Mad Money w/ Jim Cramer 5/29/26

这一点我完全不能认同，我很欣赏你没有这么做。

There's that just doesn't hold water for me, and I thought that was really important that you did not do that.

好的。

Alright.

谢谢你，吉姆。

Thanks, Jim.

说实话，我们非常了解我们的顾客，也特别喜欢我们的顾客。

I mean, honestly, we see our consumer we love our consumer.

顾客的行为展现出强劲的势头。

We're seeing strength in customer behavior.

我们的单价持续增长，市场份额也在提升。

We've sustained AUR growth, and we've gained market share.

产品整体上真的引起了共鸣。

I mean, the product is resonating on whole.

无论低收入、中等收入还是高收入群体，我们都在赢得他们。

We're winning across all income cohorts, low, middle, high income customers.

这充分展现了我们产品组合的广度、相关性以及韧性。

This is demonstrating the breadth, the relevance, the resilience of our portfolio.

所以，这不是消费者的问题。

So no, this is not a consumer issue.

这只是一个季节性的挑战，我们在季节性商品上起步比较慢。

This is a seasonal challenge where we got off to a slower start in seasonal merchandise.

好消息是，随着进入下半年，

The good news is the season gets

需求会越来越小，

smaller and smaller

你会看到我们以坚定、积极的态度推进目标，

as we get into the back half, and you're gonna see us with a robust and determined motivated perspective

全力以赴，超越预期。

to deliver an over deliver.

我们的目标。

Our objectives.

如果你没有把这么多钱退回去，也没有继续增长，那我说你们对自己也太严格了。

You If weren't returning all this money and weren't growing, then I said, but you were tough on yourselves.

我觉得大家很少看到管理层像你们这样对自己这么苛刻。

And I think people aren't used to seeing managements as tough on their selves as you were.

我要感谢盖普的总裁兼首席执行官理查德·迪克森。

I wanna thank Richard Dixon, president and CEO of of Gap.

这里没有任何借口。

No excuses here.

就保持这样。

Hold it as it is.

这对我来说才是最重要的。

That's what matters to me.

谢谢你，理查德。

Thank you, Richard.

我们能搞定，吉姆。

We got this, Jim.

谢谢。

Thank you.

好的。

Okay.

《疯狂金钱》节目稍后回来。

Mad Money, back there for a break.

接下来，我们将关注安捷伦科技在强劲的季度后能否继续保持增长势头？

Coming up, can Agilent Technologies continue to build momentum after a strong quarter?

克拉默接下来将采访这位首席执行官。

Cramer's finding out from the CEO next.

周二，华盛顿特区的《晨间狂言》节目。

Tuesday, squawk box in Washington DC.

我们将现场采访那些制定政策、影响市场的政界领袖。

Live interviews with the politicians and leaders shaping policy and moving markets.

周二早上六点，东部时间，CNBC《晨间狂言》华盛顿特区现场。

Squawk box in DC, Tuesday, 6AM eastern, CNBC.

我们该怎么看待安捷伦的这些业绩？作为生命科学行业以及其他精密领域的关键供应商，安捷伦的表现如何？

What do we make of these results from Agilent, letter a, one of the major arms dealers to the life sciences industry among other precision enterprises?

本周早些时候，公司公布的财报在收入和利润上都远超预期。

Earlier this week, the cup reported a magnificent top and bottom line beat.

管理层还上调了全年业绩指引。

Management also raising their full year forecast.

昨天，股价因此飙升了17%。

Yesterday, the stock in response jumped 17%.

不过，今年至今股价基本还是持平的，所以可能还存在机会。

Although, it's still basically just flat year to date, so there might be opportunity.

这一季度挺有意思，安捷伦的一些主要终端市场确实疲软，比如中国、食品、学术和政府支出都下滑了。

This quarter was interesting because some of Agilent's key end markets were indeed weak, China, food, academic, government spending down.

但其他业务表现太强劲了，完全弥补了这些领域的不足。

But the rest of the business was so good, it more than made up for the softness.

比如药物研发、药品生产、癌症诊断、半导体材料检测、机场安检，还有实验室自动化，这些领域都表现得非常出色。

We're talking about strength in drug development, drug manufacturing, cancer diagnostics, semiconductor material testing, airport security screening, and lab automation.

下周，他们将在美国质谱学会会议上发布一些新产品的数据，这非常关键。

Next week, they're presenting data on some new products to the American Society of Mass Spectrometry meeting, and it's gonna be very important.

那么，在经历了这么大的涨幅之后，这只股票还能继续上涨吗？

So can the stock keep running even after this incredible move?

我们来连线一下安捷伦科技的总裁兼首席执行官科里·穆霍夫，听听他的看法。

Let's check-in with Corey Mukhov, who's the president and CEO of Agilent Technologies to find out.

帕特尔先生，欢迎再次做客《疯狂金钱》。

Mister Patel, welcome back to Mad Money.

非常感谢，吉姆。

Thanks a lot, Jim.

很高兴能来参加。

Great to be on.

好的。

Okay.

你这次真是干得太出色了。

So, boy, you really did just some remarkable work here.

你先给我们简单介绍一下艾吉伦特整体在做什么，再详细说说本季度的情况吧，毕竟这个成绩让很多人都大吃一惊。

Why don't you first tell us remind us of what Agilent's doing in general, and then certainly walk us through this quarter because obviously, it took a lot of people by surprise.

是的。

Yeah.

我们在制药、化工和先进材料以及诊断领域都是关键的合作伙伴。

So we're a a critical part of the two we're a two's company in pharma, chemical and advanced materials and diagnostics.

我们的业务贯穿了这些行业的整个价值链。

So really along the the value chain of those industries.

股价的涨幅非常大，这种程度的跃升我们二十年都没见过了，真是令人振奋。

And the stocks are a big very big jump, something we haven't seen for for quite a while in twenty years, but a really fantastic jump.

我们提供的是核心技术。

And we provide our technologies.

我对团队取得的成果感到非常自豪。

I'm very proud of what the team delivered.

想想我们所处的市场——制药和医疗健康，这些领域对我们来说不仅非常重要，而且增长势头也非常强劲。

And when you think about the markets that we're in, you know, pharma, health health care, those areas are really important and really growing for us.

化工和先进材料领域同样至关重要，尤其是现在半导体和制药产业都在回流，再加上临床诊断和检测需求的持续增长。

Chemical and advanced materials, really important, of course, with semiconductor reshoring happening and pharma reshoring happening and, of course, clinical and diagnostics, testing.

我们对自己内部的努力非常满意。

So we're very, satisfied with our internal efforts.

我们在转型、创新和产品组合韧性上投入了大量资源。

We put a huge amount of, effort into transformation, innovation, our portfolio resilience.

把这些努力与稳步改善的终端市场结合起来，我们取得了强劲的业绩。

And you put that together with steadily improving end markets all coming together, we delivered a strong performance.

当然，我们对下半年的前景非常乐观，但同时也清醒地认识到全球局势的复杂性。

And of course, we're really optimistic about our prospects going into H2, but we're also very clear eyed about the dynamics in the world.

我们非常期待今年剩下的时间。

But we're very, very much looking forward to the rest of the year.

没错。

Right.

那我们来聊聊一些大家比较熟悉的方向。

So let's go to some things that, for instance, people might know.

我们知道，GLP-1类药物可能会成为全球最大的药物品种。

We know that GLP dash one drugs are maybe going to be the biggest drugs in the world.

今天我看到法国说他们要全面覆盖，所有人都能报销。

I saw today France said they were really gonna and everybody gets reimbursed.

这显然是一件大事，但我同时也担心假药问题。

So it's obviously something very big, but I also fear counterfeits.

我还担心那些假冒的成分。

I also fear phony compounds.

你们能做些什么来确保这些GLP-1药物真正安全、纯净、准确、有效？

What can you guys do to be sure that this stuff, that the GLP dash ones are clean, clear, accurate, and healthy?

这正是我们最擅长的领域。

Well, that's where we're best in class at doing.

我们的GLP-1业务增长了20%。

Our our business grew 20% in GLP, GLP ones.

随着GLP-1在肥胖症和其他治疗领域不断拓展，我们看到了长期的机遇。

We see long term opportunities in GLP ones as it penetrates in obesity and drug labels in different areas.

但我们有两个业务板块，直接参与GLP-1的生产，提供前体原料，同时也负责GLP-1的检测。

But we have two business where we're actually involved in the production, helping with precursors in GLP-1s, but also in the testing of GLP-1s.

我们希望在这个领域保持全面覆盖，无论是口服药还是注射剂都涵盖。

And that's where we want to remain modality exhausting, whether it's orals or, injectables.

我们的设备、检测方法、工作流程和团队，确保产品安全有效。

Our equipment and our tests and our workflows and our teams make sure that they're safe and make sure that their efficacy is there.

明白了。

Okay.

那你们会不会跟一些公司直接竞争，比如丹纳赫、阿鲁米纳，或者赛默飞世尔？

So would you be up against companies say like, I don't know, Danaher might be there, Alumina could be there, Thermo Fisher.

你们的主要竞争对手就是这些公司吗？

Are you in in are those are the ones that you come up against?

是的。

Yeah.

我们确实面对不少强劲对手，但我们的核心优势在质量控制和质量保证这一块，也就是下游环节。

We come across you know, we have many fine competitors out there, but our real sweet spot is in QAQC, which is downstream.

所以我们处在检测和研发的最后阶段，确保药物绝对安全，才能放行。

So we're at the very end of the testing and the development areas to make sure they're absolutely, the drugs are absolutely safe and to leave.

这正好是我们最擅长的领域。

So that's right in the sweet spot.

吉姆，你看现在回流制造的趋势，美国和全球都在大力投资生产能力。

And you can see with reshoring, Jim, there's a lot of investment in The US and around the globe in terms of manufacturing capability.

我们的设备、工作流程和软件正是用于这些药物的检测。

And that's where you see our equipment, workflows and our software testing these drugs.

那这个TSA的合同呢？

Now how about this TSA contract?

谁都跟TSA打过交道。

We've all had to deal with TSA.

他们要求必须做到尽善尽美。

They want it to be as good as possible.

你们手上的东西挺有创新性的。

You've got something that's pretty novel.

是的

Yeah.

这是拉曼光谱技术。

So it's a Raman spectroscopy.

这是我们的一项核心技术。

It's one of our key technologies.

如果你在世界杯期间经过机场的二次安检，我们的系统就会被用来保障城市和民众的安全。

And if you go through, the airports for the FIFA World Cup and you go through secondary screening, it's gonna be one of our systems gonna do with keeping, the cities and people safe.

这标志着我们在航空安全与法医领域的一个重要里程碑。

And, it marks a significant milestone in our aviation security and forensics portfolio.

这项技术我们早就有了，现在又在新市场中加以拓展，为我们打开了一个新的市场。

This is a technology we've had and we built on in this new market, so it's opened up a new market for us.

这可不是一次性的项目。

And it's not just a one off.

TSA在安全领域的地位，就像FDA在全球药品监管中的地位一样。

It's it's, it FDA is actually TSA is like the security of what FDA is to global drugs.

所以这带来了明显的溢出效应，实际上我们还在跟其他地区的客户合作。

So there's a clear halo effect, and actually, we're working with other geographies, outside it.

这真的让人很振奋。

So it's really exciting.

这太棒了。

Oh, that's fantastic.

我也知道，你们最初的核心业务是半导体光刻。

I also know, of course, you go back to the original business.

我们谈的是火灾现场检测，我觉得这还跟制造业回流有关。

We talk about semiconductor exposure, talking about something that's in fire, and I also believe it's reshoring.

那你们在这个趋势里扮演什么角色？

So where are you fitting in there?

没错。

Yes.

虽然制造业回流备受关注，但我们在这方面有巨大的机会，正在全球范围内与客户合作，确保他们的实验室在制造业回流到美国时已经做好准备。

So while reshoring gets a lot of attention, you know, we have a big opportunity there, and we're working with our customers globally to make sure that their labs are gonna be ready when the reshoring happens for manufacturing in The US.

但过去几年里，半导体晶圆厂的回流其实已经发生了，这对安捷伦来说已经是实实在在的收益。

But over the last few years, semi fab reshoring has also already happened, and that's a here and now benefit for Agilent.

而且，人工智能热潮和相关的内存芯片短缺，也带来了对半导体产品的强劲需求。

And moreover, the AI boom and related memory chip shortage has a very strong demand for semis.

因此，我们在化学与先进材料市场、光谱产品以及气相色谱质谱联用仪方面，拥有无可比拟的优势。

So we have an unmatched capability in our chemical and advanced materials market, spectroscopy products, and GCMS, gas chromatic graphy mass spectrometry.

我们的业务范围非常广泛多元，而且有着悠久的历史。

So it's very broad and diversified, and we have a long history.

这要追溯到老惠普时代了，吉姆。

It's our heritage back to the old HP days, Jim.

而在这些领域，我们的市场占有率非常高。

And that's something that we're, we have a very high market share on.

下周在质谱学会的ASMS会议上，我们还将推出一项新技术，进一步提升对这些晶圆厂的检测灵敏度。

And actually at ASMS, which the Mass Spectrometry Society next week, we're gonna be launching a new technology that's a even higher sensitivity for those, for those fabs.

现在，我想聊聊一个词，我之前在看你们的材料时注意到，这词我平时很少碰到。

Now, let's talk about a term that I read when I was reading your documents that I usually don't read about much.

客户关系的深度

Customer intimacy.

你们具体是怎么做到的？

What is that that you have?

是的

Yes,

我们非常重视与客户建立深厚的关系

so we believe in building really strong intimacy with our customers.

我们的服务团队实力非常强

So we have an incredibly strong service team.

我们为实验室提供全方位的企业级服务，不仅维护自家设备，还管理实验室里来自多个供应商的仪器运作

We do enterprise services for labs where we not only service our equipment, but look after lab operations with multiple vendors equipment on it.

我们的服务工程师常驻在制药企业、半导体工厂等客户现场

So we have, service engineers that are embedded in pharma sites, embedded in semi fabs, etcetera.

我们做的不只是维修设备，更帮助客户充分挖掘设备潜力，提升生产效率，支持他们探索新的技术方向

And what we really do is not just fixing the equipment, but we help customers get more out of their equipment, get more, productivity, and help them with new modalities.

举个例子，如果现在有回流现象，比如GLP-1相关的QAQC实验室被设在制造工厂里，我们的工程师不仅会安装设备、确保它正常运行，还会确保它高效运转，产出的数据准确可靠。

So for example, if there's reshoring happening with GLP one and a QAQC lab is being set up in a manufacturing facility, our engineers are installing the equipment, making sure it works, but making sure it's productive and making sure the right data comes out.

这一点真的非常关键。

So that's really, really important.

这样一来，客户关系就变得特别紧密，服务业务对我们来说也成了非常出色的业务。

So that creates a lot of intimacy, and the service business is just a fantastic business for us.

这是公司非常重要的一部分，而且未来还会继续如此。

It's a very big part of our company, and it's gonna continue to be.

那Ignite项目对本季度的成功有多重要？

And then how important was Ignite to making this quarter?

Ignite项目至关重要。

Ignite is really important.

我们正在从根本上重塑公司，着眼于未来的增长。

So we're fundamentally changing the company with a view on growth.

我们正在思考如何应对关税带来的冲击，以及你看到的供应链变化。

So we're looking at how we can, take some shocks with tariffs and, of course, with supply chain changes that you see.

Ignite 让我们更能灵活调动全球供应链，快速响应，甚至调整生产布局。

And Ignite has made us more, more, have greater ability to move, you know, supply chains around the world, move fast, remove manufacturing.

我们还在数字技术和人工智能方面投入了大量资源，可以说是非常大的投入。

We're also doing a huge investment, I would say, in digital and AI.

这些产品和创新都在有力推动公司实现增长。

And these all these products and innovation is really moving towards the growth for the company.

所以转型至关重要。

So transformation is really important.

我们之所以在改变，是因为外部世界在变，我们必须变得更灵活、更敏捷。

We're changing it because the world is changing around us and we need to be more nimble and agile.

你从我们当前的创新管线，以及即将看到的 AI 应用就能明显感受到这一点。

And you see that through our pipeline of innovations and what we're gonna be seeing with AI very shortly.

太棒了。

Well, terrific.

再次祝贺你们取得了如此出色的季度业绩。

Congratulations again on just a monster good quarter.

我觉得这些因素全都凑到一块儿了。

I think all these things came together.

有时候确实就是这样。

It's sometimes that's what happens.

没错。

It is.

每一方面都同时到位了，连分析师们都没想到。

Each piece came together all at once and surprised all the analysts.

显然，表现太棒了。

Obviously, terrific.

我要感谢安捷伦科技的总裁兼首席执行官科里·麦克唐纳。

I wanna thank Corey McDonald, president and CEO of Agilent Technologies.

谢谢你，科里。

Thank you, Corey.

很高兴你能来。

It's great to have you on.

谢谢，吉姆。

Thanks, Jim.

好的，来点疯狂金钱。

Okay, Mad Money.

他现在回来继续

He's back here for the

接下来，我们会回答你们的问题，克拉默会补上这个月投资俱乐部会议上没来得及回应的提问。

Coming up, it's your questions answered as Cramer's getting caught up on the ones he missed from this month's investing club meeting next.

本周早些时候，大家可能知道，我们举办了投资俱乐部的月度会议，我和杰夫·马克斯一起为会员们梳理投资决策过程。

Earlier this week, you may know that we held our investing club monthly meeting where Jeff Marks and I get together to walk club members through a decision making process for the portfolio.

我们会讨论当前的投资组合，然后回答会员们的问题。

We discuss our current holdings, and then we take questions from club members.

这其实是我觉得最棒的一个环节，因为说实话，我们平时根本没太多机会和俱乐部成员直接交流。

Now this is one of my favorite parts of the meeting because, frankly, look, we don't get the time to spend a lot with the actual club members.

所以我们只能看你们提的问题，而且连所有问题都看不完。

So we read your questions, and then we don't even get to read all the questions.

所以我特意带了几个新问题过来，直接给你们解答，至少让你们了解我们俱乐部平时都在做些什么。

That's why I brought some more questions right here and give you some answers so you at least get a sense of what we do in the club.

那咱们就从第一个问题开始吧。

So why don't we start with our first question?

这样你们就能清楚我们到底在做什么了。

You get a good sense of what we're doing.

当然，如果你想加入，随时都可以，但我还是想多花点时间聊聊这些问题。

Obviously, if you wanna join, you can just do this, but I wanna let's spend some time with the questions.

我先从马里兰州的莱斯特说起，他问：随着即将上市的IPO越来越多，再加上你对资金紧张的担忧，是不是该在IPO发行前，把整个投资组合减仓10%到15%，多留点现金，等更好的买入机会？

I wanna start with Lester from Maryland who asks, with the pending IPOs coming and your concerns about free money shortages, would it be reasonable to trim 10 to 15% across the portfolio prior to IPOs being issued in order to hold a larger cash position for better buybacks?

感谢你一直以来的支持，也感谢杰夫的分享。

Thank you for all you do and and for Jeff for teaching.

说实话，这个问题非常重要。

Now look, I've gotta tell you, this is a really important question.

我收到过很多类似的问题，来自各行各业的人，都在问：这些即将上市的IPO，我该怎么办？

And I've seen a lot of these from a lot of people from all walks of life saying, what do I do with these pending IPO?

我想参与所有的项目。

I wanna be in all of them.

你需要仔细评估这些IPO，看看它们是否比你手里的股票更好。

You have to look at the IPOs and decide if they're better than what you own.

我不会为了买可能并不出色的股票，而卖出自己手中优质的股票。

I'm not trimming 10 to 15% of a great stock in order to buy a stock that may not be great.

更重要的是，如果我没能在IPO初期进场，而是在上市后才买入，那我告诉你，你投资组合里现有的大多数股票，很可能比这些IPO更值得持有。

And more importantly, if I'm not in on the IPO initial price, if I'm coming in where after it comes public, I am telling you that most of the stocks in your portfolios right now are probably better than those.

所以，别对这些IPO太激动了。

So let's calm down about these IPOs.

咱们一个个分析手里的股票，看看到底是买那些已经大涨的上市股票，还是继续持有你原本的持仓更划算。

Let's look at our stocks on a case by case basis and decide whether it really is better to say buy a stock that's already come public and is all the way up versus some of the stocks you may have.

要逐个分析，各位。

Case by case, people.

逐个分析。

Case by case.

接下来是来自阿拉巴马的李，他想知道，在距离退休还有十年的情况下，是该投资分红股还是成长股？

Next, we have Lee from Alabama who's wondering, is it better to invest dividends or for growth given ten years to retirement?

好的。

Okay.

我经常谈到这个话题，以及如何在任何市场环境下赚钱。

I talk a lot about this and how to make money in any market.

到了这个阶段，我们确实更需要分红收入，但最好是来自成长型股票的分红。

And the answer is, is at that point, we really do want a lot more dividend income, but from growth stocks.

所以我才给你列了八家公司，它们在持续提高分红，同时依然具备收入属性。

That's why I gave you a list of eight companies that are growing their dividend, but they are still income related.

我们需要找到平衡。

We have to balance.

说到底，关键还是平衡。

Again, it's it's set of balance.

我不是说不要成长。

I don't want no growth.

我觉得，直到退休前，你都应该持有成长型股票。

I think that you should own growth stocks right until the end, so to speak.

但你确实需要增加一些收入型配置。

But I do think you need to adjust to more income.

不过别为了收入牺牲了增长潜力。

Don't sacrifice growth though.

现在有来自佐治亚州的贾斯汀说：‘耶！吉姆，我可是你的老粉丝了。’

Now we have Justin from Georgia who says, booyah, Jim, long time watcher and listener.

你经常提到五只股票的投资组合，那你觉得什么情况下算仓位过重，该减仓了？

As you talk more about a five stock portfolio, what would you consider an oversized position that needs trimming?

我当初把CrowdStrike和Alphabet的仓位都减了一些，因为它们快占到我总投资的25%了。

I originally trimmed some of my positions in CrowdStrike and Alphabet as they were nearing 25% of my portfolio.

我这么做对吗？

Was this the right move?

完全正确。

Absolutely.

在五只股票的投资组合里，你需要稍微减仓，这样你才能用市场的钱去操作。

In a five stock portfolio, I need you to pull back a little bit so you can play with the house's money.

你最终的目标是让所有操作都用市场的钱，那时候如果你愿意，还可以再加几只股票，把它们单独放一边。

Your goal ultimately in a five stock portfolio is to get to where you're playing everything with the house's money, and then you can actually add more stocks if you want to, and put those stocks to the side.

我写完书之后就想着，我应该早点说清楚：当你用上市场的钱时，就可以再加一只股票了。

I after I wrote the book, I said to myself, I should have said that one of your goals is when you get the house's money, you can actually add another stock.

你没必要非得只选五只。

You don't have to do just five.

顺便说一下，我选五只其实有点随意，只是发现很多人没时间深入研究七只、八只甚至十只股票。

And by the way, the reason I picked five is a little arbitrary, but I just find a lot of people don't have enough time to look into, like, seven, eight, 10 stocks.

我不希望你变成一只共同基金。

And I don't want you to be a mutual fund.

有共同基金就够了。

We have mutual funds for that.

我们不需要你当共同基金。

We don't need you to be a mutual fund.

接下来是来自北卡罗来纳的谢丽尔提问：我在找一家医疗设备制造商。

Next, we have Cheryl in North Carolina who asks, I'm looking for a medical equipment maker.

如果你觉得时机合适，是选雅培、美敦力，还是波士顿科学？

If you agree the timing is right, should it be Abbott Labs, Medtronic, or Boston Scientific?

波士顿科学上个季度表现很差，因为他们的主打产品卖得不好。

Boston Scientific had a very weak quarter because its primary product did not do well.

雅培收购了这家公司的核心技术。

Abbott Labs bought this exact science.

我也不太确定它将来会变成什么样。

I don't know exactly what it's gonna look like.

美敦力的股价跌得厉害，下周就要公布财报了。

Medtronic has fallen off a cliff, and they report next week.

我们等美敦力发完财报再看，说不定那时就是出手的最佳时机。

Let's look at Medtronic after they report, and then that may be the one that we pull the trigger on.

现在是来自马萨诸塞的史蒂文说：最近几个月，国防类公司似乎都停滞不前了。

Now we have Steven in Massachusetts who says, defense companies seem to have flatlined over the last few months.

有些公司的市盈率还挺合理的。

Some have reasonable PE multiples.

它们都有大量的积压订单。

All have significant backlogs.

世界依然不太平，而这些公司显然在赚钱。

The world remains a dangerous place, and they appear to be making money.

那为什么股价停滞不前呢？

So why the stall?

更重要的是，你对它们的前景怎么看？

More importantly, what's your view on their outlook?

明白了。

Okay.

很多人觉得，政府根本负担不起这么高的国防开支。

Lot of people feel that the government just can't continue to afford this kind of spending on defense.

还有人说，你知道吗？

Other people say, you know what?

周期已经见顶，未来趋势是更便宜、更高效的方案，比如看看普通无人机和那些造价高昂的载人巨型战机之间的对比。

The cycles have peaked, and what we're going toward is cheaper and more efficient, say, let's look, ordinary, say, drones versus manned giant jets that cost a fortune.

我觉得我们要摆脱那些真正昂贵的装备还得花很长时间，所以我才说，如果你想投资这类公司，那就选洛克希德·马丁。

I think that it's gonna take a long time for us to wean ourselves out of the stuff that's really cost a fortune, which is why I say, if you wanna own one of these, you own Lockheed Martin.

明白吗？

Okay?

这在业内是表现最好的。

That's that's the best one in the group.

我并不是在推荐任何国防股，但如果非要选一个，那肯定是它。

And I'm not recommending any defense stocks, but that would be number one.

第二个是RTX，它也有庞大的民用业务，我觉得民用业务可能会救你一命。

And number two would be RTX, which also has a big commercial business, and I think the commercial business may save you.

接下来是来自新泽西的布鲁斯，他打了个招呼。

Next up, we have Bruce from New Jersey who says, hello.

你能分享一下，你是怎么逐步减仓表现不错的持仓的吗？

Can you share your strategy on trimming a position that is doing well?

我会分批买入，从价格高的开始，逐步加仓到价格低的。

I have a series of buys from higher to lower cost that I build a position on.

在决定卖出时，你会选择哪一部分股票？为什么？

When selecting a sell option, which lots of stocks do you select and why?

明白了。

Okay.

我一向倾向于先卖成本高的那部分。

I always like to take high basis.

我选高成本的，是因为我想缴税。

The reason I take high basis, I wanna pay taxes.

我不是非得担心信托税务问题，但我并不想缴税。

I don't have to worry about for chapel trust, but I don't wanna pay taxes.

更重要的是，我总想把成本尽可能压到最低。

And more importantly, I always like to get my basis as low as possible.

我觉得真正重要的，其实有些地方只是人为设定的。

And I do think that what matters I mean, some of that's just arbitrary.

但对你来说，最重要的是别让某一只股票占太大比例，把其他股票都挤没了。

But what matters for you is just don't end up with too much of one stock versus the rest.

明白吗？

Okay?

那样的话，你的投资表现就全靠这一只股票了，而不是看你整个投资组合的基本面。

Then you'll be swinging with that stock and not with the actual fundamentals of rest of your portfolio.

我要感谢所有俱乐部的成员，广告之后，《疯狂金钱》继续回来。

I wanna thank you to all club members, and Mad Money is back after the break.

接下来，他是华尔街反应最快的人，我们要在大家的帮助下考验他一下。

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

该到时间了。

Is time.

现在进入闪电问答环节。

It's time for the light belt.

再见了。

Bye bye bye.

我的脚步在播放声音。

My step is playing the sound.

接下来，闪电问答环节结束了。

And then the lightning round is over.

你准备好迎接闪电问答了吗？

Are you ready skiing day to light round.

我们先从纽约的比尔开始。

Let's start with Bill New York Bill.

嘿，吉姆。

Hey Jim.

非常感谢你接这个电话。

Thanks so much for taking the call.

当然可以。

I just Of course.

今天聊聊Clover Health这家公司。

Today about Clover Health.

他们的发展速度简直惊人。

They've exploded.

我运气不错。

I got lucky.

我是四月份加入的。

I got in around April.

但考虑到

But considering

我知道这公司不错。

I know it's good.

但别忘了，上个季度表现并不好。

But remember the quarter wasn't good.

上个季度确实不理想。

The quarter was not good.

所以你现在完全是基于推测在判断。

So you're in pure spec mode there.

收入还行，但利润没跟上。

The revenues were okay but the earnings were not there.

所以我对它股价上涨这事持保留态度，毕竟上个季度表现并不好。

So I take him with a grain of salt that it's moved up because it was not a great quarter.

我们接一下来自内布拉斯加的埃里克。

Let's go to Eric in Nebraska.

埃里克。

Eric.

嗨，吉姆。

Hey Jim.

第一次打电话，也是新听众。

First time caller new listener.

好的。

Okay.

只是想说声谢谢，感谢你所做的一切。

Just want to say thank you for all you do.

哦，谢谢你。

Oh thank you.

非常感谢。

Thank you very much.

我的问题是关于m KR的。

My question is on a m KR.

如果它还没有另外

If, it has not had another

但正确的那种封装应该是半导体封装。

But the right kind of patching is semiconductor patching.

我更喜欢楷登，也很看好英特尔在谭立武领导下正在崛起的封装业务，他以前可是掌管楷登的。

I do prefer cadence though, and I like the burgeoning burgeoning, packaging division of Intel under Lip Bu Tan who used to run cadence.

我们接下来连线加州的斯科特。

Let's go to Scott in California.

斯科特。

Scott.

我们是抵押银行家吉姆·克雷默。

We are Jim Cramer in mortgage banker here.

我退休账户里持有EFC十二年了，股价跌了三成，但股息一直很稳。

I've owned EFC for twelve years in my retirement account down about 30 but the dividend has been solved.

我的问题是，对你来说这一直是个抵押贷款。

Well my problem is this that's been a mortgage for you.

每当我看到这些抵押金融公司，我都不清楚它们到底持有啥资产。

When I see these mortgage finance companies I never know what they really own.

所以我从来不敢给出什么靠谱的建议。

So I never feel like I can give any good guidance.

因此，即使它们的收益率很高，我也不推荐。

So that's why I do not recommend them even though they have very big yields.

对我来说不适用。

Not for me.

我们来听听来自阿肯色州的戴维。

Let's go to David in Arkansas.

戴维。

David.

嗨，我是长期听众，第一次打电话过来，大拉齐尔向你问好，老兄。

Hey there longtime listener first time caller big Raziel back to you buddy.

谢谢。

Oh thank you.

最近怎么样？

What's going on.

不客气。

You're welcome.

最近大熊AI的交易量很大，但没什么官方消息。

There's a lot of volume going recently on big bear AI and not a lot of announcements.

我怀疑这纯粹是投机行为。

I'm wondering Total spec.

Total Spec一直在大把大把地亏钱。

Total spec because it loses money hand over fist.

我不会推荐它，但如果你只是想赌一把，那也无所谓。

I can't recommend it, but if you wanna speculate on it, that's fine.

各位，这就是闪电环节的全部内容了。

And that, ladies and gentlemen, is the conclusion of the lightning round.

闪电环节由嘉信理财赞助。

The lightning round is sponsored by Charles Schwab.

随着日历翻到六月，别让你的投资组合陷入低迷。

Coming up with the calendar turning to June, don't let your portfolio fall into a swoon.

别走开，接下来是克莱默的顶级建议。

Stick around for Cramer's top tips, next.

昨晚，我在新泽西州马布尔伍德的本地书店Words，采访了《我不是机器人》的作者、NBC新闻首席科技分析师乔安娜·斯特恩。

Last night, interviewed Joanna Stern, the author of I Am Not a Robot and chief technology analyst for NBC News at our terrific local bookstore, Words, in Maplewood, New Jersey.

我们没多久前刚请乔安娜上过节目。

We had Joanna on the show not that long ago.

她还和以前一样有趣又富有洞见。

She was as fun and as insightful as ever.

就是特别让人愉快。

Mean, just enjoyable.

但我觉得不可思议的是，自从她上次上节目以来，短短时间内，人工智能领域已经发生了这么多变化。

What I found incredible though was in the short time since she was on our show, so much has already changed in the AI world.

真惊人。

Wow.

比如这个‘基因AI’的概念。

Take this concept of a genetic AI.

当时我问了她一个问题，她正在回应。

Well, Joanna was fielding my question.

她说，就在那一刻，有个助手正在帮她整理资料，为下一期专栏做准备。

She told me she had an agent working for her at that very moment, helping her pull together some information for her next column.

她提到自己一直在用Quad处理大量工作，这挺让人意外的，因为我原以为她对用哪个聊天机器人其实无所谓。

She talked about how she's been using Quad for so much of her work, a big deal since I thought she was kind of agnostic about which of the chatbots she prefers.

我以前一直用Gemini和ChatGPT，但今天一整天都在用Quad，发现它现在比上次我试的时候靠谱多了。

I've been a Gemini and chat GPT guy, but all day today, was using Quad, and I find Quad much better informed than the last time I checked it out.

不过呢，还是会出点错。

Although, can still make some mistakes.

难怪Anthropic——也就是Quad的母公司——刚融了六千五百亿美元，估值高达九千六千五百亿美元。

But no wonder Anthropic, Quad's owner, just raised $65,000,000,000 at a $965,000,000,000 valuation.

三个月前，他们才融了三千亿美元，估值三千八百亿。

Three months ago, it raised 30,000,000,000 at $380,000,000,000 valuation.

我当时真羡慕Joanna和她的AI助手。

I was jealous of Joanna and her AI agent.

于是我暗下决心，这个周末就给自己也弄一个助手。

So I made a mental note that I'm gonna create an agent this weekend.

说不定干脆弄两个，免得一个忙不过来。

Maybe I'll create two agents in case one gets busy.

我手头上的事儿太多了。

I have a lot of jobs.

也许我该弄一整个团队，分几个给总是持怀疑态度的戴维·费布尔，让他周一早上在街上嚷嚷去。

Maybe I should get a whole fleet of, share some of them with the always skeptical David Fable squawk on the street on Monday morning.

但斯特恩说我不需要人形机器人。

But Stern said I don't need a humanoid robot.

它们进步太慢了，实用性也实在有限。

They aren't improving fast enough and they simply aren't all that functional.

能做的事太少了。

They can't do enough.

说实话，我以为每个月它们都会变得更实用一些，可听上去机器人还是搞不定那些小事，比如叠衣服。

I, look, I thought that each month they were getting more and more useful, but it sounds like robots still can't make them better, fold things.

所以，它们大概不值得我花钱。

And so they're probably not worth my money.

她说，最近几个月最大的变化是，AI在医疗领域的表现越来越好。

The biggest change in the last few months, she says that AI keeps getting better and better when it comes to health care.

它能发现很多人类察觉不到的问题，尤其是癌症方面。

It catches so many things that humans can't, especially when it comes to cancer.

现在AI在和病人讨论健康问题时也聪明多了。

It's also become much smarter about discussing health issues with patients.

看来有人终于意识到，连机器也需要好的沟通方式。

I guess somebody realizes that even machines need a good bedside manner.

不过话说回来，让AI说点我们爱听的话，真有那么难吗？

Then again, how hard is it for AI to tell us what we really, we wanna hear?

我的意思是，听我说件事。

I mean, look, let me tell you something.

我最近最烦的就是那些网站，动不动就太远了，简直太谄媚了。

My biggest problem these days with sites is that they're often too far they're just too sycophantic.

她解释说，这些网站能有多好，取决于它们被训练的数据，而那些数据里头，奉承人早就成了常态。

She explained that the sites can only be as good as what they're trained on, and the vast body of thoughts they tap into favor sucking up as an MO.

当我们开放提问时，老生常谈的问题又出现了，大家情绪都很激动。

When we opened the floor to questions, the same issues we keep hearing about came up and people were pretty heated.

他们想知道，那些依赖度很高的初级岗位，以后会怎么样。

They wanted to know what will happen to the entry level jobs that so many people count on.

他们担心那些用来读X光片和核磁共振的机器人，会抢走人们以前靠这份工作谋生的饭碗。

They're worried about the same bots that that examine x rays and MRIs will take away the jobs that people used to do that work.

那他们还能去哪儿呢？

Where will they go?

以后靠什么生活？

What will they do?

当然，他们还担心数据中心耗水严重、电费暴涨，却对当地社区毫无回馈。

And of course, they're worried about the data centers wrecking water and jacking up electric rates, not helping the communities they build it.

我提到，我觉得问题出在政客身上，他们没向大型云服务商施压，要求它们承担更多责任。

I mentioned that I blame the politicians for not asking for more from the hyperscalers and neo cloud companies to build these things.

这些云服务商其实完全可以学学纽柯钢铁公司，那家大企业建厂前都会花大量时间跟社区沟通协调。

Of course, the hyperscalers could afford to be more like Nucor, the giant steel company that spends so much time working with community at sites before it builds a plant.

如果它们能更主动一点，很多问题本来都能避免。

They could avoid a lot of these problems by being more proactive.

就算地方民意代表没尽到责任，它们也该逼着这些云公司要么掏钱补偿，要么另选地方。

Even if local polls aren't doing their jobs, they should be telling the hyperscalers to pay up or hit the road.

我现在得说，这个新世界里，短短几个月的变化真让人应接不暇。

Now I gotta tell you, it's tough to keep up with a couple of months of change in this new world.

但不管怎样，我觉得你还是得试着去适应。

But no matter what, I think you have to try.

我就想用我能理解的方式去做，就像乔安娜教你的那些东西。

I just wanna do it in some way I can understand like the stuff that Joanna teaches you.

说到底，和我遇到的很多专业人士不一样，我觉得AI永远不可能成为我的本能。

In the end, unlike so many of the professionals I meet, I don't think AI will ever be my second nature.

不过有一件事我很欣慰，对一些年轻人来说，AI早就成了他们的本能。

But one thing I'm glad about, for some younger people, AI has become first nature.

如果你像我一样，用自己的视角看世界，你就能始终领先一步，说不定还能更满足于自己的生活，把AI当成第三本能。

If you live your life through your own lens like I do, you'll always have an edge on the people and probably be a lot more satisfied with your own lot in life if you make it maybe your third nature.

我相信总会有机会的，我向你保证，就在这档《疯狂金钱》节目里，我会帮你找到它。

I'd like to say there's always market somewhere, and I promise to find it just for you right here on Mad Money.

我是吉姆·克莱默，周一见。

I'm Jim Cramer, I'll see you Monday.

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或其母公司、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，而仅应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资讯，但CNBC及其关联公司和子公司不保证其完整或准确，也不应依赖这些信息做出决策。

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

如需查看完整的《Mad Money》免责声明，请访问 cnbc.com/MadMoneyDisclaimer。

To view the full Mad Money disclaimer, please visit cnbc.com forward slash Mad Money disclaimer.

星期二，华盛顿特区的《Squawk Box》节目。

Tuesday, Squawk Box in Washington, DC.

现场采访那些制定政策、影响市场的政界人士和领袖人物。

Live interviews with the politicians and leaders shaping policy and moving markets.

《Squawk Box》华盛顿特区版，星期二早上6点东部时间，CNBC。

Squawk Box in DC, Tuesday, 6AM eastern, CNBC.