Mad Money w/ Jim Cramer 6/16/26

但吉姆，我真的想不通，市场怎么会对这款产品这么苛刻，毕竟大家早就盼着能有一款支持完整增强现实的AI可穿戴设备了。

But, Jim, I can't believe the street is punishing this when they've been begging for an AI wearable with full augmented reality.

月活跃用户十亿，市值却还不到一千亿美元。

1,000,000,000 monthly users, less than $10,000,000,000 market cap.

这到底是福是祸？

Is this a gift or a curse?

我觉得，不管这家公司做什么，现在都已经彻底被贴上了‘让人失望’的标签。

Well, I think that the company itself has now cemented itself as a disappointer no matter what they do.

我知道这么说可能有点狠，也不太公平。

And I know that's probably cruel, probably not fair.

我今天看了CNBC的那段报道，感觉还挺有意思的。

I watched the segment that was on today on CNBC, seemed interesting.

但你知道吗？

But you know what?

他们在投资者心里已经没什么信誉可言了。

They do not have credibility on the street.

我坚信自己拥有Meta的智能眼镜、头显和普通眼镜。

And I am a big believer that I happen to have metas, goggles, glasses.

我全都有。

I have all of them.

我既有像墨镜那样的款式，也有日常佩戴的普通款。

I've got the ones that are sunglass, but also the ones that are regular.

我喜欢Metta。

And I like Metta.

我觉得该买Metta，而不是Snap。

And I think Metta is the one to buy, not snap.

我们连线一下加利福尼亚的汤姆。

Let's go to Tom in California.

汤姆。

Tom.

汤姆？

Tom?

嘿，吉姆。

Hey, Jim.

太棒了，汤姆。

Booyah, Tom.

最近怎么样？

What's up?

你好，我可是你的老听众，第一次打电话来。

Hey, long time listener, first time caller.

第一，说说你对Meta的看法。

One, get your take on Meta.

我知道。

I know.

说吧。

Go ahead.

好的，来说说Meta。

Alright, Meta.

我再聊聊另一位专家，Meta，因为刚才我说过我喜欢Meta。

Well, I'll talk about another expert, Meta, because I just said I like Meta.

Meta正在做一个项目，我们之前在《Bad Buddy》里介绍过。

Meta is doing a program that we've that we've featured on Bad Buddy.

黛娜·鲍威尔·麦科密克正在做一件了不起的事，帮助中小企业和年轻人——其实说是帮助所有人——学习掌握各种技术工种。

Deana Powell McCormick is doing some amazing things to help small, medium sized businesses and and younger well, actually, everybody to learn how to do trades.

没错。

That's right.

比如当电工、当水管工，或者去数据中心工作。

To learn how to be electrician, to be a plumber, learn how to work in a data center.

我怎么夸赞他们都不为过，因为他们愿意为你垫付学费，只要你愿意成为技术工人。

And I can't salute them enough because it's gonna make a big difference because they're putting the money up for you if you wanna be a tradesperson.

好的。

Alright.

谢谢你的来电。

Thank you for calling in.

劣质资金又回来了。

Bad money is back afterward.

接下来，看看Yum!品牌现在是什么样子。

Coming up, what will Yum!

在剥离了必胜客之后，Yum!品牌现在看起来怎么样？

Brands look like now that it has cut out Pizza Hut?

克拉默接下来要采访首席执行官。

Cramer's digging in with the CEO next.

这几周的情况。

The be weeks.

今天早上，Yum!品牌正式宣布了。

This morning, Yum!

Yum!品牌，我一直很喜欢的公司，终于正式公布了。

Brands, long one of my favorites, made it official.

这家拥有肯德基、塔可钟和必胜客的餐饮公司，决定出售必胜客。

The restaurant company line KFC, Taco Bell, and Pizza Hut has decided to sell off Pizza Hut.

非中国业务以大约15亿美元的价格卖给了长期资本公司，而中国大陆业务则以12亿美元转让给百胜中国。

The non China business goes to Long Range Capital as a private equity firm paying roughly 1,500,000,000, while the Mainland China business goes to Yum China for 1,200,000,000.

这可是一大笔钱啊。

Oh, that's a big chunk of change here.

与此同时，百胜董事会批准了40亿美元的股票回购计划——这大约占公司当前市值的9%，力度不小。

At the same time, Yum's board of directors approved a $4,000,000,000 buyback, which is equal, by the way, to roughly 9% of the company's current market caps is meaningful.

我觉得这步棋走得很聪明。

I think this is a brilliant move.

肯德基一直表现得很稳。

KFC has been solid.

Topgolf和塔可钟表现很棒，但必胜客拖了后腿。

Topgolf Bell's terrific, but Pizza Hut has been a drag.

我们来连线一下百胜的首席执行官克里斯·特纳，

So let's check-in with Chris Turner, the CEO of Yum!

听听他对这笔交易和公司未来方向的看法。

Brands, to get a better sense of this transaction and where the company's headed.

特纳先生，欢迎再次做客《赚钱之道》。

Mister Turner, welcome back to Made Money.

吉姆，能和您交流真是太好了。

Jim, it's fantastic to be with you.

谢谢您抽出时间。

Thanks for making time.

很高兴您能来，因为我觉得现在剩下的这两个核心品牌，其实都有很强的盈利潜力。

Well, I'm so glad you're with us because you know I think that this is one of those situations where the two, well, main main brands that are left are really capable of having terrific earnings power.

您觉得为什么披萨 hut 难以扭转局面呢？

What made you think that it was just maybe too difficult to turn around Pizza Hut?

咱们先聊聊那些表现不错的主力品牌吧。

Let's go with the main ones that are doing well.

其实，除了披萨 hut，我们还有三个非常出色的品牌，而披萨 hut 本身也是一个了不起的品牌。

Well, look, we have three terrific brands outside of Pizza Hut, and then Pizza Hut is a tremendous brand.

我特别喜欢这个品牌，因为很多年前，我第一次和我妻子约会，就是去的披萨 hut。

I love that brand going back to my first date with my wife many years ago.

但当我接手这个职位时，我们评估了必胜客所需的改变，发现必须采取大胆果断的行动。

But as I was coming into the role, we assessed what Pizza Hut needed, and it needed big bold action.

在全面评估了各种战略选项后，我们认为最正确的做法是把必胜客从百胜集团剥离出去。

And the right thing as we conducted our review of strategic options was to position Pizza Hut outside of Yum.

我们在大中华区以外和百胜中国之外，都有长期的资本布局。

We've got long range capital outside of Mainland China and Yum China in China.

这样安排能让必胜客在未来实现更大的增长。

This positions Pizza Hut for even greater growth going forward.

对百胜来说，这让我们能更集中精力发展另外三个品牌。

And for Yum, it allows us to focus even more on those three brands.

其中最大的两个当然是塔可钟和肯德基。

Course, the two biggest there are Taco Bell and KFC.

它们面前有巨大的发展空间，我们正在讨论如何提升标准、争夺未来消费者、优化门店盈利模式，以及充分释放技术生态系统的潜力。如果我们能更专注地投入这些品牌，增长将大幅提升。

They have incredible white space opportunities in front of them, and we're talking about raising the bar, battling for the future consumer, accelerating restaurant economics, and reaching the full potential of bite in our technology ecosystem, if we can do that with even more focus on those brands, we're gonna accelerate growth in a huge way.

那我们来聊聊塔可钟吧。

Well, let's talk about Taco Bell.

这真是一个了不起的成功案例。

It's really one of the great success stories.

但它的成就却远没有得到应有的认可。

It does not get nearly enough credit.

这些数据简直惊人。

The numbers are extraordinary.

我觉得它在所有餐饮连锁中肯定排得进前10%。

I don't it's gotta be in the top decile of of what the restaurant chains are doing.

这些数字真的太出色了。

Those numbers are are amazing.

你们是怎么做到单店销售额实现这么高的个位数增长的？

How are you able to get such a high single digit same store?

你看第一季度，按两年期算，塔可钟的同店销售额增长了18%，远远领先于美国整个行业。

Oh, you know, Taco Bell, you look at q one, as you said, on a two year basis, 18% same store sales growth, far ahead of the industry in The US.

这是因为塔可钟的独特模式正在发挥作用，精准满足了当前消费者的需求。

And it's because Taco Bell's magic formula is working and delivering what consumers need in this environment.

首先，你得有个热门又酷的品牌。

First, you gotta have a buzzy, cool brand.

塔可钟就是这样的品牌。

Taco Bell is that.

你得有让人想吃的美食。

You gotta have craveable food.

你得有数字化支持的便捷体验，还得有超值的价格。

You gotta have an easy convenient experience powered by digital, and you gotta have great value.

如果你能把这四点都做到位，消费者自然会涌来，而且特别喜欢你的品牌。

And when you do all four of those things together, boy, the consumers show up and they love your brand.

当然，塔可钟在海外的增长也越来越快。

Of course, Taco Bell is increasingly growing outside The US.

世界杯期间最让人开心的事之一，就是迎接来自世界各地的游客来到美国。

One of the most fun things about the World Cup has been welcoming these visitors to The US from around the globe.

我不知道你有没有在社交媒体上看到过。

I don't know if you've seen on social media.

很多人是第一次来光顾塔可钟。

Many of them are going and visiting Taco Bell for the first time.

现在世界各地的人，附近很可能就有家塔可钟。

Of course, now when you live around the world, there's a good chance that there's gonna be a Taco Bell close to you.

目前我们在美国以外已经有1200家塔可钟门店。

We now have 1,200 Taco Bells outside The US.

增长空间巨大。

Massive growth opportunity.

将来全球各地应该有成千上万家塔可钟。

There should be thousands and thousands and thousands of Taco Bells around the globe someday.

我们现在就有肯德基这个例子。

Well, we have it right now with KFC.

你去看看就知道了。

At some time look.

肯德基有时候表现很好，有时候就没那么好。

There are periods when KFC is strong and periods where it's not as strong.

我知道你现在对肯德基有点不满，不过比起其他品牌，它还是好不少。

I know that you're a little unhappy with with KFC right now, although it's still more positive than a lot of others.

你打算怎么重新点燃这个品牌的活力？

What can you do to reignite that brand?

说实话，肯德基现在有不少超值优惠，真的挺吸引人的。

Because, boy, they've got some great you've got some real deals going on right now with KFC.

是的，没错。

Oh, yeah.

肯德基这个品牌实力很强。

Look, the KFC brand is a powerhouse.

它是我们的最大品牌。

It's our largest brand.

全球一共有三万四千家肯德基门店。

There's 34,000 KFCs around the globe.

其中只有大约三千五百家在美国。

Only about 3,500 of those are in The US.

我们正在努力提升美国市场的业绩。

We're working hard to drive better performance in The US business.

但在国际市场，我们势头非常强劲。

But in the international markets, we have tremendous momentum.

几周前，我去了韩国。

Couple of weeks ago, I was in Korea.

那真是肯德基品牌实力的绝佳体现。

That is an incredible manifestation of the KFC brand.

说到提升标准、争夺未来消费者，

You talk about raising the bar, battling for the future consumer.

我们之前聊过的那些举措，现在都正在落地。

The elements we talked about earlier, that's coming to life.

在韩国，他们的销售额在过去三年里翻了一倍。

In Korea, they've doubled their sales over the last three years.

这周晚些时候我去英国，那里几个月前刚搞过有史以来规模最大的限时促销——泡菜狂潮。

I'll be in The UK later this week where we had our biggest LTO promotion ever a few months ago, pickle mania.

但KFC英国市场表现非常火爆，而全球范围内，我们平均每三个小时就新开一家KFC门店。

But KFC UK has been on fire, and you're seeing us we still build a new KFC every three hours somewhere around the globe.

KFC团队在推动这一增长方面做得非常出色。

The KFC team is doing a tremendous job driving that branch.

那你接下来打算怎么做？

So what are you gonna be able to do?

你有这么多机会，却还在犹豫，觉得股票值得再加把劲儿。

You have you have so much opportunity, but you're still deciding that the stock deserves some quest a a little love here.

你们宣布的股票回购规模可不小啊。

That's a very big serious buyback that you announced.

是的，没错。

Well, yeah.

吉姆，我们一直很擅长把资本回报给股东。

You know, Jim, we have always done a great job returning capital to our shareholders.

我们的首要任务是投资机会，只要有好的项目，我们一定会抓住。

Our priorities first and foremost, if they're investment opportunities, we're gonna take them.

去年，我们把塔可钟美国门店重新收归旗下，因为我们都坚信塔可钟这个品牌。

Last year, we made a big acquisition of Taco Bell US stores that we brought back in house because we believe in the Taco Bell brand.

第二优先级是保持健康的资产负债表。

Second priority is to maintain a healthy balance sheet.

第三，我们会提供有竞争力的股息。

Third, we pay a competitive dividend.

第四，剩下的资金我们会通过股票回购返还给股东。

And fourth, anything that remains, we return to our shareholders through repurchases.

当然，这笔交易还会带来一些资金，董事会也很好地批准了40亿美元的股票回购授权。

And, of course, we're gonna have some proceeds from this deal, and the board did a great job in approving a $4,000,000,000 repurchase authorization.

所以这将成为我们未来计划的重要部分。

So that'll be a big part of our plan going forward.

克里斯，我关注贵公司到现在，大概有二十年了，数字化一直对你至关重要。

In the time, Chris, since I've been following your company, it's been about twenty twenty four years now, digital has been really important to you.

现在我看到你们开始用人工智能了。

AI, now I'm seeing AI.

我在想，这不就是AI吗？

I'm wondering whether this isn't the AI.

NVIDIA曾经跟我说过，他们会做到让点餐系统能用27种语言交流。

NVIDIA once told me, look, we're gonna be able to make this so that when you have drive through, it can speak 27 language.

很多公司都试过了，但你们真正把AI用到了实处。

Many companies took them up on it, but you are putting a lot of AI to work.

没错。

We are.

我们的数字业务现在已经占到全球业务的六成。

You know, our digital business is now 60% of the global business.

去年，我们的电商营收达到了四百亿美元。

Last year, we had a $40,000,000,000 ecommerce business.

这个规模真是不得了。

That's tremendous scale.

几年前，我们就启动了AI的布局。

We started the AI journey a few years back.

我们对所有高层管理者进行了培训，教他们如何把人工智能真正融入业务中。

We trained all of our senior leaders on how to think about bringing a life in the business.

当然，这一切都离不开人才和企业文化的支持。

And, of course, we are powered by talent and culture.

所以我们是以人为本的方式，让人工智能真正活起来。

So we're bringing AI to life in a very people centric way.

我们还经营着餐饮业务，顾客一再告诉我们，真正的服务始于人与人之间的连接。

You know, we also run a hospitality business, and our consumers tell us over and over again that hospitality starts with a human connection.

要是餐厅里一个员工都没有，那感觉也太怪了。

It'd be a little creepy to have a restaurant with no team members in it.

因此，我们的AI战略聚焦于赋能一线员工，让他们在餐厅里提供更好的服务，也让所有员工能更轻松、更高效地完成工作。

So our AI strategy is focused on empowering our team members to deliver a better experience in the restaurants and empowering all of our team members to do their jobs in an easier, faster, more productive way.

这才是我们希望从AI那里听到的。

That's what we wanna hear from AI.

我们不关心AI会不会取代工作。

We don't hear job loss.

我们听到的是工作变得更好。

We hear job better.

最后一点，我知道当油价上涨时，消费者受到了影响，你提到过这一点。

Last thing, I know the consumer took a hit when gasoline went up, and you talked about that.

你非常坦诚地谈到了那些障碍，尤其是对这个国家经济压力较大的人群。

You're really up front about things that have been obstacle, particularly for the people who are a little more stretched in this country.

现在情况会迅速好转。

Now it's gonna come down fast.

你觉得会迎来明显的反弹吗？还是说你担心企业不会像应该做的那样降低油价？

Do you think there'll be a nice rebound or is it you did or do you are you afraid that the that the companies won't lower the the oil cost like they should?

嘿，吉姆。

Hey, Jim.

我们的品牌能在任何环境下满足消费者的需求。

Our brands can deliver what the consumers need in any environment.

我们长期以来已经证明了这一点。

We've shown that over our long history.

以美国的塔可钟为例。

You take Taco Bell in The US.

塔可钟始终专注于满足消费者的需求。

The the Taco Bell is always focused on delivering what the consumer needs.

这是一个真正以消费者为中心的品牌。

It's such a consumer centric brand.

如果你在找性价比，可以看看他们的高端平价菜单，有1.02美元和3美元的选项。

If you're looking for value, you know, you can go to that luxe value menu, $1.02, $3 items.

五美元、七美元和九美元的套餐，塔可钟菜单上这些都物超所值。

The the luxe cravings meals, five, seven, and nine, tremendous value on the Taco Bell menu.

但他们的菜单更新也一直在推出很多令人兴奋的新品。

But there's also always a lot of exciting innovation that's coming down from a menu innovation schedule.

上周末我在塔可钟吃了一顿特别棒的饭。

I had a tremendous meal at Taco Bell over the weekend.

鸡肉卡尼塔卷饼。

The chicken cantina rolled quesadilla.

如果你还没试过，赶紧去尝尝吧。

If you haven't had that yet, go ahead.

没有。

No.

我还没吃过。

I haven't.

每次我们外出吃饭，总少不了去你那儿，有时候晚上出去玩，第二天就直接奔你那儿了。

And I think it's time we we happen to hit your place every time we've sometimes we have good night's out, and then I the next day we hit you.

说实话，我们这样的人不在少数。

I mean, it just happens to be what we're not alone in that.

这事儿我可是坚持了四十年了。

Something I've been doing for for forty years of my life.

克里斯·特纳，Yum Brands的首席执行官。

Chris Turner, CEO of Yum Brands.

克里斯，恭喜你。

Chris, congratulations.

这可是个大动作。

This is a very big move.

我一直呼吁这么做，你真的去做了。

And, you know, I called for it for a long time and you went and did it.

我真心为你这个决定点赞。

And I I applaud you for making the move.

见到你真好。

Great to see you.

非常感谢，吉姆。

Thanks so much, Jim.

见到你真好。

Great to see you.

今天是百胜和必胜客的一个重要里程碑。

Big milestone today for Yum and for Pizza Hut.

我们对将来充满期待。

We're looking forward to the future.

你们看看Darden公司，当初他们决定退出红龙虾，专心做橄榄园餐厅时，发生了什么。

Guys, take a look at what happened to Darden when they, decide to go away from Red Lobster and they just decide to focus on on Olive Garden.

这情况可能也会一样。

This could be the same thing.

这已经足够了。

It's gonna be enough.

我们这儿还有资金支持。

We have money back here.

马上来。

Coming

你刚才打电话来，是想了解Xometry这家公司。

up, you called looking to learn about Xometry.

接下来，克拉默会直接找高层问个明白。

Now Cramer is going straight to the top brass to get the answers next.

上个月，加利福尼亚的布莱恩问过关于Xometry这家公司的事。

Last month, Brian in California asked about a company called Xometry.

这是一个专为定制制造打造的AI原生平台。

That's an AI native marketplace for custom manufacturing.

我跟他说，这个领域我很感兴趣，但对业务还不够了解，没法推荐。

I told him I like the space, but I didn't know the business well enough to recommend it.

所以我邀请了他们的首席执行官来节目做客，他欣然接受了。

So I extended an open invitation to the CEO to come on the show, and he took us up on it.

这只股票今年迄今已经上涨了近45%，过去十二个月更是涨了180%。

Here's the stock that's up almost 45% year to date, a 180% over the past twelve months.

只要你从事制造业，哪怕是个小企业，需要定制零件，Xometry都能帮你找到各种零部件和组件。

Now if if you're any kind of manufacturer, even a smaller business that needs something custom made, Xometry can help you source all kinds of parts and assemblies.

他们是第一个把整个流程数字化的企业。

They're the first to digitize this entire process.

上个月，公司发布了亮眼的季度财报，还宣布与西门子达成一项重大合作，包括五千万美元的投资。

Last month, the company reported blog quarter and also announced a major partnership with Siemens, including a $50,000,000 investment.

我觉得这绝对是强有力的背书。

I think that's a major endorsement.

那我们接下来请兰迪·奥尔特舒勒详细聊聊。

So let's take a closer look with Randy Altschuler.

他是Xometry的联合创始人兼首席执行官。

He is the cofounder and CEO of Xometry.

奥尔特舒勒先生，欢迎来到《疯狂金钱》节目。

For more, mister Altschuler, welcome to Mad Money.

非常感谢您的邀请。

Thank you so much for happy.

创业之初，根本不敢想有一天能上《疯狂金钱》，这简直太棒了。

You know, when you start the company from zero, imagining you'll be on Mad Money is awesome.

谢谢。

Thank you.

请说。

Please.

贵公司非常出色。

Your company is excellent.

我想让大家了解到，这其实是一个双向的平台，过去AI根本不可能做到这一点，因为太多公司嘴上说用AI，实际上根本不是。

I want people to hear about the two sided nature of it and how it really wasn't possible for AI because so many companies say they do AI and they don't.

这对制造商和客户来说，都是梦想成真。

And this is a dream come true for both manufacturers and for customers.

没错。

Yes.

这是一个巨大的市场。

So it's a huge market.

每年有超过两千七百五十亿美元花在定制零件上，但以前全都是线下操作。

Over 275,000,000,000 spent on custom parts, and it was offline.

整个流程都是手工的。

It was analog.

你们用AI来判断客户的需求能不能实现，

And you've got customers who we use AI, as you mentioned, to create a tell them if you can make it.

还能立刻报出价格。

Tell them a price for it.

告诉他们谁真能生产出来。

Tell them who can actually manufacture it.

我们的客户涵盖各个行业的领军企业，从航空航天、半导体、科技到工业领域，而制造商则是美国成千上万的小型制造商。

And our customers are leading companies in all sorts of industries from aerospace to semiconductors, technology, industrial, and then the manufacturers are hundreds of thousands of small manufacturers here in The United States.

98%的制造商都是小微企业。

98% of manufacturers are small businesses.

我们通过线上平台为他们带来业务。

We give them business by joining our online platform.

现在人们才开始意识到，之前其实进展挺慢的，对吧？

Now people have realized before you, I mean, there's a slow bit slight right?

你根本不知道接下来会发生什么。

You don't know what's gonna happen.

事先没有任何保障。

There's no checkout ahead of time.

我们也不清楚。

We don't know.

你们会验证每一个人。

You validate everybody.

但我觉得最了不起的是，你们的失误率特别低。

But the main thing that I thought was incredible was that you have a very small miss rate.

你们能预测出来，结果也真的会应验。

You predict it, and it comes back.

确实如此。

It does.

这真的很厉害。

It's really awesome.

这是因为我们已经做了整整十三年了。

And and that's because we've been, you know, doing this now for thirteen years.

我们一直用真实的客户数据来训练算法。

We've been training our algorithms on real life outcomes.

客户到底在找什么？

What are customers looking for?

他们订单的结果是什么？

What are the outcomes of their orders?

制造商能做些什么？

And what can manufacturers do?

这帮助我们不断提升准确率。

So that helps us become increasingly accurate.

随着准确率提高，你的毛利也会更好，出错的订单也更少，那些误判的损失也就跟着减少了。

And as you get more accurate, you actually end up having better gross margins and have fewer misses that you do eat if you

如果没预测准，那才会有损失。

don't if it doesn't work.

没错。

Exactly.

自2020年以来，我们的收入年复合增长率达到了37%。

So since 2020, our revenue has grown 37% CAGR.

随着我们越来越精准，毛利率的增长速度甚至更快。

Our gross profit is actually growing even faster as we become more and more accurate.

我觉得大家得明白，西门子是其中

And I think people need to understand that Siemens is one

最顶尖的制造商之一。

of the greatest manufacturers on earth.

能得到他们的认可，这可是件大事。

For them to give you that imprimatur is a major thing.

跟大家说说，有他们这样的公司加入团队意味着什么。

Tell people what it means to have a company like that on your team.

是的。

Yeah.

非常令人兴奋，作为一家领先的制造业软件企业，这使他们能够将数字线程从设计延伸到制造再到采购。

Super exciting, a leading software business for manufacturing, and this enables them to extend their thread, their digital thread from design to manufacturing to procurement.

所以我们直接嵌入到了西门子的软件中。

So we're being embedded directly in the Siemens software.

他们拥有数百万用户。

They have millions of users.

这对我们来说是个绝佳的机会，能接触到数百万用户，获得全球范围的曝光。

It's a great opportunity for us to get exposure to the millions of users and and global exposure.

我想让大家知道，我曾经开过两家餐厅，当时特别想弄一排啤酒瓶盖墙，觉得这会特别有意思。

Well, I want people to know, for instance, I I at one point owned two restaurants, and I wanted to have this row of beer caps because I thought that would be incredibly interesting.

我到处找怎么做，但就是找不到方法。

I went I couldn't find how to do it.

在美国根本没人做这个。

No one in America.

后来我上了Etsy。

Went on Etsy.

结果发现有个德国人能做。

I found some guy in Germany did it.

但全都不合适。

None of it fit.

全都不管用。

None of it worked.

花了不少钱。

Cost us a fortune.

至少前三个月把利润全吞了。

Killed our profits, at least for the first three months.

这事儿我本来可以直接下单的。

Now this is something I could have put on.

对吧？

Right?

我的意思是，两万美元而已。

I mean, it's $20,000.

早该找到能做这个的人。

Would have probably found the guy who could do it.

没错。

Absolutely.

你想啊，电子产品有百分之四十是在线买的，汽车有百分之十是在线买的，但定制制造在线下单的还不到百分之一。

I mean, when you think about 40% of electronics are online, like 10% of cars are bought online, less than 1% of custom manufacturing is bought online.

所以能这么做真的很有道理

So it makes a lot of sense to be able

而且还得做得快。

to do it and do it quickly.

人们得明白，他们可能会想，等等。

People need to know that the they may think, hold on.

随时可能有人冲进来，把这事给做了。

Someone could come in and crash in and do this.

其实你的门槛还挺高的。

It's actually your mode's pretty high.

就算只有1%的量，在坦帕这个地方，也不是谁都能随便进来干这行的。

And there's even if it is only 1% you've got at the Tampa, people couldn't just come in and do what you do.

没错。

No.

因为我们一直在用自己独有的数据做训练。

Because we've been training on our proprietary data.

真实的使用效果，网上是搜不到这些数据的。

So actual outcomes, you can't search the net and get that data.

你看上个季度，数据一直在往上走，越走越高。

Now when you get you you got this last quarter, it's going up and up and up.

人们是怎么知道的呢？

How are people finding out?

听起来，越来越多的制造商开始了解你们了。

Sounds like you see more and more manufacturers are finding out about you.

像我这样的人，也在越来越多地了解到你们。

More and more people who are like me are finding out about you.

说实话，我之前完全不知道你们的存在，直到那个电话打来。

But I don't know, I didn't know about you point blank from when the caller came.

大家都是怎么知道这家公司的？

How does everyone learn about this company?

是的。

Yeah.

所以客户是通过数字渠道了解我们的。

So customers find out digitally.

还有更多

There's more

口口相传的

and more word word of,

你知道的，大家互相推荐，而且我们在大企业里的业务也在增长。

you know, people referring each other, and we're growing within large companies.

我们和大公司的业务增长达到了40%。

Our growth with large companies has been 40%.

而且，我们越来越深入地融入他们的供应链，这也帮我们在业内扩大了知名度。

More So and more, we're becoming embedded in their supply chains, and that's helping get the word out.

你们确实有一些特定的业务环节。

And there are certain aspects that you do.

你们涉及的模具种类还挺多的。

There are a different there's molds that are mean, the number of different kinds.

说说你们处理的这类产品种类到底有多少。

Talk about the sheer number of kinds of stuff that you handle.

比如，制造卫星零件，对吧。

I mean, about making parts for satellites Right.

还有医疗设备、游乐园的游乐设施。

For medical devices, for amusement park rides.

种类非常多，而且每种的制造方式都不一样。

It's a wide variety, and they're all made different ways.

这为人们提供了一种快速简便的方式，能立刻找到制造某样东西的最佳方案。

This is a quick and easy way for people to find the best way to manufacture something instantly.

在你们出现之前，他们是怎么做的？

And what did they do before you?

他们得开车亲自去拜访别人。

They did they got in a car and visited somebody.

他们还得发传真。

They sent faxes.

我还记得那时候用传真机的日子。

I remember when there were faxes.

他们还得打电话。

They made phone calls.

那时候有很多好企业，却没法把闲置的产能利用起来。

And then there was terrible have these great businesses that had no way to sell their open capacity.

互联网的长尾效应根本没触及到他们。

You know, the long tail of the Internet had never touched them.

现在我们帮这些小企业成长，让他们能从全国各地获得客户。

We enable those small businesses now to grow and get customers from all across the country.

你现在是个连续创业者了。

Now you're a serial entrepreneur.

接下来会发生什么？

What happens?

我的意思是，你打算继续做下去吗？就选这一个吧，我知道你已经准备好了。

I mean, you wanna keep doing this is the one you wanna take because I know you're stepping up.

你是执行董事长。

You're executive chairman.

你有了新的首席执行官。

You've got a new CEO.

是的。

Yeah.

但你还会留在董事会里。

But you're gonna stay on the board.

你还是会保持联系。

You're gonna keep in touch.

当然。

Absolutely.

所以我现在主要关注西门子这样的战略合作伙伴。

So I'm focused on strategic partnerships like Siemens.

我们有了一个非常棒的新首席执行官。

We've got a great new CEO.

他去年加入我们的

He joined us last year

之前来自Wayfair。

as From Wayfair.

来自Wayfair。

From Wayfair.

所以他懂仪表盘这一块的业务，也知道各种数据从哪儿来。

So he knows the business of of of a dashboard and where stuff's coming from.

他还懂得打造出色的用户体验。

And he knows about making a great experience.

说到底，我们的客户想要的，是和在Uber或亚马逊上一样的体验。

Like, at the end of the day, our customers want the same experience they get at Uber or at Amazon.

他知道怎么做到这一点。

He knows how to deliver that.

过去三个季度，增长提速，盈利能力也在提升。

In the last three quarters, accelerated growth, increasing profitability.

你知道吗，孙吉夫真的做得非常出色。

You know, Sungeef's really delivered.

你看啊，

Well, look,

我觉得你们做的事情特别让人兴奋。

I think it's very, very exciting what you do.

而且我觉得大家应该意识到，现在真有人在用AI做真正了不起的事，不是像你经常遇到的那些，动不动就说自己在做AI的人。

And think that people should recognize there are people out there doing new great things with AI that it not just like, you know, I mean, you probably run into all the time, people who claim to do an AI.

但当我们看到你们在做的这些，这才真正是AI该有的样子。

But then when we see what you're doing, this is what it's meant for.

没错。

Right?

当然。

Absolutely.

我们用它来实际定价，告诉客户能不能做出来，并直接帮他们对接最合适的制造资源。

We're using it to actually provide the price, tell them if they can make it and connect them with right at optimal manufacturing.

最后我想说的是，很多人以为我们国内生产的没那么多。

And then the last thing I wanna say is that a lot of people think that we don't make as much in the country.

我当初想采购铁制品的时候，就遇到过这个问题。

I mean, I had that problem trying to get iron work.

但随着制造业回流，他们肯定都在找你们，因为如果国内没有，别人有，我们也就直接进口了。

But with reshoring, they they must be turning to you because if we don't have it here, someone may have it, and then we just import it here.

没错。

Absolutely.

所以我们上个季度的制造业务增长了百分之四十。

That's why we grew 40% last quarter, our manufacturing segment.

而且说实话，任何时候，美国都有四到五成的制造产能是闲置的。

And and look, at any given time, there's 40 or 50% of American manufacturing capacity that is idle.

所以我们产能是足够的。

So we have the capacity.

只是怎么把需求引导到这些产能上来而已。

It's just a question of bringing the demand to that

当人们说人工智能正在消灭工作时，我总会提到你，因为你创造了大量岗位，还让中小企业即使在处境艰难时也能继续运营。

Well, when people say that AI is wiping out jobs, am gonna always mention you because you're creating a huge number of jobs and you're getting it so that small, medium sized businesses have business even when they they might have been down otherwise.

这正是人工智能能带来积极变化的绝佳例子。

Great example of what can go right with AI.

这是兰迪·阿布索卢特。

That's Randy Absolute.

他是Xometry的联合创始人兼首席执行官。

He's cofounder and CEO of Xometry.

股票代码是XMTR。

It's XMTR.

而且，我长期持有他们的股票。

And, well, I have long executive share.

你一直坚持着。

You're sticking with it.

广告后回来继续分享他们的投资回报。

Their money's back after the break.

接下来，我们将请来华尔街最快的大脑，邀请大家一起来考验他。

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 lightning round.

太疯狂了。

Crazy.

这是拉尔夫·普罗。

That's Ralph Pro.

不对。

No.

这句话是由一位社会企业家牵头的，当然，也是托马斯的负责人。

Saying this off headed by by social entrepreneur, of course, head of Thomas.

蒂姆·费里斯要来玩一把。

Tim Ferriss will play with the.

玩完就进入闪电问答环节了。

Play And then the lightning round is over.

你准备好了吗？

Are you ready?

滑雪板。

Ski deck.

说说克莱默的事。

Tell the right on Cramer.

我先从泰勒和玛丽莲开始。

I'm gonna start with Tyler and Marilyn.

泰勒。

Tyler.

淡定先生。

Mister chill man.

嘿

Yo.

嘿

Yo.

好久不见。

Long time.

能和您交谈真是荣幸，不过咱们还是直接开始吧。

It's an honor to speak with you, but let's go to let's go to work.

这些餐厅里挤满了注重健康、讲究性价比的年轻食客，他们想要快速吃到高品质的餐食。

These restaurants are packed with young health and value conscious diners who want quality food fast.

吉姆，趁着千禧一代和Z世代的势头，Cabba还有多大的增长空间？

Jim, on the backs of gen y and gen z, does Cabba have more room to run?

我跟我妹妹也喜欢，这没问题吧？

Is it okay that my sister and I like it too?

我们年纪稍微大一点。

We're a little bit older.

是的。

Yes.

你想买Cabba吗？

You wanna buy Cabo?

我觉得这是新品牌里最好的。

I think it's the best of the new concepts.

我觉得挺不错的。

I think it's pretty I think pretty decent.

每个人都能找到合自己口味的。

There's something there for everybody.

确实如此。

There really is.

好吃、干净、有意思。

It's tasty, clean, fun.

我们转到佛罗里达的杰夫那里。

Let's go to Jeff in Florida.

杰夫。

Jeff.

嘿，吉姆。

Hey Jim.

我是来自佛罗里达州迈尔斯堡的杰夫。

Jeff from Fort Myers Florida.

好的。

Alright

老兄。

buddy.

我从库德洛和克莱默那会儿就开始听节目了。

I've been a listener since the Kudlow Cramer days.

老派了。

Old school.

明白了。

Okay.

我关注Immunity Bio很久了，感觉它已经从一个小盘投机股，变成了中盘有实际营收的公司。

So I've been following immunity bio for a while now and it seems to me they've gone from a small cap spec play to a mid cap commercial revenue generator.

没错。

Face.

我觉得这个看法挺到位的。

I think that's a good way to look at it.

但我得说，这会成为你的投机标的。

But I will tell you that's going to be your spec.

还记得《如何在任何市场赚钱》里说的吗？

Remember in how to make money in any market.

我支持投机，但前提是只持有一只股票。

I encourage speculation as long as it's only one position.

如果你持有了两只，那就不建议了，干脆就让Immunity Bio当你的唯一投机标的吧。

If you own two positions and I don't encourage it, let immunity bio be your speculation.

接下来我想连线伊利诺伊州的米奇。

I want to go to Mitch in Illinois.

米奇。

Mitch.

克拉默教授，您今天怎么样？

Professor Cramer how are doing today?

我很好。

I'm doing well.

你呢？

How are you?

不错。

Great.

太棒了。

Big boo.

一如既往，感谢您和您的团队。

Thank you to you and your staff as always.

我是第二次打电话来，今天想问问关于这只股票的问题。

Second time caller had a question today about its stock.

它的毛利高达64%。

It's got 64% gross margin.

目前有206家门店，德克萨斯、佐治亚和阿拉巴马州还有一些扩张计划。

There's 206 locations with some expansions coming in Texas, Georgia, and Alabama.

现在手头的现金比债务还多，上周刚升入纽交所。

There's currently more cash on hand than debt and just uplifted to the NYSE last week.

我想问问您，您觉得它的估值倍数应该是多少？对True Leaf这家公司您怎么看？

I was wondering what do you think the multiple should be and what are your opinions on True Leaf.

E。

E.

R。

R.

L。

L.

B。

B.

我一向很喜欢这个品牌名。

I've always liked the brand name.

我一直觉得，这个行业里一堆公司混在一起，乱七八糟的，只有它脱颖而出。

I've always felt that it's considered to be in a you know kind of in a miasma of different companies that do it.

它是唯一一个让人记住的。

It's the only one that stands out.

我觉得这对很多人来说意义重大。

I think that means a lot to people.

我觉得这个标的物非常出色。

I think it's a terrific spec.

真的很棒。

It's terrific.

我觉得大麻这个领域也不错，因为总统团队并不反对大麻。

I also think the cannabis is a good spec because I think the president's team is not anti cannabis.

所以我个人看好这个投资。

So I'm going to say I like the call.

我非常喜欢。

I like it a lot.

我们连线一下新泽西的海伦。

Let's go to Helen in New Jersey.

海伦。

Helen.

嗨，吉姆。

Hey, Jim.

我想问一个我持有了好几年的股票。

My question is about a stock that I've held for several years.

这只股票以前超过一百块，后来慢慢跌到了五十左右。

The stock was over a 100 and then it drifted down to around 50.

最近有点动静，股价涨到了六十五。

There's been some recent activity and the stock has increased to 65.

这只股票是阿什兰德，

The stock is Ashland, a

你那边有个叫In Core的App，他们打算从中挖掘一些价值。

f You got an app called in core in there, and they're gonna try to bring out some value.

说实话，这只股票的实际价值远高于它现在的售价。

Frankly, there is a lot more value to it than where it is selling.

我建议你继续持有这只股票。

I urge you to hold on to the stock.

我觉得它还有上涨的空间。

I think it could go higher.

那我们就跳过闪电环节的总结了。

And that letting jump 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.

接下来，凯文·沃尔什即将完成他作为美联储主席的首次会议，克拉默将为这位新任主席提供一些建议。

Coming up with Kevin Walsh set to complete his first Fed meeting as chair, Cramer's offering his tips to the new chief next.

在新任美联储主席凯文·沃尔什首次会议后声明即将发布之际，我想给他一些建议，告诉他哪些事值得做，哪些不值得。

On the eve of new Fed chief Kevin Walsh's statements coming out of his first meeting, I would offer him some free advice about what's worth doing, what's not.

首先，少说点。

First, speak less.

每次美联储会议结束后，没必要专门开问答环节来解释你的想法。

There's no reason to go through a question and answer session about your thinking after every Fed meeting.

问题往往都差不多。

The questions are often repetitive.

除非你每次回答都一字不差，否则总会有人挑出前后不一致的地方，把根本不存在的细微差别夸大成风险或争议。

That means unless you answer exactly the same way every time, there'll be Fed watchers who spot inconsistencies and then blow them up into potential risks and riffs and rigmaroles that don't exist.

说实话，我记不起哪一次问答环节让我比读完主席声明后有了新的启发。

To be brutally honest, I can't recall a single q and a session where I was enlightened beyond what had already been said in the Fed chief statement.

为一份简短的声明辩护一小时甚至更久，纯属浪费大家的时间。

To defend a short statement for a full hour or longer is just a waste of time for everybody.

其次，也让你的同事少说点。

Second, make your colleagues speak less too.

美联储官员没完没了地发表政策演讲，白白浪费了大量时间。

There's a gigantic deadweight loss of time that comes from endless Fed officials giving endless speeches about policy.

他们特别喜欢上电视，谈论自己看到的情况。

They love to appear on air talking about what they see happening.

这些言论常常导致联邦基金利率期货剧烈波动，制造出毫无必要的震荡。

These often cause the Fed funds rates to futures to jump, creating knee needless up needless.

还有没完没了的猜测，除了制造混乱，什么实质信息都提供不了。

And nonstop guessing games that proves absolutely nothing except confusion.

从媒体到债券交易 desk，再到对冲基金经理，人人都对这些演讲和采访着了迷，可它们往往只是空有声势，毫无意义。

Everyone from the media to the bond desk to the hedge fund managers obsess over these speeches and interviews, which are often full of sound and fury signifying nothing.

只要一条简单的规则，就能改变这一切。

One simple rule would change that.

只要你同意担任美联储的任何职务，就等于放弃了公开讲话的平台。

If you agree to serve on the Fed in any position, you lose your podium.

这样，你的同事就没办法制造混乱，而你也能让政策保持更加平稳的节奏。

That way your colleagues can't sow confusion and you you can keep policy on a far more even keel.

如果会议中出了什么状况，美联储可以开个电话会，及时调整方向。

If something happens in your meeting, the Fed can have a call and course correct.

但这些没完没了的演讲和采访必须停止。

But these ceaseless speeches and interviews have to stop.

很多企业和政府机构都不允许成员接受媒体采访。

There are all sorts of businesses and government entities that don't allow their members to speak to the press.

美联储也该加入这个行列了。

The Fed should now be one of them too.

第三，沃尔什需要一套能应对快速变化的、清晰的人工智能就业理论。

Third, Walsh is gonna need a coherent artificial intelligence theory of employment that can withstand rapid change.

底线是什么？

What are the baselines?

你到底在关注什么？

What are you looking for?

是申请四年制大学的人数吗？

Is it the number of people who apply to four year colleges?

还是接受四年制文理学院录取的人数比例？

The percentage of people who accept offers to four year liberal arts colleges?

也许美联储需要对失业问题有更精细的理解。

Maybe the Fed needs to become more refined about unemployment.

不如追踪每届毕业生的就业情况，或者聚焦几个关键行业，深入了解裁员的细节？

How about following each class of potential employees post graduation or perhaps isolate certain key industries and get granular information on layoffs?

人工智能很可能对就业产生重大影响，这个可能性非常大。

There's a chance, a really good chance that AI will have a major impact on employment.

但如果缺乏美联储研究人员主导的、公正的统一数据平台，我们根本看不到风暴即将来临。

But without a central clearinghouse run by the Fed's researchers in unbiased way, I think we'll never really see the train coming.

如果真有那一天，很容易想象，两年后会有两位民粹主义候选人，以阻止人工智能发展为口号竞选总统，理由就是它对就业的威胁。

If it comes at all, it's very easy to see how two populists could run for president in two years on the desire to shut down progress with AI purely because of what it could do to employment.

我们得提前搞清楚真实情况，让美联储保持相关性。

Let's figure out the reality of the situation ahead of time so the Fed stays relevant.

最后，沃什应该先承认前任的贡献。

Finally, worse should start by acknowledging the previous good works of his predecessor.

美联储这段时间过得真不容易。

It's been an emotional rocky time at the Fed.

爱国主义本不该受到质疑，却一次次被无端挑刺。

Patriotism has been called into question whenever when it never should have been.

针对杰罗姆·鲍威尔，各种对立情绪、人身攻击，全都是小时候妈妈说绝对不能做的事。

Tension, name calling, all the attributes our mothers told us were unacceptable were thrown at this man Jerome Powell.

一句简单的善意，一声真诚的谢谢，就能让人重新意识到，文明依然重要。

A simple act of kindness and a thank you will go a long way towards showing that civility still matters.

现在这事儿倒显得过时了，我觉得该把它重新请回它该在的位置。

Right now, I think it's become old fashioned, and I say let's bring it back to where it belongs.

一如既往，我得说，牛市就在棕榈滩，专为你的真金白银准备。

I'd like to say as always, bull market somewhere at Palm Beach certified just for your your man money.

我是吉姆·克莱默，明天见。

I'm Jim Cramer, and I'll see you tomorrow.

吉姆·克莱默在本播客中表达的所有观点均为其个人意见，不代表CNBC及其母公司或关联公司的立场，这些观点可能已通过电视、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 CNBC or its parent company or affiliates and may have been previously disseminated by Cramer on television, radio, internet, or another medium.

您不应将克莱默的任何观点视为投资建议或操作指引，而仅应将其视为他个人的看法。

You should not treat any opinion expressed by Cramer as 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视为可靠的信息，但CNBC及其关联公司并不保证这些信息的完整或准确，不应以此为依据做出决策。

Cramer's opinions are based upon information he considers reliable but neither CNBC nor its affiliates and or subsidiaries warrant its 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/madmoney-disclaimer。

To view the full mad money disclaimer, please visit cnbc.com forward /madmoney disclaimer.

7月16日星期四，CNBC体育与Boardroom联手参与Fanatics Fest，探讨塑造体育未来的新理念。

Thursday, July 16, CNBC Sport and Boardroom join Fanatics Fest for game plan, groundbreaking ideas shaping the future of sports plan.