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是什么让你有信心去做以前没人做过的事情？
What made you confident that you could do something that hadn't been done before?
我不怕失败。
I have no fear of failure.
开拓创新的女性正在改变游戏规则。
Trailblazing women changing the game.
我最喜欢的一条建议是，
One of my
想想你老板的老板需要什么。
favorite pieces of advice, think about what your boss's boss needs.
领导力可以有很多种不同的形式。
Leadership can look in many, many different forms.
归根结底，就是要相信自己。
It really does come down to just trusting yourself.
人生短暂，
Life is short, and
你得想得大才能做成大事。
you just gotta think big to accomplish big things.
朱莉娅·布尔斯汀主持CNBC的《变革者》和《权力玩家》节目。
Julia Boorstin hosts CNBC Changemakers and Power Players.
每周二更新新一期，在你收听播客的任何平台都能找到。
New episodes every Tuesday wherever you get your podcasts.
我的使命很简单，就是帮你赚钱。
My mission is simple, to make you money.
我在这里是为了让所有投资者都能公平竞争。
I'm here to level the playing field for all investors.
总有一个牛市在某个地方，我保证帮你找到它。
There's always a bull market somewhere, and I promise to help you find it.
《金钱大师》现在开始。
Man money starts now.
嘿，我是克莱默。
Hey, I'm Cramer.
欢迎收看《疯狂金钱》。
Welcome to Mad Money.
欢迎来到Cramer，Arca。
Welcome to Cramer, Arca.
我会和我的朋友们在一起。
I'll be with my friends.
我只是想帮你赚点钱。
I'm just trying to make you a little bit of money.
我的工作不只是娱乐你，还要教育你、教你。打电话给我180743，或者在推特上@Mitcham Cramer。
My job is not just to entertain you, but educate you, teach you, call me 180743, tweet Mitcham Cramer.
有时候，曼哈顿市中心会变成美国的潘普洛纳。
Sometimes sometimes Downtown Manhattan turns to an American Pamplona.
当这种情况发生时，你最好跟着公牛跑，或者赶紧闪开。
And when it does, you better run with the bulls or get the heck out of the way.
今天就是那种日子，如果你跟数据中心那帮牛对着干，就会被踩扁。
Today was one of those days where if you bet against the data center cattle, you got trampled.
纳斯达克上涨了0.54%，而道琼斯指数下跌了22点，标普500只微涨了0.26%，这背后是有原因的。
There's a reason the Nasdaq was up point 54% while the Dow dropped 22 points, and the S and P edged up just point two six percent.
华尔街是怎么变成埃斯特法达的？
How did Wall Street turn into Estefada?
很简单。
Pretty simple.
几周以来，半导体行业和那些押注数据中心的人一直在试图提前发动攻势，但总有些事情挡在前面。
For weeks now, the semiconductors and their bettors in the data center have been trying to mount in advance, But things just keep getting in the way.
我们原本以为这场狂奔可能会在7月的第四周到来。
We thought that the stampede looked likely until the fourth week of July.
但就在那时，一只叫“态势感知”的基金积累了巨额杠杆，还持有大量数据中心相关股票，结果爆仓了，把数据中心股票抛售得比《驱魔人》里里根吐出的东西还猛烈。
And that's when a fund called situational awareness amassed a a huge amount of leverage and had a repository of all things data center blow up, spewing data center stocks more efficiently than Reagan's spew vomit in the exorcist.
利奥波德·阿舍贝德，那个管理这只基金的小伙子，借了那么多钱来构建他450亿美元的资产组合，结果他的股票稍微一跌，就全完了。
Leopold Ashebeder, the boy one who ran that fund and borrowed so much money to build his $45,000,000,000 portfolio that even a small dip in his stocks, yes, that's all.
看吧。
Look.
把他的基金搞垮了。
Trash his fund.
追缴保证金的那些人狠狠宰了一刀。
The margin butchers took their pound of flesh.
别担心问这个。
Don't worry about asking about it.
我见过这类人。
I've seen these types.
你知道，就是那种毕业致辞代表之类的。
You know, valedictorian kind of stuff.
他们通常撑个几周，然后又能搞到钱，因为有钱人就像飞蛾扑火一样。
They usually go a couple weeks and then they get the money again because millionaires moths the flame.
不过他的股票，那就是另一回事了。
His stocks though, different story.
它们被砸得很惨。
They got crushed.
即使作为一门生意，对几乎所有人来说都做得非常好。
Even as a business for almost all of them was terrific.
这真的让我很意外。
That really threw me off.
在我深入细节之前，这里真正的讽刺之处在于。
That real irony here before I get to the real nitty gritty.
7月24日，就在他摇摇欲坠的时候，他发了一封信，敦促投资者追加资金，因为，引用他的话说，有时候我们会指出一些看起来特别适合加仓的机会，如果你一直在等待的话，现在就是时候。
On July 24, right when he was teetering, he sent out a letter urging his investors to send in more money because, quote, at times we call out opportunities that seem like a particularly good time to add funds if you have been waiting for one, end quote.
他说得没错，只不过这个机会是他自己崩盘造成的。
He was right, except he created the opportunity with his own personal crash.
只是他自己没能参与其中。
He just didn't get to participate in it.
局势感知的崩溃，让刚刚起步的数据中心行情戛然而止。
The demise of situational awareness stopped the nascent data center rally in its tracks.
说实话，我个人对此感到非常恶心。
Now I was personally sickened by it.
那个基金完蛋的那个周五早上，我还在告诉俱乐部成员买入英特尔股票，因为它的季度业绩非常出色。
That Friday morning of this funds doom, I was telling club members to buy the stock of Intel after an amazing quarter.
结果几乎立刻就被“情境意识”熊市给打压了。
It was almost immediately mauled by the situational awareness bear.
股价一度冲到110。
The stock tipped up to a 110.
我觉得这挺合理的，涨了大概4美元。
That made sense to me, up about $4.
但接下来，股价就一路下跌，109、108、107、106、105、104，从110跌了16点，然后才勉强反弹了一下。
But next thing you know, it was one zero nine, one zero eight, one zero seven, one zero six, one zero five, one zero four, falling 16 points from one ten before an anemic bounce.
我当时完全没意识到情况。
I was situationally unaware.
英特尔和其他很多半导体股的下跌似乎没完没了，我们都觉得肯定出了什么大问题。
The takedown for Intel and so many other semi seemed to last forever, and we thought there was something really wrong.
英伟达的股价从爆炸时的212跌到了190。
NVIDIA stock traded from 212 at the time of detonation, 190.
数据中心建设商Core，从83跌到了60。
Data center builder core, we went from 83 to 60.
All Gang或Nippy直接从2.19美元跌到了1.48美元。
All gang or nippy just went from $2.19 to $1.48.
光通信供应商Lumentum，从8.33美元跌到了6.02美元。
Optical provider, Lumentum, fell from $8.33 to $6.00 2.
数据基础设施专业公司超微电脑，从30跌到了25。
Data infrastructure special super micro dropped from 30 to 25.
如果你像我一样，你会想躺在脏兮兮的地板上喝点便宜威士忌。
If you were like me, you felt like drinking some cheap scotch while you lay on a dirty linoleum floor.
现在这个板块试图找到底部，但自从被狠狠打击之后，一直摇摆不定，我们永远不知道接下来会发生什么。
Now that the group's tried to find a base, but it's been touch and go ever since situation where it's got its clocked and cleaned, we never knew what was gonna happen next.
但到了周一，我正忙着钓一条100磅的大海鲢，结果就那样了。
But on Monday, a day when I was busy trying to land a 100 pound tarpon, that's that's filled up.
你钓海鲢试试。
You talk for tarpon.
英伟达的CEO，吉姆·克莱默忙着拉拢华尔街的大佬们，推出一个绝妙的主意，基本上就是把算力证券化。
NVIDIA CEO, Jim Cramer was busy landing on entire raft of Wall Street biggies to launch a brilliant idea, securitization of basically compute.
数据中心每分钟产生的总价值，就是一笔债务。
The sum total of value that comes out of the data center a minute of debt.
这个财团打算投入5000亿美元来支持这个计划。
The consortium's putting $500,000,000,000 behind it.
这可是大钱。
Big money.
你可以像交易债券一样交易算力，就像抵押债券或者汽车贷款支持的债券那样。
You can trade compute like a bond, just like a mortgage bond or a bond backed by auto loans.
打包证券化，跟那些一样。
Packages securitized just like those.
对很多怀疑者来说，这有点过头了，听起来很荒唐，因为英伟达的芯片不是只能用大约三年吗？
For many skeptics, this was a bridge too far, cookie idea that made no sense because don't the chips that NVIDIA make last about they last like three years.
对吧？
Right?
我是说，那它们不就全贬值了吗？
I mean, then they lose all their value, don't they?
我是说，英伟达不就是在用循环论证来自我膨胀吗？就像旋转餐台一样。
I mean, isn't NVIDIA just enriching itself circular reasoning out like lazy Susan?
全是胡扯。
All sorts of popcock.
与此同时，英特尔担心自己的资产负债表，不得不向市场发行1500万股来筹集资金。
At the same time, Intel worried about its balance sheet, had to come to the market with 15,000,000 shares, raise some money.
这笔交易定价在95美元，相比它回升到100美元的势头，大幅下跌了。
The deal would be priced at 95, a huge decline from its recovery run back to a 100 doll dollars.
对吧？
Right?
这样一来，华尔街就更接近当初那种崩盘的局面了。
That way Wallops is closer to where the situational implosion was.
这还不够，利率飙升至19年来的高点，因为油价重新突破90美元，而伊朗和特朗普再次陷入僵局。
If that weren't enough, interest rates shot up to a nineteen year high because oil climbed back over 90 as Iran and Trump were once again at loggerheads.
当时就是多头情绪高涨，准备大举进场的时候。
Now that was the scenario when the bulls were snorting, getting ready to stampede.
其实我们早就察觉到，有大事情要发生了。
Oh, we had a clue that something big was about to break up.
英特尔的需求太火爆了，他们把发行规模扩大到两千万股，结果还是秒光。周二早上开盘没多久，股价就涨了不少。
We got so much demand for Intel that they upsized the deal to 20,000,000 shares and still sold out, moving up $2 Tuesday morning, almost from the get go.
关于GPU证券化，我们也收到了一些更积极的反馈。
We started to get some more positive feedback about GPU securitization.
那些愿意承担风险的人心想，这或许值得一试，毕竟几乎所有重要人物都参与了进来。
Risk takers thinking, might be worth a flyer, if only because almost everyone important seemed on board.
今天早上，行情火箭般起飞，那六头传说中的多头猛牛——超微电脑、英伟达、英特尔、Nebius、Lumenum和Corewave——冲出圈栏，把那些没意识到做空这些公司等于拿性命冒险的怀疑者踩在脚下。
This morning, the rockets went off and the fabled six fighting bulls, Super Micro, Nvidia, Intel, Nebius, Lumenum, and Corewave tore out of their pens and proceeded to trample the nonbelievers who didn't realize you're taking your life in your hands when you bet against these companies.
其实这事儿昨晚就开始了，当时超微电脑发布了财报。虽然它不是我的最爱，但它是数据中心基础设施领域的关键玩家，凭借远超预期的指引，一路高歌猛进，把挡在它面前的空头撞得七零八落。
It actually started last night when Super Micro reported, not one of my faves, but it's a key data infrastructure player, and it charged out and gored anyone in this path with a sharply better expected guide.
而且挡在它面前的空头可不少，因为这只股票被大量做空。
And there's a lot of people in this path because it's heavily shorter.
然后今天，在温和的消费者价格指数数据的推动下，数据中心股票简直压不住了。
Then today, aided by a benign consumer price index number, the data center stocks couldn't be contained.
Lumentum，做光纤的，讲了个特别精彩的故事。
Lumentum, which makes fiber optics told a terrific tale.
我们今晚还有Coherent的消息。
We got coherent on tonight.
看看它能不能跟公司的表现匹配。
See if it matches the company's performance.
竞争对手。
Competitor.
英特尔冲破了100美元的关口。
Intel surging through a $100 barrier.
他们最高到了100.95美元。
They had a $100.95.
云平台Nebius市值达到66259美元。
Cloud platform Nebius worth $66, $259.
最后，CoreWeave公布了一个惊人的季度业绩，证明了他们建设数据中心、嵌入NVIDIA芯片的策略，其寿命比三到五年更长，而且回报远超预期。
And finally, CoreWeave reported a monster quarter demonstrating their strategy of building data centers, embedding NVIDIA chips would have a longer shelf life than three to five years was more than paying off.
引用CEO迈克尔·N的话。
Quoting CEO Michael N.
施罗德在《Squawk on the Street》节目中讲了一个非常精彩的故事。
Schroeder told us an insanely good story when he appeared on squawk in the street.
他给我们提供了确凿的证据，证明老款的NVIDIA GPU依然有价值，甚至比刚造出来时更有价值。
He gave us genuine proof that older NVIDIA GPUs are as valuable or even more valuable than when they were built.
即使是九年前从晶圆厂出来的那些。
Even ones that came out of the foundry nine years ago.
是的。
Yes.
当然是这样。
Of course they are.
我们正面临芯片短缺。
We got a chip shortage.
英伟达的芯片是所有半导体中最抢手的，而且它们很保值。
NVIDIA chips are the most sought after of all semi thuggers, and they hold their value.
那些担心算力债券会因为折旧而贬值的人，现在看起来像个傻瓜。
Anyone who's worried about compute backed bonds being dragged down by depreciation now looks like a dope.
这些芯片不像汽车，一开出停车场就贬值一半。
These chips aren't like cars that lose half their value the month they drive with a lot.
它们更像是高级珠宝。
They're more like fine jewelry.
而且，大家总是忘了，英伟达还有一家软件公司，就是它的CUDA产品，以及庞大的开发者生态系统，这个系统可以穿越所有周期升级，让九年前的芯片依然保值，甚至升值。
Plus, people keep forgetting that NVIDIA also has a software company with its its CUDA product and the mass developer ecosystem that can be upgraded through all cycles, allowing nine year old chips to keep their value or even appreciate.
汽车贷款可做不到这一点，对吧？
Auto loans can't make that claim, can they?
最后，我们收盘时上涨了17点，而视频股上涨了7点。
In the end court, we finished up $17 and video rallied $7.
记住，那可是全球最大的公司。
Remember, that's the world's largest company.
很多这些看涨的股票现在都快要回到之前那种情况失控前的水平了。
Many of these bulls are now knocking on the door of where they were before situational awareness imploded.
现在就像在潘普洛纳，斗牛之后放出一群公牛一样，几乎每家半导体公司都涨了。
Now just like in Pamplona, where a bunch of bulls are released after the fighting bulls, pretty much every semiconductor company took off.
记住，那些需要购买半导体的科技公司，它们被挤得没份儿，所以它们的股票没得玩，包括所谓的“七巨头”。
Remember, those tech companies that have to buy the semis, well, they're overrun, so their stocks don't get to play, including, yes, the magnificent seven.
不过，我怎么强调今天这个交易日的重要性都不为过。
I cannot stress enough how important today's session was though.
自从那个没有风险意识的利奥波德·阿什顿·布伦纳背负了太多债务，被追加保证金追到爆仓以来，这个板块一直萎靡不振，而金融、医疗和零售板块却表现强劲。
Ever since the situationally unaware Leopold Ashton Brenner took down too much debt and got margin to kingdom come, this group has languished while the financials, the health cares, and the retailers rocked.
看起来市场上最重要的股票，也就是英伟达，可能顶不住空头的压力，他们说什么英伟达的整个证券化计划不过是它自己给自己付钱做生意的一种方式。
It looked like that most the most important stock in the market, which is NVIDIA, might not be able to withstand the heat from the bears, who talked about how their whole securitization plan was just another way for NVIDIA to pay itself for doing its business.
现在我们知道这是真的了。
Now we know it's the real deal.
思科和莎拉·布拉斯今晚公布了财报，市场并没有从它们身上看到多少潘普洛纳那样的涨势。
Cisco and and Sarah Brass reported tonight, and the market wasn't really seeing much Pamplona in them.
我们明天看看他们会怎么说。
We'll see what they have to say tomorrow.
分析师们会出来表态。
The analysts will come out.
思科CEO查克·罗宾斯会告诉我们真实情况。
Cisco CEO Chuck Robbins will tell us what's really going on.
我们上街看看。
Let's walk in the street.
一直都是这样。
Always does.
这是底线。
Here's the bottom line.
只要债券市场保持平稳，那些受惊的分析师们就会上调数据中心股票的目標价。
As long as the bond market stays benign, we can expect the course of Shell shocked analysts to raise their price targets on the data center stocks.
现在是时候买入，横扫全场了。
Panning the table is time to buy.
当然，最好的买入时机是当情境意识被迫在里根时刻抛售其持仓的时候。
Of course, the best time to buy was when situational awareness was forced to sell its holding in that Reagan moment.
但这次嘛，咱们就简单说，价格仍然低于峰值，现在看起来似乎已经准备好进一步上涨。
But this, well, let's just say the prices are still below their peaks, and now they seem primed to go higher.
我要给大家分享一下我的展望，并告诉你们我最看好哪一只，欢迎收听我们中午的CMEC投资俱乐部会议。
I'm gonna give you my outlook and tell you which of these I like the most when you tune in to our noon CMEC investing club meeting.
不是会员吗？
Not a member?
机不可失，时不再来。
No time like the present.
你可别错过了。
You don't wanna miss it.
比里根还厉害。
Better than Reagan.
接下来连线俄亥俄州的约翰。
Let's go to John in Ohio.
约翰。
John.
谢谢你接我的电话，吉姆。
Thanks for taking my call, Jim.
我很喜欢你的节目。
Love your show.
谢谢你，约翰。
Thank you, John.
哎呀，天哪。
Oh, man.
谢谢。
Thank you.
谢谢。
Thank you.
我休了几天假回来，听到这个真高兴。
I come back from a couple days off, and I like that.
我喜欢这样，因为我刚休息完，精神饱满。
I like it because I'm coming in fresh.
我正精神饱满地
I'm coming
投入工作。
in hot.
你有什么消息？
What do you got?
这就对了。
There we go.
这家公司的交易量从23亿增长到110亿，新增了60万活跃客户，而且体育博彩业务没有流失任何客户。
So this company did 2,300,000,000 to 11,000,000,000 in volume, added 600,000 new engaged customers, and they didn't lose any customers in their sports book.
更重要的是，他们的经纪、交易所和做市商业务现在都整合在内部，他们的应用在所有州都已上线，无论是预测市场还是体育博彩。
And then more importantly, their brokerage, their exchange, and their market maker are all in house now, and their app is live in all states, whether it's prediction or it's, sportsbook.
而且他们维持了全年指引和调整后的EBITDA。
And they maintained their full year guidance and adjusted EBITDA.
吉姆，这家公司DraftKings是不是终于走出困境了？
Jim, has this company DraftKings finally turned the corner?
嗯，我确实看好DraftKings。
Well, I like DraftKings.
我之前判断错了。
I have been wrong.
我不喜欢犯错，但我也承认，承认错误总比嘴硬要好。
I don't like being wrong, but I also admit that it's better to admit being wrong than say, hey.
你知道吗？
You know what?
我其实一直都很喜欢它，不是突然才喜欢的。
I suddenly like it because I've liked it for a long time.
而且我确实觉得它现在在筑底，但我之前错得太离谱了。
And I do think it's basing, but I've been so wrong.
所以你为什么还要听我的呢？
Why would you listen to me on it?
天哪，这真是难得的夸奖。
God, that's that's standing with mean praise.
只要债券市场保持稳定，我觉得明天早上醒来时，会有越来越多的分析师在数据中心话题上大力鼓吹。
As long as the bond market stays tame, I think we can expect more and more analysts pounding the table in the data center talks tomorrow morning when we wake up.
我想这个月也只能这样了。
I suppose this month will have to do.
天哪，我今晚得说说诺和诺德。
A man, I need to tonight, Novo Nordisk.
哇。
Wow.
真是糟糕透了。
What a dog.
不过，这家公司正处于重大调整之中。
That's in the midst of a major reset, though.
难道这还不足以让投资者重新审视这家公司吗？
Won't be enough for investors to take another look at the company?
我这就去联系CEO，我的结论可能会让你大吃一惊。
I'm getting on the ways to the CEO, and you're be surprised about my verdict.
Zoom通讯业务为何能实现如此惊人的爆发式增长？
And what's behind the incredible breakout in Zoom communications?
我们来仔细看看这只股票快速上涨的原因。
I'm taking a close-up of the stocks rapid rise.
以及财报发布后股价的连贯走势。
And coherence on the movie after earnings.
我正准备和这位CEO聊聊，这周数据中心的消息特别多，尤其是关于光纤的。
I'm sitting down with the CEO amid a busy week of data center news, particularly about fiber optics.
所以请继续收看克拉默的节目。
So stick with Cramer.
千万别错过《Mad Money》的每一秒。
Don't miss a second of mad money.
在X平台上关注吉姆·克拉默。
Follow at Jim Cramer on X.
有问题吗？
Have a question?
发推给Cramer。
Tweet Cramer.
标签#mad mentions。
Hashtag mad mentions.
给Jim发邮件到madmoney@CNBC.com，或者打电话到180743。
Send Jim an email to madmoney@CNBC.com, or give us a call at 180743.
错过了什么？
Miss something?
去mad money的CNBC网站看看。
Head to mad money dot CNBC dot com.
是什么让你有信心去做以前没人做过的事情？
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.
开创性的女性正在改变游戏规则。
Trailblazing women changing the game.
其中一条
One of
我最喜欢的建议是，想想你老板的老板需要什么。
my favorite pieces of advice, think about what your boss's boss needs.
领导力可以有很多很多不同的形式。
Leadership can look in many, many different forms.
归根结底，就是要相信你自己。
It really does come down to just trusting yourself.
人生苦短，
Life is short,
你必须想得大才能成就大事。
and you just gotta think big to accomplish big things.
朱莉娅·博森主持CNBC的“变革者”和“权力玩家”节目。
Julia Borson hosts CNBC Changemakers and Power Players.
每周二更新，欢迎在各大播客平台收听。
New episodes every Tuesday wherever you get your podcasts.
好。
Alright.
丹麦制药公司诺和诺德，也就是大家熟知的 Ozempic 和 Wegovy 的发明者，它的股价怎么了？
What happened to the stock of Novo Nordisk, the Danish drug company you know as the inventor of Ozempic and Mugovi?
上周他们业绩超预期并上调了季度指引，但消息公布当天股价却跌了近 6%。
Last week, they reported a beat and raised quarter, yet the stock fell nearly 6% the day those numbers were released.
从那以后，嗯，它把大部分损失都补回来了，但那个反应真是让人震惊。
Since then, well, it made up most of its losses, but that was a stunny reaction.
嘿。
Hey.
大家要注意，诺和诺德可是GLP-1这个品类的开创者，现在他们的减肥和糖尿病业务简直是在疯狂印钞。
Keep in mind, Novo Nordisk helped invent the whole GLP dash one category, and their obesity and diabetes businesses are now printing money.
今年一月，他们推出了Wegovy的口服药版本。
In January, they launched a pill version of Wegovy.
现在已经开出了超过50亿次处方，大多数是给那些从未尝试过注射剂的人。
It's already been prescribed more than 5,000,000,000 times, mostly to people who never tried the injections.
不过说到底，这是一个转型故事，虽然股价下跌了大约15%，但华尔街还是不太买账。
In the end though, this is a turnaround story, one that reduces take out by about fifteen percent, but it still don't get much love from Wall Street.
今天早些时候，我有机会和迈克·达斯特聊了聊。
Earlier today, I got a chance to check-in with Mike Dustar.
他是诺和诺德的总裁兼首席执行官。
He's the president and CEO of Novo Nordisk.
一起来看看。
Take a look.
大家都认识你，因为你是把GLP-1类药物介绍给全世界的人。
Everyone knows you because you're the person that introduced the GOP dash one to the world.
很高兴你能来。
And I'm so glad you're here.
自从摩根大通会议之后，我们就没见过面了。
We haven't seen each other since the JPMorgan conference.
我想请你给我们讲讲，首先，从那之后发生了什么？
I thought you just tell us fill us in, first of all, what's happened since then?
因为我知道你们公司经历了一次调整。
Because I know that there's been kind of a reset of your company.
非常感谢。
Thanks so much.
是的。
Yes.
所以发生了很多事情。
So a lot has happened.
越来越多的人开始习惯吃药片或者自己打针，更重要的是，我觉得我们越来越了解GLP-1的益处。
More and more, people are getting used to either taking a pill or injecting themselves, and more importantly, I think we're trying to understand more and more around the benefits of GLP-one.
所以，如果回到大约十二个月前我刚上任的时候，现在美国使用我们产品的人数增加了70%，很大程度上是因为推出了药片。
So if you go back actually compared to about twelve months ago when I got my job, we have 70% more people in US using our products to a large extent because of the introduction of the pill.
对。
Right.
所以这让大多数投资者感到意外。
So so this has been surprising most of the investors.
我也告诉你，这也让我们自己感到意外。
I will also tell you it has been surprising us.
选择服用这种药片的人数之多，简直令人难以置信。
The the overwhelming number of the people that have come to the pill.
目前全球已有150万人服用这种药片，而且是在很短的时间内实现的。
We have now globally one and a half million people on the pill in a very short period of time.
在美国，处方量已经超过了500万。
The number of prescriptions that are written here in US have surpassed 5,000,000.
吉姆，这使得这次上市成为制药史上最成功的产品上市。
Jim, this makes this launch the best product launch in the history of pharmaceuticals.
制药史上？
Of pharmaceuticals?
制药史上。
Of pharmaceuticals.
不是，所以
Not Of So
所以，所以，我的一位同事告诉我，可能有一种疫苗，你可以猜到是哪种，可能比这个做得更好。
so so one of my colleagues told me that maybe there is one vaccine, you can imagine which one maybe, that did better than that.
但是，是的，这次发布确实非常成功。
But, yes, this has been a phenomenal launch.
好的。
Okay.
迈克，给我解释一下，为什么在你们最近一次的电话会议上，你实际上给出了下调的指引，而我本以为你可能会给出上调的指引。
Mike, explain to me why on your most recent conference call that you actually guided down when I thought you might have guided up.
你说的是持平到下降6%。
You talked about flat to down 6%.
我当时想到那个药丸，心想，哇。
I was thinking about the pill and said, wow.
这会产生巨大的数字，但这并没有转化为每股收益。
This is gonna generate huge numbers, but it's not translating to earnings per share.
其实我们上调了业绩指引，而且大幅超出了市场预期。
Well, we improved guidance actually and beat the consensus quite a bit.
你可能还记得，年初我们给出的预测是，今年的销售中位数会下降9%。
You might recall, we came to the year with a projection that our midpoint this year will be at minus 9% sales.
第一季度，我们把中位数上调到下降8%，现在第二季度，我们再次上调，中位数现在只下降3%。
In q one, we improved on that midpoint to minus eight, and now in quarter two, we improved again moving the midpoint now to minus 3%.
但但我想人们会说，既然你们有这款席卷全球的药丸，为什么销售还是负增长呢？
But but I think people say, why is it negative at all when you've got this pill that's taking the world by storm?
问得好。
Excellent question.
我们大部分销售来自注射剂，去年由于最惠国待遇和价格压力，我们大幅降低了Ozempic和Vigovi的价格。
Majority of our sales is on the injectable sites, and last year on the back of MFN and price pressure, we reduced the prices of Ozempic and Vigovi tremendously.
好的。
Okay.
我们这么做是为了让更多人能够用上这些药物。
We did that because we want people to get access to these medications.
我们这么做，是因为我们考虑的不只是一个季度。
We did that because we're thinking above and beyond just a quarter.
我在想，虽然我每个季度都得交出成绩单，但我们需要把这家公司打造成能持续几十年的企业。
I'm thinking that while I have to deliver numbers on a quarterly basis, we need to build this company for decades long.
说实话，人们不可能花一千美元去买一盒Ozempic或Vigovi，这是不现实的。
It is not conceivable that people can pick up a box of Ozempic or Vigovi for a thousand dollars, frankly speaking.
所以我们必须吞下这颗苦药。
So we needed to take the the hard pill.
我们基本上不得不大幅降价。
We had to basically reduce the price quite a bit.
而且你知道，从数学上讲，如果你降价，你得把销量翻倍才能持平，但你可以第一天就降价。
And you know this from a math, if you have the price, you have to double the volume to make it even, but you can break you can have the price on day one.
你不可能第一天就把销量翻倍。
You cannot double the volume on day one.
但我要反驳一下。
But let me push back.
礼来公司有一些非常亮眼的数字。
Eli Lilly's had some fabulous numbers.
他们和你竞争。
They are competitive with you.
他们在口服药方面还不太强，但他们的数字已经超过了诺和诺德。
They are not as strong yet on the pill, and yet they're generating numbers that are superior to NOVOs.
因为礼来一直在抢占市场份额，而且他们的业务比诺和诺德更多元化。
Because Eli Lilly has been gaining market share, and they're more diversified than Novo Nordisk.
所以如果你看看礼来，我相信他们大约60%的业务是GLP-1。
So if you take a look at Eli Lilly, I believe some 60% of their business on is GLP one.
我们的大约是90%。
Ours is around 90.
对。
Right.
而且，众所周知，礼来在销量和市场份额的增长上确实比诺和诺德做得更好。
And on top of it, there is no secret that Lilly has been quite successful actually in having volume uptake and market share uptake above and beyond Noble.
那你觉得我知道你们起诉了礼来吗？
Now do you think that I know that you sued Eli Lilly.
你觉得他们有没有做出不实的陈述？
Do you think that they've made representations that are not accurate?
我非常支持竞争。
I am a big fan of competition.
我认为竞争必须激烈。
I think competition has to be fierce.
但我也认为竞争必须公平。
But I also think competition has to be fair.
我相信，患者在选择使用哪种产品之前，应该和医生一起了解全部真相。
I believe that patients deserve to know the full truth together with their physicians before they make a choice of what product to take.
我们认为，他们所做的广告虽然真实，但并非全貌。
We believe that the advertisements that they have been doing, while truthful, is not the complete picture.
这些广告是基于这些产品的旧一代和所有剂量。
It's built on older generations of these products at all doses.
我们有一款叫V Govi HD，也就是V Govi高剂量的产品，在市场上，效果和竞争对手不相上下。
We have something called the V Govi HD, V Govi High Dose in the market with efficacy on par with our competitor.
我们希望患者在做出选择时能知道这一点。
We would like the patients to know this when they're making their choice.
这就是我们正在做的原因。
And that's why we are doing what we
对。
are doing.
他们并没有做出虚假的声明，只是你说可能如此，也可能并非如此。
They didn't make a true claim, it's just you are saying it may have been it may not have been
他们确实正确地做了一项试验，一项头对头的试验，比较的是Vigovi 2.4毫克剂量。我们认为人们需要非常清楚地知道，市场上有一款更先进的V Govi，具有不同的特性。
apples They to did a trial correctly, a head to head trial on a Vigovi two point four milligram dose And we believe that people need to know very visibly that there is a more advanced version of V Govi in the market with different profiles.
然后他们就可以做出选择，决定哪种产品最适合自己。
And then they can make their choice and decide which product is the best.
但让我们来谈谈这次发布，因为确实令人兴奋。
But let's talk about this launch because it's quite exciting.
我知道礼来也有一种药片。
I know that Lilly has a pill too.
他们的处方量已经开始有所上升了。
They've started to see some uptick in prescriptions.
它们确实有区别。
They do have differences.
你们确实有一些限制。
You do have restrictions.
我觉得那些限制其实没那么重要，但显然像礼来那样没有限制比你们的情况要好，不过看起来这并不影响什么。
I don't think the restrictions are all that meaningful, but obviously to have no restrictions like we hear from Lily is better than your profile, but it doesn't seem to matter.
你们的产品简直卖疯了。
Your things just about out of hell.
这是怎么回事？
What's happening?
你觉得是因为口碑吗？
Because you think it's word-of-mouth?
那有没有比打针更严重的副作用呢？
And are there side effects that are more serious than anything that happens with the shot?
是的。
Yeah.
所以我觉得美国市场和消费者在偏好选择上一直都非常坦诚。
So I think The US market and the consumers have been incredibly honest about what preference wins.
对。
Right.
想想诺和诺德的注射剂业务发生了什么，主要是因为很多患者觉得我们的竞争对手在减重效果上更胜一筹，这得益于我之前提到的那个老版本，所以我们开始失去市场份额。
When you think about what happened to Novo Nordisk injectable business, it was predominantly because a lot of patients felt that our competitor has a more efficacious weight loss profile on the back of the older version I just mentioned to you, and therefore we started losing weight.
在口服药上，几乎同样的事情也发生了。
Almost exactly the same thing Jim has happened on the pill.
我们推出了一款能帮你减重17%的口服药。
We have introduced a pill that reduces your weight by 17%.
礼来的口服药能减重12%，这不是基于头对头试验，而是基于我们各自做的独立试验。
Lilly's pill reduces your weight by 12% based on not head to head trials, but our individual trials that we have done.
消费者对此非常坦诚。
The consumer is very honest about that.
他们更想要17%的减重效果，而不是12%。
They want the 17% weight loss over 12.
但起初，我们以为竞争对手的产品可能会有些市场，因为消费者可能会觉得，既然服药前不需要等待，也不用考虑和食物的间隔，他们会认为竞争对手的产品更容易使用。
But initially, we thought actually there could be some uptake for our competitor because the consumers might think that because you don't need to wait before, you don't need to wait with your food before you take this pill, they will consider our competitors' product as a more easier to use.
我确实相信他们会这么想。
I do believe they will.
但坦白说，市场表现并非如此，因为医生会向患者解释：早上起床，吃药，刷牙，洗澡，然后吃早餐。
The world has seen it differently, frankly speaking, because a doctor explains to their patients, get up in the morning, take the pill, brush your teeth, go take a shower, and then go have breakfast.
这很简单。
That's quite easy.
而另一方面，同样的医生要向服用礼来产品的患者解释：你是否有服用避孕药？
On the other hand, the same doctor has to explain to the patient trying to take Lilly's product, are you on a birth control pill?
如果有的话，那可能会有些麻烦。
If you are, going to be problematic.
但礼来公司显然可能会推出更有效的产品，不过目前你们有一个非常好的发展空间，这也是为什么我对这只股票感兴趣，因为我觉得你们的表现可能会比预期的更好。
But Lilly could obviously come back with a more efficacious, but right now, you've got a really good runway, and which is what makes me intrigued by the stock because I think that you may be able to have better numbers than you think.
但我这么说是因为我密切关注你们公司，必须看得更远一些，才能说这只股票太便宜了。
But I say that as a as a person who follows your company closely, who is has who is has to think a little more forward in order to be able to say, this stock is too cheap.
我的意思是，今天之后，我真的看不到什么下跌空间了，当然，总是有下跌的可能。
I mean, I just don't after today, I just don't see any well, there's always downside.
但我想问你一个问题，这真的很重要。
But I did wanna ask you and this is really important.
你们有大量的研究，这些令人惊叹的研究。
You have a huge number of studies, these amazed studies.
虽然你们在心脏方面的那个试验没有赢，但那个试验也涉及肾脏问题。
Now you didn't win on that heart one, but that also had kidney problems.
你们有信心未来会有一些成果，包括一种能减脂但不减肌肉的药丸吗？
Are you confident that there's some things down the road including a pill that gets rid of fat but not muscle?
因为那是终极目标。
Because that's the holy grail.
所以我们
So we
不会因为一次试验的结果就改变策略。
do not change strategy based on a result of a single trial.
好的。
Okay.
我们这一行，失败、试验和错误都是家常便饭，希望成功的试验和成功上市的药物数量能超过失败的。
We are in a business together with our peers of failures, trials and errors, hopefully, the number of the successful trials and the successful introductions of medications outweighs the number of the failures.
这就是为什么
That's why
我们对自己有信心。
we are confident ourselves.
失败。
Fail.
大多数药物。
Most drugs.
我觉得我们公司能像现在这样活到100岁，就是因为我们的成功比失败多。
Well, I think the reason you become 100 years old like our company is because we've had more successes than failures.
对。
Right.
我们现在虽然是一个季度一个季度地工作，但我们是在为未来十年打造这家公司，所以我非常有信心。
Now, we work quarter by quarter but we do build this company for decade long going forward and yes, I feel incredibly confident.
回到你刚才提到的股价问题，股市总是对的，只是时间上会有点滞后。
And coming back to your, comment about the stock price, the stock market is always right, but with a bit of a time difference.
哦，这倒是公平。
Oh, it's fair.
我觉得我们需要做的，就是继续像过去两个季度那样交出成绩，持续一段时间，这样这个时刻就会变成一种趋势，希望股市也会跟着走。
What what I think we would need to do is, again, continue the results like that we have shown in the last two quarters over a period of time, and then this moment turns into a trend, and hopefully, the stock market will also follow.
我觉得这款药表现非常好，这真的是一个非常重要的信息。
I I think the pill's doing incredibly well, and that's kind of a really important takeaway.
它可能会成为有史以来最成功的上市产品，除了疫苗之外，大家都知道，这对我们的观众来说非常令人兴奋，尤其是考虑到股价，我可以这么说。
Something's gonna be the best launch of all time, except for maybe a vaccine, as we all know, that's quite exciting to our viewers, particularly because the stock I can say.
展开剩余字幕（还有 401 条）
你不觉得吗？
You don't?
你不觉得。
You don't.
我觉得。
I do.
我有点低落。
I low.
迈克·达斯特是诺和诺德的总裁兼首席执行官，无论市场好坏，他都来参加节目。
Mike Dustar is the president and CEO of Novo Nordisk, comes on good times and bad.
我喜欢这个说法。
I like that.
而且我认为这种药丸值得关注，因为我相信它能改变方向。
And I think that this pill is worth following because it can change I believe it can change the direction.
非常感谢，吉姆。
Thank you very much, Jim.
谢谢。
Thank you.
接下来
Coming
Zoom的股价继续攀升，Cramer正在深入研究数据，看看公司最新上涨背后的原因。
up with shares of Zoom climbing higher, Cramer's zooming into the data to see what's behind the company's latest rise.
下一条。
Next.
是什么让你有信心去做一件以前没人做过的事情？
What made you confident that you could do something that hadn't been done before?
我不怕失败。
I have no fear of failure.
开拓进取的女性正在改变游戏规则。
Trailblazing women changing the game.
我的一个
One of my
我最喜欢的建议之一，想想你老板的老板需要什么。
favorite pieces of advice, think about what your boss's boss needs.
领导力可以有很多很多不同的形式。
Leadership can look in many, many different forms.
其实归根结底就是相信自己。
It really does come down to just trusting yourself.
人生很短暂，而
Life is short and
你得想得大才能成就大事。
you just gotta think big to accomplish big things.
朱莉娅·布尔斯廷主持CNBC的“变革者”和“权力玩家”节目。
Julia Boorstin hosts CNBC Changemakers and Power Players.
每周二更新新一期，在任何播客平台都能收听。
New episodes every Tuesday wherever you get your podcasts.
过去几周，我们看到Zoom Communications的股价出现了惊人的突破。这家视频会议平台我们都熟悉，但自从疫情以来，大多数人就没怎么关注过它。
The last few weeks, we've seen a stunning breakout in the stock of Zoom Communications, the video conferencing platform we all know that most people haven't thought much about since the pandemic.
在远程办公时代，Zoom 简直无敌。
During the age of remote work, Zoom was unbeatable.
它的股价在疫情高峰期一路涨到了588美元。
The stock traded all the way up to $588 at its COVID year highs.
但一旦我们开始恢复正常生活，股价就崩了。
But once we started going back to normal, stock collapsed.
到2022年底，股价跌到了60多美元。
By the end of twenty twenty two, it was trading in the mid sixties.
和很多在2022年遭受重创的科技股不同，这只股票在底部徘徊了好几年。
And unlike so many tech stocks got crushed in 2022, this one spent years languishing near the bottom.
到2025年底，它仍然卡在86美元左右。
By the end of twenty twenty five, it was still stuck at $86 in change.
不过今年，Zoom 找回了它的魔力。
This year, though, Zoom's got its mojo back.
今年迄今上涨了近22%，而许多其他软件股却承压。
It's up nearly 22% year to date, even as many other software names have been under pressure.
就最近几个星期，它涨了差不多20美元，到了105。
Just the last few weeks alone, it's run up nearly $20 to a 105.
为什么？
Why?
原因很简单，咱们这么说吧，特别简单的一个原因。
For one one reason, let's do this, a very simple one.
Zoom恰好持有Anthropic相当大一部分股份，就是做Claude的那个AI实验室。
Zoom happens to own a sizable chunk of Anthropic, the AI lab behind Claude.
要知道，2023年的时候，Zoom向Anthropic投资了5100万美元。
See, back in 2023, Zoom invested $51,000,000 in Anthropic.
到了一月份，我们听说那部分股份可能值大概30亿美元。
By January, we were hearing that that stake could be worth maybe 3,000,000,000 or so.
与此同时，华尔街根据Anthropic最新一轮融资，给公司估值1830亿美元。
At the same time, Wall Street was going by Anthropic's latest fundraising round that valued the company at 183,000,000,000.
然后二月份，他们又搞了一轮融资，估值直接到了3800亿美元。
Then in February, they did another fundraiser that valued the company at 380,000,000,000.
到了五月，他们又进行了一轮融资，估值达到了一万九千六百五十亿美元。
In May, they did another $1,965,000,000,000.
突然间，Zoom在这家公司里的股份相对于Zoom自身的市值来说，变得非常有价值。
Suddenly, Zoom's stake in the business was looking real valuable versus the market cap of Zoom.
人们开始购买Zoom的股票，作为一种间接投资Anthropic的方式，因为Anthropic还没有上市。
People started buying Zoom as a backdoor way to get into anthropic, which is not public.
所以我觉得这就是Zoom在春季股价大涨的原因。
And that's why I think Zoom had a big run-in the spring.
但到了五月底，公司披露，按照二月份的融资估值，他们在Anthropic的股份大约值十二亿七千万美元。
But then in late May, the company disclosed that their anthropic stake should be worth about 1,270,000,000 on February fundraise.
那家AI公司的估值是三千八百亿美元。
Value of the AI business is 380,000,000,000.
按照最新的融资来看，Zoom的股份应该值更多，可能不止翻倍，甚至更多。
Given the latest fundraise, Zoom stakes should be worth, I don't know, more than double that amount, if not more.
最终，Zoom现在的市值刚刚超过三百亿美元，而它在Anthropic的股份可能值大约二百三十亿美元。
In the end, Zoom's market cap now at just over $30,000,000,000 and its stake of Anthropic worth maybe $23,000,000,000.
嗯，你知道吗？
Well, you know what?
我们就算它是一个重要的积极因素吧。
Let's call it a significant positive.
如果你认为Anthropic的估值会在IPO之前继续上涨，而IPO很可能在今年晚些时候进行，那么Zoom可能从这个持股中获得更多收益。
If you think Anthropic's valuation will keep rising ahead of the IPO, which is likely coming later this year, then Zoom could potentially have more upside from that stake.
但最终，我现在认为Anthropic的持股已经反映在股价中了。
But, ultimately, I now think that the stake in Anthropic is baked into the share price.
对我来说，这算是一笔不错的额外收益，但不是真正的重点。
For me, I'm calling a nice bonus, but it is not the real story.
我今晚谈论Zoom的原因要直接得多。
The reason I'm talking about Zoom tonight is much more straightforward.
早在5月底，他们公布了一个强劲的季度业绩。
Back in late May, they reported a strong quarter.
营收增长了5.5%。
The revenue grew 5.5%.
这比上一季度略有加速。
Now that is a slight acceleration versus the previous quarter.
确实超出了预期。
It did beat expectations.
他们的营业利润率高于预期，同比上升了160个基点，这转化为每股收益超出预期13美分，基于1.42美元的基准，这很值得注意。
Their operating margin came in higher than expected, up a 160 basis points year over year, and that translated into a 13¢ earnings speed off a dollar 42 basis, and that was noteworthy.
这些数字是从哪里来的？
Where did these numbers come from?
嗯，Zoom现在在企业客户方面表现非常出色，是公司客户，不只是你、我或普通个人用户。
Well, Zoom is actually now killing it with enterprise customers, companies, not just you, not just me, not just individuals.
前瞻性指标，比如剩余履约义务，看起来也非常强劲，而且Zoom上调了全年预测的每一项指标。
The forward looking metrics, the remaining performance obligation, also look very strong, and Zoom raised every line of its full year forecast.
如果非要挑毛病的话，唯一的不足就是第二季度的指引，稍微有点低于预期。
The only flaw, if you wanna call it that at all, was the guidance for the second quarter, which came a little light.
但这并没有阻止股价因此上涨超过9%。
That didn't stop the stock from jumping over 9% in response.
当然，那差不多是三个月前的事了。
Of course, that was nearly three months ago.
Zoom 两周后，也就是8月25号，又要发财报了。
Zoom reports again in two weeks, August 25.
我对这个季度的表现没什么特别的看法，也不知道大家期待什么，只知道这家公司现在有很稳定的记录，总是能超出大家的预期。
I don't have any particular insight into how the quarter should look, what what people are looking for, except that this company now has a well established track record of beating what people are looking for.
老天爷，他们在过去20个季度里有19个季度都超出了盈利预期。
They've beaten earnings in 19 of the last 20 quarters for heaven's sake.
这真的很厉害。
That's pretty good.
这就让我想到了我最喜欢Zoom Communications的一点。
Which brings me to the thing I like the most about Zoom Communications.
他们有一个非常好用、操作简单的产品。
They've got a great easy to use product.
你看，如果你像我一样，收到一个带Zoom链接的会议邀请时，你不会多想什么。
See, if you're like me, when you get a meeting invitation that includes a Zoom link, you don't think much of it.
你知道的，你直接点进去就行了。
You know, you're just gonna press it.
如果有什么的话，你会松一口气，因为你知道连接很容易，一切都会顺利。
If anything, you'd breathe a sigh of relief because you know it'll be easy to connect and everything will work.
不幸的是，当你看到Google Teams链接时，情况就不完全是这样了。
Unfortunately, that's not exactly the case when you see a Google Teams link.
我今天早上就有一个这样的链接，我当时紧张得不行，直冒汗。
I have one of those this morning and I was like freaking out and sweating.
我迟到了一分半钟，错过了一位我非常敬重的CEO的会议，就是因为Google Teams。
I missed my I was a minute and a half late to a CEO whom I really care about because of Google teams.
或者更糟，如果是Microsoft Teams的视频会议链接。
Or God forbid, a link to Microsoft teams based video conference.
我也用过Cisco的Webex，但我不记得疫情之后还见过Webex的会议链接。
I've included Cisco's Webex, but I can't recall seeing a Webex meeting link since the pandemic.
看到这些链接，我确实会感到一阵恐慌涌上心头。
I do feel a way of a panic wash over me when I see any of these.
这意味着我肯定会搞砸，而且很有可能错过会议。
It means I'm gonna screw it up, and I'm gonna have a pretty good chance of missing the meeting.
我特别害怕这个。
I dread it.
拜托。
Come on.
你知道我在说什么。
You know what I'm talking about.
你可能也有同感。
You might feel like I do.
他们把这事搞得太难了。
They make it too tough.
Zoom就很简单。
Zoom makes it easy.
我提这个是因为在后疫情时代，对Zoom的主要批评是视频会议软件基本上会变成一种商品。
I bring this up because in the post pandemic year, the main knock on Zoom was that video conferencing software would essentially become commoditized.
这种情况根本没有发生。
That simply hasn't happened.
Zoom拥有最好的技术，这帮助他们不断赢得新客户并留住这些客户，尤其是在企业领域。
Zoom has the best technology which keeps helping them win new customers and hang on to those customers, especially in the enterprise.
人们不想害怕电话会议。
People don't wanna fear a conference call.
此外，他们还在不断添加新的人工智能功能，比如会议准备工具、自动转录、会议期间做笔记等。
Plus they keep adding new AI features like tools for meeting prep, automatic transcription, note taking during meetings.
这正是Zoom Communications的创始人兼首席执行官Eric Yuan上个月来我们节目时强调的。
That was something that Zoom Communications founder and CEO, Eric Yuan emphasized when he came on the show last month.
看看这个。
Look at this.
Zoom的价值远不止于会议本身。
Zoom's value goes far beyond the meeting.
我们支持会议前的准备、会议中的协作以及会议后的行动。
We power the preparation before the meeting, the collaboration during the meeting and action that follows.
简单来说，就是把人工智能嵌入到工作的每一个环节，包括准备、协作、行动和完成。
Essentially, embed AI into every stage of the work, combination, collaboration, action and completion.
我们真正想打造的，是一个能打通从对话到最终落地的行动系统。
And we really want to become a system of action that can connect work from a conversation to a completion.
这也是为什么企业客户对我们的使命如此认可。
That's why enterprise customers really like our mission.
你听到他说了什么吗？
See what he said?
他说的这些，都是针对企业客户的。
He said all that stuff, that's for the enterprise.
也就是面向公司层面的。
That's for companies.
真正的利润大头就在这儿。
That's where the real money is.
而他主要的竞争对手也是这类企业客户。
And that's who he's going up against.
所以你可能对Anthropic那个方向挺兴奋的。
So you may have been excited about the anthropic angle.
我觉得真正的故事是，现在他们的企业业务做得风生水起，业绩数字也很漂亮。
I think the real story is that soon as business is now thriving with companies, and they're putting up very good numbers.
产品就是比别的选择更好用，这一点很重要。
The product just works better than the alternatives and that matters.
而且顺便说一句，现在没有任何借口了。
And by the way, there's no more excuses.
你不能再说Zoom只是面向消费者的产品了，埃里克刚才讲的那些就说不通了。
You can't just say I was Zoom's a consumer product, not with all the stuff that Eric just talked about.
而且即使今年股价涨得很好，Zoom的市盈率也只有今年盈利的17.5倍，相对于它的复兴来说，太便宜了。
Plus even after the stocks excellent run this year, Zoom's trades at just 17.5 times this year's earnings adjustment is way too cheap versus its renaissance.
所以你不必担心现在进场太晚。
So you don't need to worry about being late on this one.
再加上Zoom五月份新增了10亿美元回购，总回购授权达到16.25亿，超过公司当前市值的5%。
Doesn't hurt that Zoom added $1,000,000,000 to its buyback in May, bringing the total repurchase authorization to $1,625,000,000, more than 5% of the company's current market capitalization.
所以这里有个非常重要的结论。
So here's this really important bottom line.
等吉姆两周后再报告时，我们会知道更多，但说实话，鉴于股价便宜，管理团队最强，最重要的是产品对消费者和企业都是最好的，你明天就该赶紧去买。
We'll know more when Jim reports again in two weeks, but honestly, given that it's cheap, it has the strongest management team, and most importantly, it has the best product for the consumer and for the enterprise, you go on a mission to buy it tomorrow.
也许等公司报告后再多买一些。
Maybe buy some more after the company reports.
算了。
Never mind.
哦，不，兄弟。
Oh, no, man.
我们有问题要问。
We got questions.
那有多厉害？
How dynamite is that?
我想那是在我早间节目的时候发生的。
I was thinking that was during my morning show.
大卫，别这么跟我说话。
David, don't talk to me like that.
好的。
Okay.
我们连线弗吉尼亚州的克里斯。
Let's go to Chris in Virginia.
克里斯。
Chris.
嘿，Jim。
Hey, Jim.
想跟你聊聊Uber。
Wanna ask you about Uber.
你知道的，他们今年的营收超过了预期，但未来的前景却没达到分析师的预估。
You know, they exceeded their revenue expectations year over year, but its outlook fell short of the estimates.
基于目前的风险收益比，你觉得现在适合重新买入Uber吗？
Based on the current risk reward profile, would you consider Uber back today?
为什么？为什么又不考虑？
Why or why not?
好的。
Okay.
我喜欢这个问题。
I love this question.
在我那本《如何在市场中赚钱》的书里，我列了几家我认为会变得很大的公司。
I in my book, how to make money in market, I listed a couple of companies that I thought were gonna be really big.
我说过Claire Plauthler会做得很大。
I I said that Claire Plauthler would be big.
我说过DoorDash会做得很大。
I said that DoorDash would be big.
我说过Airbnb会做得很大。
I said that Airbnb would be big.
我还说过Uber会做得很大。
And I said that Uber would be big.
前三个都很成功。
All three of the former, they all work.
我跟你说，这是第四个，它也会成功的。
I'm telling you this is number four and it'll work too.
Bright Tube的团队管理很出色。
Bright Tube is a great management team.
他们的产品在用户体验上比其他家都好，用起来很简单。
The product disappeared to everybody else's, and it's easy to use.
差不多快有佣金可以买东西了。
You got about a commission to buy something.
包括我发布的财报后的独家内容，涉及数据中心公司Coherent，赚得更多了。
Much more made money, including my post earnings exclusive with data center player, Coherent.
今天公布的消费者价格指数显示，食品价格实际上在下降。
Then today's consumer price index showed food prices are actually heading lower.
我来给你分析这对你个人以及整个国家意味着什么。
I'm laying out what that means for you and also the country's.
嗯，其中一些事情，连锁反应。
Well, some of these things, chains.
当然，今晚所有来电都像连珠炮一样。
And, of course, all your calls rapid fire tonight's.
所以请继续关注我。
So stay with me.
有时候，即使是最好的股票也会有点超前。
Sometimes even the best stocks get a little bit ahead on themselves.
今天，Momentum 发布了出色的季度业绩。
Today, we got a terrific quarter from Momentum.
这是一家高光纤光学公司，与大型数据中心有紧密联系，作为回应，其主要竞争对手 Coherent 也理所当然地。
It's a high fiber optics play with big data center exposure, and in response, it's chief rival Coherent justifiably.
股价上涨了8%。
Think rallied 8%.
他们自己今晚也发布了相当不错的季度业绩。
They cohered itself a pretty even better quarter tonight.
但股价在盘后交易中下跌了，我觉得主要是因为业绩稍微有点过热。
But the stock has sold off at after hours trading, I think largely just because it came in a little hot.
实际上，这个季度业绩非常好，你马上就会听到。
The actual quarter was excellent as you will hear.
而且营收和利润都大幅超出预期。
And a really terrific top and bottom line beat.
管理层对当前季度给出了强劲的指引，但股价之前已经涨了一些。
Management giving strong guidance for the current quarter, but the stock had run a little bit.
让我们来仔细看看，有请Coherent的首席执行官吉姆·安德森，他刚开完财报电话会议。
Let's take a closer look with Jim Anderson, the CEO of Coherent, who's joining straight from his earnings call.
安德森先生，欢迎回到Man Money。
Mister Anderson, welcome back to Man Money.
谢谢你，吉姆。
Thank you, Jim.
谢谢你们再次邀请我。
Thanks for having me back.
很高兴再次回来
Great to be back
和你一起。
with you.
听我说。
Hear.
你知道，盘后交易的那些波动其实不应该影响任何人，因为真正重要的是：营收增长了34%，超出预期；毛利率提升了超过200个基点，这真的很难得。
You know, I this after hour stuff doesn't it should not impact anybody because what really does matter, 34% revenue growth above expectations, gross margin up more than 200 basis points, really hard to do.
然后，你知道的，实际每股收益比预期高了12美分。
And then, you know, 12¢ better from the actual earnings.
所以给我们讲讲亮点吧。
So give us some of the highlights.
是什么推动了这些我觉得非常出色的业绩数字？
What's driving what I think are just fantastic numbers?
是的。
Yeah.
首先，我们对六月份这个季度的业绩感到非常满意。
So first of all, we're just really pleased with the results we had in our June quarter.
这已经是连续第七个季度创下营收纪录了，而且六月份这个季度的增长还在加快。
That's actually the seventh consecutive quarter of record revenue, and we saw growth accelerate in our June quarter.
我们每个季度的营收已经突破了20亿美元。
We passed the $2,000,000,000 per mark on a per quarter basis.
我们给出的指引是，未来十二个月内，每个季度的营收有望超过30亿美元。
And the thing that we gave was guidance that we expect to be over 3,000,000,000 per quarter within the next twelve months.
所以业务表现真的非常非常好。
So the business is just performing really, really well.
需求非常旺盛，主要受到AI数据中心以及我们的数据中心和通信业务的推动，这部分占了我们总营收的80%左右。
The the demand is outstanding, and it's really being driven by AI data center and our data center and communication segment, which is about 80% of our total revenue.
就六月份这个季度来看，这个板块同比增长了大约60%，而且我们预计本季度的增长率还会更高。
And that segment, if we look at our June quarter, grew by about 60% year over year, and we're expecting that growth to increase, that growth rate to increase in the current quarter.
我们正处在一个非常好的发展轨道上。
We're on a great trajectory.
那你给我们讲讲，你们在数据中心里到底替代了什么，或者说为什么你们比两年前强这么多？因为很明显，有些东西确实在升级，而你们就是其中的一部分。
So give us a sense of what you're replacing in the data center or why you're so much better than say two years ago in the data center because it's clear that some things are really getting, are souped up and you're part of that.
对。
Yeah.
当然。
For sure.
我的意思是，我们特别兴奋的一点是，我们看到光网络在数据中心架构中的应用越来越广泛。
I mean, one of the things that we're really excited about is we're seeing more and more of the use of optical networking in data center architecture.
所以，当我们建造这些大型数据中心时，随着我们扩展规模，数据中心内处理器之间传输的数据越来越多地通过光来传输，而不是铜线电连接。
So as we're building these huge data centers, as we're scaling more and more of the data that's being transmitted between the processors in the data center is being transferred using light instead of copper electrical connections.
我们看到一个重大的技术转型，从铜线电连接转向光网络，这对整个行业来说很棒，对我们来说显然也非常有利。
We're seeing this big technology transition away from copper electrical towards optical networking over time, which is great for the industry and clearly great for us.
这正是我们的专长所在——所有那些光网络技术，最终让数据通过光来传输。
That's really our expertise is all of the optical networking technology that enables that data to be transmitted using light at the end of the day.
而且这是最节能、最快、带宽最高的数据传输方式。
And that is the most power efficient, fastest, highest bandwidth way to transmit data.
所以，我们不仅看短期，也看长期，我们认为未来有巨大的增长空间。
And so we're seeing just when we look over not just the near term, but over the long term, which think there's just tremendous growth ahead of us.
你觉得我们能不能用光纤完全取代铜线？那肯定会更高效，而且发热也更少。
You think we'll ever be able to replace copper with fiber, which would certainly be a much more efficient way to do things and certainly burn less hot?
其实，这正是过去几十年一直在发生的事情。
Well, look, that's what's been happening over decades.
最初的电信网络是用电来传输的，但很久以前就被光取代了。
The first telecommunications networks were built with electrical networks to begin with, but those were replaced with optical long ago.
我们最初建数据中心网络时，全都是电的。
When we first built data center networks, the data center networks were all electrical.
现在，服务器机架之间的所有连接都已经用光了。
Now all of the connections between the server racks, they're all optical now.
电的部分已经被取代了。
The electrical has been replaced.
现在，我们正在替换数据中心网络中最后一部分仍然使用铜线的部分，也就是机架内部的连接。
And now we're replacing the last part of the data center network that's still copper electrical, and that's within the racks of the data center.
随着时间的推移，这部分也会逐渐转向光通信。
And that will start to convert to optical over time.
归根结底，这主要是由物理规律驱动的。
And it's really just driven by physics at the end of the day.
随着数据速率的提升，你基本上无法再通过铜线传输那么多数据，必须切换到光连接，因为这是传输数据最省电、最快的方式。
As you increase the data rate, you basically you can't transmit that much data using copper and you have to switch to optical connections because that's the most power efficient, fastest way to transmit the data.
这只是我们多年来一直在进行的一场长期转型的一部分，这对我们来说非常令人兴奋，因为这意味着我们的可触达市场出现了巨大的扩张。
So this is just part of a long, transition that we've been doing for many years and really exciting for us because it's just a massive expansion in our addressable market.
好，咱们来聊聊这个，因为在美国重新工业化这件事上，你也扮演着非常重要的角色。
Well, let let's talk about that because you're also really important when it comes to America and re industrializing America.
我们非常希望这项技术能留在这里。
We want this technology here.
我希望这项技术是美国的，而不一定是中国的，不过你确实有一个位于谢尔曼的工厂。
I would like to think that this technology be American and not necessarily Chinese, but you have a Sherman plant.
你和英伟达一直保持着合作关系。
You have a history of a relationship with NVIDIA.
在这个数据中心供应链的环节里，我们是不是非得依赖中国？
Can we be, do we have to be dependent on the Chinese on this food chain part of the data center?
不是的。
No.
我觉得特别是那些关键部件，也就是那些知识产权含量极高、制造难度很大的组件，我们完全可以在美国本土生产，而且我们现在就在这么做。
I think especially for the critical components, the very high intellectual property, very difficult to make components, we can absolutely build those in The US and we're doing that today.
其实，Coherent这家公司五十多年前就是作为一家美国制造企业成立的，我们对这段历史感到非常自豪。
Actually, Coherent was founded as a US manufacturing company over fifty years ago, and we're super proud of that heritage.
如今我们在美国拥有非常庞大的制造版图。
Today, we have tremendous US manufacturing footprint.
当然，我们也在全球范围内进行生产。
Now we do manufacture globally.
我们的业务遍布世界各地。
We have global locations.
虽然我们在全球市场竞争，但仅在美国境内，我们就在多个州设有二十多家制造工厂。
We compete on a global market, but we have over 20 manufacturing sites here in The US across many different states.
吉姆，正如你提到的，我们最核心的设施之一就是位于德克萨斯州谢尔曼的生产工厂。
And Jim, as you mentioned, one of our really flagship facilities is our production plant in Sherman, Texas.
那里正在制造业内最先进的光学产品。
This is making some of the most advanced optical capability anywhere in the industry.
事实上，那是全球最先进的磷化铟生产工厂。
In fact, it's the most advanced indium phosphide production plant.
英伟达是我们的合作伙伴。
Nvidia is a partner with us there.
我们在六月份举行了扩建项目的奠基仪式。
We had a groundbreaking on our expansion there in June.
英伟达的黄仁勋和我一起参加了奠基仪式。
NVIDIA and Jensen Long were there with me to do groundbreaking.
所以，不，这正好证明了我们完全可以在美国本土制造非常先进的技术。
And so, no, think this is a great proof point of, hey, we can build very advanced technology right here in The US.
我们为此感到非常自豪。
And we're really proud of that.
关于英伟达这笔交易，你们签的是长期供应协议。
Now on the NVIDIA deal, you have a long term supply agreement.
有时候我在想，天哪，谁不想要英伟达的认可呢？
Sometimes I think, jeez, I don't who doesn't want NVIDIA's endorsement?
那可是全球最重要的认可了。
That's the most important endorsement in the world.
但同时，你们的股价也在不停地往上涨。
At the same time, your price is going up, up, up.
我的意思是，你们是不是在放弃一些潜在收益，还是说这本来就是个绝佳的组合？
I mean, you could are you leaving money on the table, or is it just a great combination?
你看，英伟达一直是我们的长期合作伙伴，也是长期客户。
Well, look, we're NVIDIA has been a long partner of ours and a long customer.
他们跟我们合作已经超过二十年了。
They've been a customer of ours for over two decades.
所以我们之间有着悠久的创新合作历史。
So we've had a long history of innovation with them.
我们非常期待继续深化这种合作关系，特别是在集成共封装光学方面。
And we're we're really excited about continuing to build that partnership moving forward all around integrated co packaged optics.
但我们也有很多其他客户，所以我们也在支持他们。
But we also have a lot of other customers and so we're also supporting our other customers as well.
光学在数据中心架构中变得越来越重要，我们想支持英伟达，但我们也想支持其他客户。
And so look, optics is just becoming more and more important to data center architecture, and we wanna support NVIDIA, but we wanna support the rest of our customers as well.
好的。
Okay.
你觉得关于禁止数据中心使用中国组件的报道怎么样？
Do you think reports on banning right now Chinese components for the data centers?
我们听到路透社报道说，特朗普政府正在起草一项禁令。
We're hearing a Reuters report about the president the Trump administration drafting a ban on that.
你听说过这件事吗？
Have you heard anything about that?
这是好事还是坏事？
And is that a good thing or a bad thing?
嗯，我觉得现在说这个还为时过早，但你知道，如果真的出台这样的政策，对我们肯定是有利的。
Well, I think it's speculative at this point, but, you know, certainly something like that would be beneficial to us.
我们是美国最大的数据中心用收发器产品供应商。
We're the industry's largest US supplier of products called transceivers that go into data centers.
但是，吉姆，你知道，我们一直希望靠我们的技术和生产能力来赢得客户的业务。
But, you know, Jim, we always want to compete for our customers business based on our technology and based on our production capacity.
所以我们认为我们拥有业界最好的光子技术。
And so we think we have the best photonic technology in the industry.
我们的光子技术产品线最广、最深入。
We have the widest and deepest portfolio of photonic technology.
但另外一点是，我们还有庞大的制造规模，以及在美国拥有超过20个工厂的重要战略布局。
But the other thing is you pair that with our incredible manufacturing scale and the fact that we have this really important strategic footprint of US made manufacturing over 20 facilities.
我们为此感到非常自豪。
We're really proud of that.
我们认为这种组合是独一无二的。
We think that combination is unique.
我关注你们公司已经有一段时间了，这确实是个技术奇迹。
Well, I couldn't I've been following you for some time and it's obviously a technological marvel.
你能来我们节目真是太好了。
And you're terrific to come on our show.
祝贺你们这季度业绩出色。
Congratulations on a great quarter.
这位是Jim Anderson，Go Herein公司的CEO。
Jim Anderson, CEO of Go Herein.
谢谢你，Jim。
Thank you, Jim.
和你聊总是很愉快。
It's good good to talk to you as always.
Ned Money回到这里，谢谢。
Ned Money's back here for the Thank you.
当然。
Absolutely.
接下来，你们有问题要问。
Coming up, you've got questions.
克拉默有答案。
Cramer's got the answers.
准备好迎接一个
Get charged up for a
声音。
sound.
然后闪电回合就结束了。
And then the lightning round is over.
你准备好了吗？
Are you ready?
滑雪。
Ski.
闪电回合已经开始了。
That is on the lightning round clears and running.
我们先从新泽西的汤姆开始。
We're gonna start with Tom in New Jersey.
汤姆。
Tom.
嗨，吉姆。
Hi, Jim.
我喜欢你的节目。
I love your show.
谢谢你做的一切。
Thank you for what you do.
哦，谢谢，汤姆。
Oh, thanks, Tom.
很感激。
Appreciate it.
我本来想问问你关于RxRx的事。
I was I was hoping to ask you about RxRx.
你知道，我觉得那家公司最好快点拿出点成果来，因为现在它只有亏损，这可不是应有的样子。
You know, I think that that company, it better come up with something soon because right now, all it is coming up is losses, and that is not the way it should be.
我们接听明尼苏达州苏尼尔的电话。
Let's go to Sunil in Minnesota.
苏尼尔。
Sunil.
嗨，吉姆。
Hi Jim.
谢谢你接听我的电话，我们非常喜欢你为我们所做的一切。
Thank you for taking my call and we love all everything you do for us.
谢谢。
Thank you.
我的
My
问题是关于快公司的。
question is on fast.
我的问题是关于Fastly的。
My question is on fastly
Fastly。
fast.
对。
Yeah.
Fastly这家公司。
Fast man.
这家公司从深渊里爬回来了。
That thing came back from the abyss.
我得说，我还是更喜欢Cloudflare Moore，但我得佩服他们。
I have to tell you I still like Cloudflare Moore but I hand it to those guys.
我也喜欢Akamai，但Fastly也在竞争之中，而且在这个领域竞争可不容易。
I also like Akamai but fastly is in the game and it's not easy to be in that game.
现在我们连线阿肯色州的Philip。
Now we're going to go to Philip in Arkansas.
菲利普。
Philip.
是的，吉姆。
Yes Jim.
你对明年的能源有什么看法？
What's your thoughts on next year energy.
我不看好明年。
I don't like next year.
我有预感。
I sense it.
我预感会有麻烦。
I sense trouble.
我不太了解那笔交易。
I don't know about that deal.
而且我不确定那家公司是否像他们自己认为的那样经营得那么好。
And I don't know if that company is as well run as as they think they are.
那可真有意思。
How about that.
哇。
Woah.
你不是说过吗？
Didn't you say that.
是的。
Yes.
我们连线田纳西的克雷格。
Let's go to Craig in Tennessee.
克雷格。
Craig.
我是田纳西州纳什维尔的吉姆。
Jim from Nashville Tennessee.
太好了。
Beautiful.
太喜欢了。
Love it.
最近怎么样？
What's up.
我持有一只股票，今年跌了13%，但我真的很看好它。
I've got a position in a stock that's down 13% for the year, but I really like it.
我在想是否应该加仓，股票代码是HII，亨廷顿英格尔斯工业。
I'm wondering if I should add to the position of ticker symbol, HII Huntington Ingalls in the Yes.
这届政府倾向于给海军拨很多钱，我觉得那是唯一的选择。
This presidency was being inclined to be able to give the navy a lot of money, and I think then that that that's the only that's the only game in town for that.
我觉得他们做得不错。
I think they do a good job.
我们连线科罗拉多州的威尔。
Let's go to Will in Colorado.
威尔。
Will.
嘿，吉姆。
Hey, Jim.
今天早上在《Squawk》节目里，
On Squawk this morning,
你的朋友大卫说，三分之二的人工智能电力项目根本不会落地。
your friend David said that, two thirds of the AI electric projects won't ever happen.
鉴于这一点，我想知道你对Vistra的看法，以及他们是否过于依赖这个。
And in light of that, I wanted to know what your thoughts are on Vistra and if they're too reliant
不。
on No.
我喜欢Vistra。
I like Vistra.
我不会把它推得太远。
I'm gonna leave it too far.
我喜欢Vistra，也喜欢Constellation Energy。
I like Vistra and I like Constellation Energy.
我觉得这些被过度炒作了，而且它们其实非常合理。
I think these things are oversold, and they make a ton of sense.
顺便说一句，星座能源真的是一家非常棒的公司。
Constellation Energy, by the way, is a really fantastic company.
各位，这就是闪电轮的结论。
And that, ladies and gentlemen, is conclusion of the lightning round.
闪电轮由查尔斯·施瓦布赞助。
The lightning round is sponsored by Charles Schwab.
接下来，克莱默会品尝那些炙手可热的餐饮股，并选出他最喜欢的几只。
Coming up, Cramer's sampling the restaurant stocks that have been red hot and selecting his favorites next.
我们今天收到了一个惊喜，而且是个好消息。
We got a shock today, and it was a positive one.
今天早上消费者价格指数公布时，我们看到一些关键食品类别实际上在下降。
When the consumer price index came out this morning, we saw some key food categories actually going down.
肉类、禽类、鱼类和鸡蛋的价格在过去一个月里下降了0.7%。
Prices for meat, poultry, fish, eggs decreased point 7% over the last month.
猪肉下降了1.5%。
Pork down 1.5.
水果、蔬菜和奶制品下降了0.1%。
Fruits, veggies, dairy decreased point 1%.
生菜价格暴跌了16.4%。
Lettuce plummeted 16.4%.
但话说回来，那还是因为隐孢子虫疫情。
But, again, that's the cyclospora outbreak.
哦，不过你知道吗？
Oh, you know what though?
是不是感觉好像很久没有哪种食品降价了？
Doesn't it feel like it's been ages since any food has fallen in price?
但有个问题。
There's just one problem.
你去找找看，有哪家全国连锁餐厅因为这些东西降价而跟着降价了？
Try finding a national restaurant chain that cut its prices because of these declines.
正如思科CEO凯文·赫斯特昨晚向我们解释的那样，对于大变革来说，事情并不是那样运作的。
As Kevin Hurricane, the CEO of Cisco, explained to us last night, it just doesn't work like that with the big change.
你知道我知道什么吗？
You know what I know?
他经营着全球最大的餐饮供应商。
He runs the world's largest supplier of food to restaurants.
本地餐馆，与大型全国连锁店相反，随着成本下降正在降价。
Local restaurants, the opposite of the big national chains, are cutting prices as their costs come down.
这就是为什么本地夫妻店已经连续六个月抢占市场份额的主要原因。
And that's a major reason why local mom and pop eateries have been taking market share for six months.
真是了不起的一段时间。
Remarkable stretch.
我认为这段时期甚至没有被全国连锁店注意到。
One that I think is even it isn't even noticed by the national chains.
他们不会因为食品变便宜而改变菜单或价格。
They don't change their menu or their prices because food gets cheaper.
但他们在物价上涨时却提高了价格。
Be they want raised prices when things went higher.
我觉得这不太公平。
That seems unfair to me.
你觉得呢？
How about you?
也许这就是为什么很多没有降价或保持低价的连锁店业绩明显不佳，而那些为了帮助顾客而坚持不涨价的连锁店开始显示出大量利润，甚至是超常利润，因为追求实惠的顾客纷纷涌向它们。
Maybe that's why the numbers for many chains that didn't roll back or keep prices low are distinctly suboptimal, while others, which held the line on food to help you, are beginning to show a lot of profits, exceptional profits, as customers seeking value flock to them.
那些坚持降价的公司股票现在自然也在上涨。
The stocks of the companies that held the wider cut price are now naturally going higher too.
判断哪些餐饮股值得持有，相对容易。
It's a relatively easy way to figure out which restaurant stocks are worth owning.
例如，在所有连锁店中，Brinker就是其中之一。
For example, among all chains is Brinker.
那可是龙头。
That's the king.
Chili's 的母公司今天公布了非常出色的季度业绩，股价大涨超过10%。
The parent of Chili's reported its Dependous Great quarter today, and its stock shot up more than 10%.
为什么？
Why?
很简单。
Simple.
他们有一堆10.99美元的超值套餐，包括香脆鸡肉三明治或者超棒的汉堡，配薯条，还有无限续的薯片和莎莎酱，外加一杯饮料。
They have a host of really good meals for $10.99, including crispy chicken sandwich or a really good big burger, fries, unlimited chips, and salsa with a drink.
顺便说一下，薯片、莎莎酱和饮料都是无限续的。
By the way, the chips and salsa and the drink are bottomless.
大家都很喜欢这个。
People love that.
我也超爱。
I love that.
比在麦当劳买一个巨无霸套餐划算多了。
It's a better deal than get from McDonald's for one of the Big Mac combos.
抱歉。
I'm sorry.
如果我能去 Chili's 花 10.99 美元就吃到那种套餐，还有服务员服务，我就不想在快餐店多花一分钱。
I don't wanna pay anything more than $10.99 at a fast food joint if I can go to Chili's and get that kind of bargain with a waiter or waitress.
难怪他们连续 21 个季度同店销售额增长。
No wonder they've had twenty one consecutive quarters of same store sales growth.
这次他们的同店销售额增长了 6%，非常出色，尤其是考虑到去年同期的对比基数高得离谱。
This time, their comps were up 6%, which is stellar, especially when they're up against insanely difficult comparisons from last year.
这都要归功于 Brinker 提供的高性价比，比如每月 6 美元的玛格丽特，用的还是不错的龙舌兰，还有欢乐时光 3 美元 16 盎司的国产啤酒。
That's all thanks to Brinker offering good value, like its $6 margarita of the month with real good tequila, by the way, and a $3 16 ounce domestic beer during happy hour.
我们经营 Sam Miguel 和 Brooklyn 酒吧的时候，可从来做不到那样的价格。
Now I can never duplicate those prices when we own bar, Sam Miguel, and Brooklyn.
我倒是想，但那样我们就亏本了。
I would have loved to, but we'd be losing money.
对了，顺便说一下，明天节目里我们会直接连线 Brinker 的 CEO Kevin Hoffman。
Hey, by the way, we're gonna hear directly from Brinker CEO Kevin Hoffman on the show tomorrow.
我们会聊这些内容。
We're gonna talk about this stuff.
别错过。
Don't miss it.
还有什么在起作用？
What else is working?
德克萨斯客栈怎么样？
How about Texas Roadhouse?
它一直在涨，因为它试图保持10.99美元的特价，不是一直，但菜单上有特价。
That's been on a run because it tried to keep a ten ninety nine state deal, kind of not all the time, but a special on the menu.
即使面对牛肉价格飞涨，他们也这么做了。
And they did that even in the face of runaway beef prices.
这就是为什么它的股价在短短三个月内从169美元涨到214美元。
That's a big reason why its stock has moved from $169 to $214 in just three months.
顾客会记得那些没有涨价的人。
Customers have good memories for those who didn't raise prices.
今天，Cobb公布了非常亮眼的业绩数据。虽然它也提供价格较高的餐点，但确实有一款12美元的菜品，这与那家以健康饮食闻名的地中海连锁餐厅的定位是一致的。
Today, Cobb reported terrific number while it does some pricey meals does have this $12 offering that's consistent with Mediterranean chain known for its healthy fare.
受良好业绩的推动，其股价上涨了8.66美元。
Stock rose $8.66 in response to its good results.
你听我说。
Listen.
无论在哪里，美国人都追求性价比。
Americans want value wherever they can find it.
他们特别喜欢积分奖励。
They love points.
他们很看重性价比。
They love value.
他们对会员俱乐部这类活动很有兴趣。
They love affinity clubs.
这些方面他们都挺喜欢的。
They love all that stuff.
那些没有优惠或者不提供更好价格的餐厅，业绩都很差。
Restaurants that don't have it or or or not offering better prices, they're putting up lousy numbers.
你必须努力，甚至准备在某些菜品上亏本，比如Texas Roadhouse的牛排，才能让顾客继续光顾。
You have to work at it and be prepared even to take a beating on some items like Texas Roadhouse with steak to keep the customers coming in.
现在本地餐厅都在降价，那些乱涨价的日子只会更难过。
Now with local restaurants cutting prices, it's only gonna get worse for the price gougers.
我能说什么呢？
What can I say?
这是他们自找的。
They brought this on themselves.
我想说，市场总是有更多机会的。
I'd like to say there's always more market summer.
可能开始为你量身定做。
Probably start to find just for you.
我知道我们有钱。
I know we have money.
我是吉姆·克莱默。
I'm Jim Cramer.
明天见。
See you tomorrow.
吉姆·克莱默在本播客中表达的所有观点仅代表克莱默个人意见，不代表CNBC或其母公司、关联公司的观点，也可能此前已在电视、广播、互联网或其他媒体上发布过。
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.
你不应将克莱默表达的任何观点视为对特定投资或特定策略的具体诱导，而应仅视为他个人意见的表达。
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.
克莱默的观点基于他认为可靠的信息，但CNBC及其关联公司或子公司不保证其完整性或准确性，也不应依赖于此。
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免责声明。
To view the full Mad Money disclaimer, please visit cnbc.com/madmoney disclaimer.
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?
我不怕失败。
I have no fear of failure.
开拓创新的女性正在改变游戏规则。
Trailblazing women changing the game.
我最喜欢的一条建议是，
One of
想想你老板的老板需要什么。
my favorite pieces of advice, think about what your boss's boss needs.
领导力可以有很多种不同的形式。
Leadership can look in many, many different forms.
归根结底，就是要相信自己。
It really does come down to just trusting yourself.
人生短暂，
Life is short,
要想成就大事，就得敢想大事。
and you just gotta think big to accomplish big things.
朱莉娅·布尔斯廷主持CNBC的《变革者》和《权力玩家》节目。
Julia Boorstin hosts CNBC Changemakers and Power Players.
每周二更新新集，你可以在任何收听播客的平台找到我们。
New episodes every Tuesday wherever you get your podcasts.
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