

You're shaking up entire industries.

比如这家叫Bridge的医疗AI公司。

Take a bridge, which is a medical AI company.

他们的平台就像超声医生一样，记录你和医生的对话，然后自动完成那些繁琐的文书工作。

Now their platform acts kind of like a sonographer, keeping track of conversations between you and your doctor, then doing the necessary paperwork that's a player of bones.

我们这儿还有更多内容。

We got much more here.

说白了，目标就是让医生和护士少花点时间在文书工作上，多花点时间在你身上，病人。

Basically, goal is to make it so doctors and nurses are wasting less time on clerical work, more time on you, the patient.

这个理念很棒，所以Bridge公司已经融到了8.3亿美元，目前私人市场估值高达53亿美元。

It's a good pitch, which is why a bridge has managed to raise $830,000,000 and reach a private market value of 5,300,000,000 right now.

它还登上了CNBC年度颠覆者50强榜单第30名，这个榜单我们这儿经常聊。

It's also clocked in at number 30 on CNBC's annual disruptor 50 list, which you know we like to talk about a lot here.

那这个行业的未来会是什么样子？

So what does the future of this industry look like?

我们来听听医生Shiv Rao的分析。

Let's take a closer look with doctor Shiv Rao.

他是Bridge公司的联合创始人兼首席执行官。

He's the cofounder and CEO of a bridge.

想了解更多，Rao医生，欢迎来到《疯狂金钱》。

To learn more, doctor Rao, welcome to Mad Money.

非常感谢你，吉姆。

Thanks so much, Jim.

能来到这里真是荣幸。

It's such a privilege to be here.

早上好，老兄。

Oh, good morning, man.

很高兴你来。

It's great to have you.

Shiv，你能不能先给大家做个总体介绍？因为很多人不只是看过《地牢》这部电影，也看了这个节目。

Now, Shiv, I hope that you can first just give a big overview, because I think a lot of people wanted not just the people who watch the movie, The Pit, but the show, The Pit.

但很多人还是不太清楚你们到底在做什么，毕竟这不像说‘你是速记员’那么简单，我不想就这么简单带过。

But a lot of people want to know exactly what you guys do because it's a little harder to understand than just say, hey, listen, you're a stenographer because I didn't want to leave it at that.

现在，交给你了。

So the floor is yours.

当然可以。

Yeah, absolutely.

谢谢。

Thank you.

其实，我们桥接医疗的核心理念是：医疗归根结底是关于人的。

Really, our core thesis at a bridge is that we think health care is about people.

它关乎医生、护士这样的专业人士，更关乎患者——也就是我们每一个人。

It's about professionals like doctors and nurses, and it's also about, most importantly, it's about patients, all of us.

我们想用科技、用人工智能，把这些人更紧密地连接起来。

And what we want to do is use technology, use AI to bring those people closer together.

现在有太多干扰，太多文书工作拖住了脚步。

There are so many different distractions, so much clerical work that gets in the way.

如果我们能通过减轻像我这样的临床医生的文书负担，让我晚上不再被这些琐事压得喘不过气，就能全心全意面对眼前的病人，提供最好的诊疗体验和结果，这对每个人都是双赢。

And if we can bring them closer together by unburdening clinicians like me, I'm a practicing cardiologist from all the clerical work that crushes my soul at nights, that I can just fully focus on the person in front of me to deliver the best possible experience, to deliver the best possible outcome, it's a win for everyone.

那你能说说，你们的桥接系统听到的是什么，然后它会翻译成什么吗？

Well, tell me what the what your bridge hears and then what does it translate it to?

因为我担心它只是逐字逐句地转录，没有实质性的处理。

Because I'd be worried that it's just well, it it is just a word for word.

这根本提供不了什么有用的信息。

Doesn't really give me any insight.

是的，完全没错。

Yeah, absolutely.

让我给你简单说说桥项目过去是什么情况，现在又发展到了什么地步。

So just to give you a sense of kind of where things have been and now where things are with the bridge.

以前我走进病房前，往往得提前一晚做点准备。

It used to be that I'd walk in a room and before I walk in that room to talk to that patient, I'd maybe like prep the night before.

会记些笔记，了解下这位患者是谁，有什么问题，这样真正见面时我能更有底气。

Maybe take some notes to understand who this person is, what are their issues, so that I can feel that much more equipped when I actually walk in.

然后我进屋后，我们就会聊些闲话。

Then I'd walk in the room and we'd have all kinds of chitchat.

你指的应该就是这些吧。

Think that's what you're referring to.

可能聊聊周末的球赛，聊聊家里的事，而就在这些闲聊的间隙，我们其实也在讨论慢性病的问题。

Maybe we talk about the sports games over the weekend, maybe we talk about our families, And maybe in those in between moments, we're talking about chronic diseases.

我们聊的都是特别重要的医疗问题。

We're talking about all the really important medical stuff.

之后作为医生，我还得写病历、开医嘱、处理账单和所谓的医疗编码。

And then afterwards, what I would have to do as the doctor, I'd have to write the notes, I'd have to place the orders, I'd have to do billing and what they call coding, medical coding.

这就像做会计一样。

It's like accounting.

我得干一堆根本没在医学院学过的工作。

I do have to do all kinds of work that I never went to medical school to learn how to do.

所以，桥梁系统能让医生一进房间就感觉像超人一样，知道该问什么问题，因为我们能提前给他们一份关于患者的简明摘要。

And so what a bridge allows clinicians to do is walk in the room and already feel like a superhero and what questions they need to ask, because we can kind of give them this cheat sheet, this digest about who this patient is.

在对话过程中，我们不会打断他们。

Then during the conversation, we don't interrupt them.

也不会有任何闪灯或提示音。

We don't have any flashing lights or beeping sounds.

你可以完全专注于当下。

You can be fully present.

你可以直视对方的眼睛，轻松地聊几句，完全不用担心，就诊结束时，所有这些记录都会由我们来完成。

You can make eye contact, and you can have that chitchat, resting assured that at the end of the visit, we're going to create all of those artifacts.

那些文书工作，我们都替你搞定。

We're going to do all of that clerical work for you.

我们甚至还能帮你做出更好的决定，让你了解你正在考虑的诊断或治疗方案背后的最新临床证据。

We're even going to help you make better decisions by helping you understand the latest evidence related to the specific diagnostic or therapeutic treatment you were thinking about.

这听起来非常合理。

Well, it makes a lot of sense.

我的全科医生叫勒波普医生。

My general practitioner is a fellow by the name of Doctor.

乔纳森·勒波普。

LePoop, Jonathan LePoop.

我们经常见面，我一直大力支持这个共情项目。

And we spend a lot of time together, and I've been a big supporter of the empathy project.

有了这个辅助工具，我就能有更多时间去理解患者，不用总看表或者埋头记录，能更多地与病人对视，真正听懂他们在说什么。

It sounds like with a bridge, I would have more time to be empathetic and less time checking my watch and writing stuff down, making more eye contact with my patient and really understanding what the person's saying.

这能帮助医生变得更富有同理心吗？

Can this make a difference so that doctors are more empathetic?

当然能。

100%.

实际上，我们已经在数据中看到了这种变化。

And we're seeing that actually in the data already.

比如芝加哥大学发布了一项研究，显示在一种叫HCAP的患者体验评分指标上，使用这项技术后，分数明显提升了。

The University of Chicago, for example, published this study that demonstrated that against a certain metric called an HCAP score, it's a score that measures patient experience, that those scores went up on the other side of deploying this technology.

我觉得我们都希望多和对方进行眼神交流。

I think all of us want to make more eye contact.

我们都希望彼此相处时能更专注、更投入。

We want to be more present with each other.

只要把这项技术用在对的问题上，它就能让医疗这样的行业变得更有人情味。

And this technology, when you point it at the right problems, actually help industries like health care feel more human.

我们公司有个信条：节省时间、节省成本、挽救生命。

We have a mantra in our company that we want to save time, we want to save money, and we want to save lives.

好的。

Okay.

如果你仔细想想的话。

And if you reflect on yeah.

我只是想指出，詹森·黄我们之前听过他很多次讲话，也和他交流过，他确实非常认同你所说的关于医生的那些观点。

Well, I just wanted to point out that that Jensen Huang, whom we have listened to many times and talked to, really believes in exactly what you're describing with doctors.

我很高兴他是我们的投资人，我相信他确实是，因为目前在人工智能领域，像我们这样认为出色的进展其实并不多。

And I'm really glad that he is an investor, I believe, and that an investor because there aren't as many advances as we would like to see in AI that we think are terrific.

我们一直关注他的投资动向。

And we look to him for his investments.

听起来他和你们成了志同道合的伙伴。

And it sounds like he's found a friend and colleague with you.

完全没错。

A 100%.

这项进展已经影响到我们很多人了。

And this is an advancement that's touching many of us already.

我们现在直播了。

We're live.

目前，我们的平台已经接入了超过300家最大的医疗系统，未来十二个月内，我们将服务上亿名患者。

A bridge is live across well over 300 of the largest health systems now, and we're gonna be touching, you know, well over a 100,000,000 patients over this next twelve months.

这规模可不小。

And so that's a lot of scale.

这影响也相当大。

That's a lot of impact.

但当你想想这对医护人员本身意味着什么，几年前《美国普通内科学杂志》上发表过一篇文章。

But when you think about the impact also on the professional side of the room, there was an article that was published a few years ago in the American Journal of General Internal Medicine.

文章说，医生每天需要三十个小时才能做完所有工作。

And it suggested that doctors need thirty hours a day to get all of their work done.

他们还详细拆解了那些占满这三十小时的任务。

But they also parsed all the tasks, all the jobs that sort of took into, made up that thirty hours.

对我们来说，这正是当前研发路线图的核心。

And for us, that's a lot of our roadmap right now.

我们能做些什么，帮助临床医生充分发挥他们的专业能力？就像我们行业常说的，不仅要提供最佳的患者体验，还要实现最好的临床和财务成果。

What can we do to help clinicians really operate at the top of license, as they say in our industry, that they can be delivering not just the best experiences, but also the best clinical and financial outcomes.

好，最后一个问题是。

Okay, one last question.

我知道现在这个行业里，AI领域到处都是既合作又竞争的公司，比如Anthropic、OpenAI这些。

I know that in this industry these days with AI, there are a lot of frenemies, a lot of companies going at it, an anthropic, open AI.

Epic这家公司，在你们这个领域实力非常强，我们都知道。

We know Epic as a company that's very powerful in your business.

我听说你们以前和Epic有过合作，现在可能已经没有了。

And I know you were, I guess, had a relationship with Epic, may not have one now.

面对Epic这样庞大的行业巨头，你们是怎么跟他们打交道的？

How do you negotiate with Epic being that they are such a behemoth in your industry?

过去几年里，我们和Epic一直保持着紧密的合作关系。

We've had a strong relationship with Epic over these last years.

我们和他们是合作伙伴。

We partner with them.

我们和Epic系统是集成的。

We integrate with Epic.

所以当我们为使用Epic作为电子病历系统的大型医疗集团上线时，必须能从系统里提取数据，也能把数据回传进去。

So essentially, when we go live with a large health system that happens to use Epic as their electronic medical record system, we need to be able to pull data and we need to be able to push data back in.

我们完全具备这个能力，而且未来很长一段时间都不会改变。

And we absolutely have that ability and it's not going anywhere anytime soon.

总的来说，在很多不同行业里，这项技术都有巨大的潜力。

I would say in general, across a lot of the different vertical industries, there's so much opportunity with this technology.

过去几年最让人振奋的，尤其是在医疗领域，是越来越多的机构开始意识到，这是一次多方共赢的机会，能把过去根本想不到的环节连接起来。

And what's been wildly exciting over these last years, especially in healthcare, is that we're seeing a lot of different entities see this as a positive sum sort of opportunity to connect dots that they might not have thought to connect before.

比如，我们不仅和医疗系统合作，也不只是和电子病历系统合作。

So for example, we're partnering not just with health systems, not just with systems of record and electronic medical records.

我们还和保险公司的数据系统、制药和生命科学公司的数据系统展开合作。

We're also partnering with systems of record on the insurance company side, systems of record on the life sciences and pharmaceutical company side.

但对我们来说，归根结底，关键还是我们创造了什么价值。

But for us, it's all about at the end of the day, what kind of value are we creating?

如果我们能提升体验，长期来看还能改善治疗效果，那我们就站在了最终一定会赢的那一边。

And if we're improving the experience, if we're improving the outcome over the long term, we know, you know, we're on the side that's ultimately absolutely gonna have to win.

这真是太棒了。

Well, think that's terrific.

而且你们还排在我们的颠覆者50强第30位。

And again, you're on our disruptor 50 number 30.

创始人是谢布拉尔·希普医生。

And it's doctor Shibral Shipp.

感谢你来参加节目并做讲解，我觉得这种事我真该问问我的医生：你们用的是不是这种系统？

Thanks for coming on the show and explaining because I think that this is the kind of thing I feel like asking my doctor, are you on a bridge?

因为只有这样，我才知道医生是真正投入其中的，我总希望我的医生能全心投入。非常感谢你来参加节目。

Because then I know that that they are present, and I always want my doctor to be present Thank you so much for coming on the show.

很高兴认识你。

Good to meet you.

谢谢你，吉姆。

Thank you so much, Jim.

真的，这是一份荣幸。

Really, it's a privilege.

这位是奇普·拉隆。

This is this is Chip Rallon.

他是Upbridge的联合创始人兼首席执行官。

He's the co founder and the CEO of Upbridge.

他在CNBC的颠覆者榜单上排第30名。

That's number 30 on CBC's Disruptor List.

完整的榜单可以在cnbc.com/disruptorfifty上查看。

You can see the full list at cnbc.com/disruptorfifty.

我对这个特别感兴趣。

I am fascinated by this.

因为我一直在做共情项目，经常和医生打交道，听起来他们真的能更有同理心。

Having been someone who spends a huge amount of time with doctors on the empathy project, this sounds like they can be much more empathetic.

这正是我关心的。

That's what I care about.

《疯狂金钱》又回到这本书了。

Mad Money's back at the book.

接下来登场的是华尔街最快的大脑。

Coming up, he's the fastest mind on Wall Street.

今天我们打算让你来帮他接受考验。

So we're putting him to the test with your help.

接下来进入闪电问答环节。

Bring on the lightning round next.

闪电问答结束后，

And then the lightning round is over.

你准备好了吗？

Are you ready?

抓紧时间，快点来。

Speed that time.

与来自罗德岛的布伦丹进行闪电问答。

Light round with Brendan in Rhode Island.

布伦丹。

Brendan.

你好，克拉默。

Hi, Cramer.

这家公司最近刚发布消息，我想多了解一些。

So this company recently dispatched and I want to know more about it.

这是一次强劲的拉升。

It's a boost run.

天啊，这只股票真是火得不行。

Man this thing's such a hot stock.

你知道吗。

You know what.

如果你愿意冒险，我当然支持。

Look if you're willing to speculate I'm willing to bless it.

我真正的问题是，它确实能赚钱，所以我并不反对。

My problem of course the reason why I'm not against is it actually makes money.

我不支持这个，是因为我觉得我们进场太晚了。

The reason why I'm not for this because I feel like we're late.

明白了。

Okay.

正好在中间位置。

Right in the middle.

我们转到北卡罗来纳州的MINI那边吧。

Let's go to mini in North Carolina.

MINI。

Mini.

你好，吉姆。

Hi Jim.

我是曼尼，来自北卡罗来纳州康科德。

This is Manny calling from Concord North Carolina.

你最近怎么样？

How are you?

我挺好的。

I am doing fine.

谢谢你打来电话。

Thank you for calling.

最近怎么样？

What's going on?

嗨。

Hey.

我想感谢你和你的团队，你们为我们提供了二十多年的教育支持。

I wanna thank you and your team for educating us for over twenty years.

这是我第一次打电话，但一直关注你们很久了，最近刚成为会员。

I'm a first time caller, long time follower, and recent club member.

谢谢。

Thank you.

太好了。

That's great.

拉什玛，我买了这只股票，现在亏了30%，但我在耐心等着它反弹。

Raschma, I invested in this stock, and I am currently down 30% patiently waiting on a rebound.

你觉得这只股票符合‘责任股’的标准吗？

Would you qualify this stock under the onus?

别拿个桶去交易。

Don't trade a bucket.

我打电话是想问问达达集团的情况。

I'm calling about DoorDash.

好的。

Okay.

我觉得达达集团是个买入机会。

I think DoorDash is a buy.

现在有一批股票都在走下坡路。

There's a real group of stocks now.

优步、达达、Reddit，它们都在跌。

Uber, DoorDash, Reddit, they are going down.

人们更愿意持有硬件类股票。

People want to own hardware.

他们不想持有那些其他股票。

They don't want to own those others.

他们不想持有Zscaler。

They don't want to own Zscaler.

他们对半导体也不感兴趣。

They don't want on semiconductors.

我的意思是，他们根本不想碰硫化物这类东西。

I mean they want to they don't want sulfur.

现在只有一家半导体公司值得看。

There's one semi only semi.

这正是拖累DoorDash的原因。

And that's what's hurting door dash.

他们真正想要的是半导体，而不是DoorDash。

That's what they want is semi not door dash.

我们来聊聊厄文和华盛顿厄文。

Let's go to Ervin and Washington Ervin.

大家好，我是来自西雅图的，今天天气出奇地晴朗。

Hello from Seattle where we're having an unusually clear day.

我想问一下拉多斯控股的事。

My question is about Lados holdings.

这只股票正在一路暴跌。

This stock is in free fall.

这让我完全想不通。

That makes no sense to me.

我觉得它在安全方面做得挺不错，但情况就是如此。

I think it does a lot of good security stuff but that's what happens.

它没有任何赞助支持。

It doesn't have any sponsorship.

那我先告辞了。

I say bye.

现在我们连线佛罗里达的乔。

Now let's go to Joe in Florida.

乔。

Joe

吉姆，谢谢你，我是俱乐部的元老成员。

Jim thanks for your I'm an original club member.

感谢你提供的信息。

Thanks for your information.

真的非常感谢你。

Just thanks to you.

这段经历太棒了。

It's been great.

哦，谢谢你。

Oh thank you.

谢谢。

Thank you.

我买了Flex，收益还不错

I got flex with a

百分之百的回报。

100% return.

我看了看Flex。

I look at flex.

我一看Flex，就觉得这些人真厉害。

I look at flex and I think jeez these guys are so good.

这简直是完美的例子，再涨50%都毫无压力。

This is a perfect example of what could still go up another 50% without a problem.

我就不跟你争这个了。

I'm not going to fight you on it.

那我先告辞了。

I say bye.

我们接下来听一下佛罗里达的扎克，扎克。

Let's go to Zack in Florida Zack.

你是谁啊，吉姆？

Who are you Jim.

你最近怎么样？

How are doing?

我挺好的，扎克。

I am doing well Zack.

你呢？

How about you?

我很好。

Doing great.

从小时候就和我爸一起看这个节目，谢谢你们。

Been watching the show since I was a kid with my dad, so thank you.

也向我爸问个好。

And shout

向我爸致意。

out to dad.

太好了。

Terrific.

谢谢。

Thank you.

我很感激。

I appreciate that.

谢谢。

Thank you.

每周的房贷申请量下降了2.3%，而房贷利率达到了一年多来的最高水平。

So, weekly mortgage mortgage application is down 2.3% and mortgage rates the highest they've been, in over a year.

你是看好Pulte住宅股价这5%的上涨吗，还是说你……

Are you buying into this 5% pop in Pulte home or do you.

天哪。

Oh god.

不好意思。

I'm sorry.

哪只股票？

What stock.

好的。

Okay.

我喜欢Toll，因为他们有大量全款买家。

Look I like Toll because they have so many cash buyers.

他们的全款比例超过百分之二十，根本不需要房贷。

They have more than 20% cash and they don't need a mortgage.

很多人根本不需要贷款，这真的挺不可思议的。

Many people don't need a mortgage, which is really incredible.

所以我觉得，如果你想买一家住宅建筑商的股票，就选这一只。

That's why I think that stock is the one to buy if you're gonna buy a homebuilder.

这就是闪电环节的最后一位了，各位。

And that ladies and gentlemen, of the lightning round.

本闪电环节由嘉信理财赞助。

The lightning round is sponsored by Charles Schwab.

接下来，克拉默要回应媒体对数据中心建设的攻击，他马上就要开讲了。

Coming up, Cramer's done with the media's attacks on the data center development, and now he's set to sound off next.

明天早上，用《街头快讯》开启交易日。

Tomorrow, kick off the trading day with squawk on the street.

现场直播，纽约证券交易所九号岗。

Live from post nine at the NYSE.

我跟你说说我听到的消息。

I'm telling you what I'm hearing.

你不想听吗？

You don't wanna hear it?

那也行。

That's fine.

那你干脆把耳朵捂上好了。

Well You can keep your ears closed.

你有的是

You have every

你有权利说。

right to talk.

就是你们当中的一位。

It's one of you.

这节目也有你的一份。

It's your show too.

是的。

Yeah.

那就是说

That's so that's

所以我从没想过去拥抱

so I never wanted to hug

你这么多次。

you so much.

今晚已经好几个月了。

Months tonight.

你知道吗，我耳边有人提醒我，该走了。

You know, someone in my ear is saying, gotta go.

得把这点说清楚。

Gotta make that point.

大卫的报道覆盖面太广了。

David hits everywhere.

来聊一聊。

To talk.

这节目也有我的份儿，卡尔。

It's my show too, Carl.

节目每天早上九点东部时间开始。

It all starts at 9AM eastern.

现在我常常回想当年当记者的日子，因为那能解释媒体的一切。

These days I reminisce, and I think back to the old days when I was a reporter because it explains everything about the media.

负面新闻才卖得动，你想成功，就得讨好读者，而靠正面消息是做不到的。

Negativity sells papers, so if you want to succeed, you need to please your readers, and you don't do that with positivity.

我那时候特别在行，因为我在新闻编辑部里像个乞丐一样拼命抢新闻，可能比别人更卖力。

I was real good at it because I was a newsroom mendicate, probably more than others.

我从来不会忘记什么才能让我往上爬。

I never forgot what would move me up.

现在要是我还坐在城市版编辑台，我肯定写一堆负面报道，针对那个数据中心。

Right now, if I were on the city desk, I'd be writing negative things about the data center.

他们占我们的便宜，用我们的资源，抬高我们的电费，建完之后连个像样的职位都不多给。

The focus, they rip us off by using our resources, pushing up our electric rates, and they don't even hire many people after they're done being built.

我会去采访负责建设的那方，比如亚马逊或者谷歌的科里。

I get a quote from whoever was building it, Amazon or Google Corey.

采访内容就是走个过场，刚好够用，意思到了就行。

It would be perfunctory, just the way I wanted it, just enough to say, hey.

我也试过站在另一边。

I tried the other side.

我写文章通常从一个普通家庭或者一个底层中产的人开始，挑个让人同情的案例来带出整个故事。

I start the piece with a family or a person typically lower middle class who's most aggrieved, find someone with a sympathetic case to frame the story.

开头没必要直接摆事实。

No sense to start with the facts.

没人会感兴趣。

That doesn't grab anyone.

接着我就堆一堆负面信息，再塞上那句必不可少的公司回应。

Then I would throw a real parade of negatives right down the obligatory quote from the offending company.

然后我交给编辑部处理，最后故事登上了头版左上角的显眼位置，旁边配着那户家庭的照片——当然，可能就站在工地前。

Then I handed it to the desk to general claim, which led to the story running on the fabled upper left corner of the front page next to a picture of the family, of course, perhaps standing in front of the construction site.

如果要写一篇关于数据中心的报道，比如发在商业版，那很简单。

If I had to do a story about the data center for, say, the business section, well, that's easy.

随便扯点泡沫言论就行。

Fire up some bubble talk.

我先去找亿万富翁雷·达利奥。

First, I go to billionaire Ray Dalio.

他总能说出些带点保留条件的负面评论，当然，可能是针对早期阶段，或者更偏向中期。

He's always good for something negative with a few qualifiers, course, perhaps for early stage, maybe more mid stage.

不管怎样，好像从来就没有一个合适的时机。

Either way, it's never seems to be a good stage.

我不是专门针对达利奥。

I don't mean to pick on Dalio Dalio.

我的意思是，他们能说什么呢？说他是个善良的人？聪明的人？

I mean, what are they going to say about that he's a kind man, that he's a wise man?

归根结底，那些总能给出看空观点的人，写出来特别有料。

Probably in the end, anyone who will consistently give you bearish quotes makes great copy.

我们还得找个人，年纪不够大，没赶上欧洲股市那波，却赚了大钱，现在却说所有股票都高估了。

Then we need a story from someone who wasn't old enough to trade the.comeurope, but has made a ton of money and is saying that all these stocks are overvalued.

就是当下那些Zoom.com、Street.com、WebBand之类的公司。

The zoom.com, street.com, web bands of the present moment.

我猜你是不是用Gemini、ChatGPT，或者那个飞速崛起的Claw来查这些资料？

I wonder if you use Gemini or ChatGPT or the fast rising claw to look this stuff up.

我甚至觉得，光凭这些材料，就能写出一篇狠批文章，直接登在财经版头版。

I don't even know if I need anything else to write that hatchet job and get it published on page one of the business section.

得到大量赞誉。

Get a lot of lot of praise.

这确实是实情。

That is the truth.

是的，数据中心确实可能一团糟。

Yes, data centers can be a mess.

它们并不会自动给建设地带来好处，但建数据中心的人却赚得盆满钵满。

They're not automatically good for the places where they get built, but the builders of the data centers are rich.

他们真的非常富有。

They're really rich.

如果有任何有担当的政客或监管者，他们会为当地社区争取数亿美元的补贴，以及像最先进城镇那样的严格环保标准。

And if there were any politicians or regulators worth their salt, they negotiate for hundreds of millions of dollars of aid for their communities as well as stringent environmental rules like the smartest towns already get.

他们还会让数据中心承担新建电力设施的费用。

They'd make the data centers pay up for new power generation too.

每一个谈判要点，都是那些精明的社区争取到的。

Every single one of these negotiation points has been won by savvy communities.

只要有人提出来，这些开发商随时愿意让步。

The builders will roll over if necessary assuming someone asked them to.

民意调查根本没搞清楚状况。

The polls don't get it.

真正的问题出在民意调查上。

The polls are the villains.

先说说这个泡沫吧，得承认，没人拦着你去刷卡消费。

As for the bubble first, let's recognize that nobody's stopping you from ringing their darn register.

在2000年2月第三周到3月第二周之间，你还能在高点套现。

There was a period between the third week of February and the second week of March in 2000 when you could cash out near the peak.

之后就全完了。

Then it was over.

根本没人出真金白银来买。

There were no real bids.

任何对冲基金都能把价格压得一塌糊涂。

Any hedge fund would knock anything down.

现在到处都是买家。

Now there are bids galore.

这些公司或许在大举借钱扩建网站，但同时也开始获得可观的回报。

The companies may be borrowing a lot of money to build out their sites, but they're also beginning to make a very good return.

有人去听英伟达的电话会吗？

Did anyone bother to listen to the NVIDIA call?

他们的业务中将近一半来自非超大规模客户。

They have almost 50% non hyperscalers as business.

他们手上的订单多到接不完。

They're on allocation for everything.

现在这事儿不重要。

It doesn't matter right now.

但总有一天会的。

It will someday.

关键在于，参与数据中心建设的公司正在拿到巨额报酬，建造那些将使用数十年的设施。

What matters is that the companies involved in the data center build out are getting paid enormous sums to lay down structures that will be used for decades.

随着芯片效率提升，电力消耗可能会下降。

The electric use will probably go down as we get chips that are more efficient.

这些东西怎么都供不应求。

We can't get enough of these things.

真希望建这些设备的公司能搞点更聪明的公关。

I just wish the companies building them would have get smarter PR.

负责建数据中心的人，别还没开战就先认输。

The Dunderheads who do the data center build out shouldn't surrender before the war begins.

他们应该在企业之前先建学校和医院。

They should be building schools and hospitals ahead of the companies.

他们该让那些记者感到羞愧——明明自己也想建收容所，却跑去阻挠别人建。

They should shame the journalists for trying to stop the building of homeless shelters that they wanna do, but they don't.

所以这个循环没完没了。

So the cycle is endless.

政客们不跟数据中心建设方合作，反而联合打压，好博取更多正面报道。

The politicians, rather than working with data center builders, just gang up on them and get more good ink.

这一切都太脆弱了。

It is all fragile.

其实没必要这样。

It doesn't need to be.

meanwhile，有个年轻版的吉姆·克莱默正在努力讨好城市版编辑、财经编辑、播客主和流媒体平台，当然还有传统电视业务。

In the meantime, there's some young Jim Cramer out there trying to please city editors and business editors and the podcasters and the streaming sites and, of course, the linear business.

他靠的是尽可能地制造负面和破坏性的言论。

And he does that by being as negative and corrosive as possible.

亚历克斯总说，总会有更合适的市场。

Alex says always a more market somewhere.

就在这档《疯狂金钱》节目里，我为你找到它。

Promise to find just for you right here on Mad Money.

我是吉姆·克莱默。

I'm Jim Cramer.

明天见。

See you tomorrow.

吉姆·克雷默在本播客中表达的所有观点均属他个人意见，不代表CNBC及其母公司或关联公司的立场，这些观点可能曾通过电视、广播、互联网或其他渠道发布过。

All opinions expressed by Jim Cramer on this podcast are solely Cramer's opinions and do not reflect the opinions of CNPC or its parent company or affiliates and may have been previously disseminated by Cramer on television, radio, internet or another medium.

您不应将克雷默的任何观点视为具体的投资建议或操作指引，而应仅将其视为他的个人看法。

You should not treat any opinion expressed by Cramer as a specific inducement to make a particular investment or follow a particular strategy but only as an expression of his opinion.

克雷默的观点基于他所认为可靠的信息，但CNBC及其关联公司或子公司不保证其完整性和准确性，不应以此作为决策依据。

Cramer's opinions are based upon information he considers reliable but neither CNBC nor its affiliates and or subsidiaries warrant completeness or accuracy and it should not be relied upon as such.

如需查看完整的《疯狂金钱》免责声明，请访问cnbc.com/madmoneydisclaimer。

To view the full Mad Money disclaimer, please visit cnbc.com/madmoneydisclaimer.

是什么让你有信心去做一件以前没人做过的事？

What made you confident that you could do something that hadn't been done before?

我从不害怕失败。

I have no fear of failure.

开创新路的女性，正在改变游戏规则。

Trailblazing women changing the game.

我最欣赏的一条建议是：想想你的老板的老板需要什么。

One of my favorite pieces of advice, think about what your boss's boss needs.

领导力可以有各种各样的表现形式。

Leadership can look in many, many different forms.

归根结底，还是要相信自己。

It really does come down to just trusting yourself.

人生短暂，

Life is short, and

要想成就大事，就得有大格局。

you just gotta think big to accomplish big things.

朱莉娅·博尔森主持《CNBC变革者与实力派》。

Julia Borson hosts CNBC changemakers and power players.

每周二更新，各大播客平台都能收听。

New episodes every Tuesday wherever you get your podcasts.