Mad Money w/ Jim Cramer 8/26/26

它们也是这些AI模型的语义基础。

They're also semantic foundations for these AI models.

这些AI模型需要这种级别的智能、安全性、用户控制，我们称之为用户模型、共享模型，然后我们在其上添加代理模型。

These AI models need this level of intelligence, security, the controls for users, we call user models, sharing models, and then we put the agent model on top of that.

然后这个新的用户界面，你会提到它，Claude，它能把所有这一切整合起来，释放企业系统中那些被困住的价值，所有这些都能在下一代AI用户界面中展现出来。

And then this new UI, will you mention it, Claude It can bring all of that together and release all this trapped value that enterprises have had in their systems, all can get revealed in this next generation AI user interface.

这将需要所有公司所做的投资。

And that is gonna take the investment that all these companies have made.

是的。

Yes.

你提到了FIFA、德国电信、陆军、Athena Health、Uber，这些都是我们本季度或今年完成合作的客户。

You met you mentioned FIFA, Deutsche, Telecom, Army, Athena Health, Uber, all the ones that we closed this this quarter or this year.

让我告诉你接下来会发生什么，Jim。

Let me tell you what's gonna happen, Jim.

通过在这些系统之上部署CloudForms，他们能获得另一层价值，另一层能力。

By putting CloudForms on top of these systems, they get another level of value, another level of capability.

他们可以构建各种以前根本不可能实现的下一代应用。

They can build all kinds of next generation applications that were just never possible before.

没错。

No.

这真是个绝佳的组合。

It's just it's a great combination.

马克，我很高兴我的旅行信托一直持有Salesforce的股票，已经持有很久了。

Mark, I'm glad that my travel trust owns Salesforce as it has for I don't know.

我是说，我们是什么时候开始这个旅行信托的？

I mean, when do we start the travel trust?

我想感谢你来做客。

I wanna thank you for coming on.

我想祝贺你取得了这么好的成绩。

I wanna congratulate you for a great course.

2009年，吉姆。

Thousand nine, Jim.

我觉得你之前请我上过节目。

I think you had me on the show.

吉姆，我觉得我们还没做到十亿美元的收入吧。

I don't think we've done a billion in revenue yet, Jim.

不。

No.

我们做到了。

We have.

我们现在的收入差不多有470亿美元。

We're doing almost 47,000,000,000 in revenue.

干得好，马克·范尼。

Nice work, Mark Fanny.

这真是相当

It's been quite a

谢谢你的支持，吉姆。

thanks for your support, Jim.

当然。

Of course.

非常感激你。

So grateful to you.

当然，马克。

Of course, Mark.

我也同样感谢你。

And right back at you.

我们到时候见。

And we'll see you know it.

我们Dreamforce见。

I'll see you at Dreamforce.

吉姆，你会喜欢Dreamforce上将要发生的事情的。

Jim, you're you're gonna love what's gonna happen at Dreamforce.

我们有很棒的事情要聊。

We have incredible things to talk about.

新产品，比如Quadforce、Slack代码，还有很多

New products like like Quadforce, Slack code, and a lot

更多内容，到时候见。

more to see you there.

我等不及了。

I can't wait.

非常感谢你，马克。

Thank you so much, Mark.

贝蒂，我

Betty, I've

回来了。

come back.

整个团队。

Whole team.

我们迫不及待想见到大家

We can't wait to see all

你们所有人。

of you.

我妻子。

My wife.

为什么不呢？

Why not?

我是说，我们真的去那里吧。

I mean, let's really go there.

好的。

Okay.

把所有人都带来。

Bring everyone.

马克是Salesforce的联合创始人、董事长兼首席执行官。

Mark is the cofounder, chair, and CEO of Salesforce.

恭喜你，马克。

Congratulations, Mark.

很高兴见到你。

Great to see you.

《疯狂金钱》就在那边

Mad Money's back there

休息一下。

for the break.

接下来，当英伟达发布财报时，全世界都在关注。

Coming up, when NVIDIA reports, the world listens.

所以听好了，因为黄仁勋正在和克莱默对话。

So listen up because Jensen Huang is speaking with Cramer.

一切都是关于钱。

It's all about the money.

我想成为

I wanna be the person in

家里创造世代财富的那个人。

my family that creates generational wealth.

他们怎么赚钱、怎么花钱，还有怎么实现梦想。

How they earn it, spend it, and make dreams come true.

我不想粉饰太平。

I'm not gonna sugarcoat it.

这很难，但非常值得。

It's hard, but it's so worth it.

《千禧一代的金钱》，全新周六，东部时间三点，CNBC。

Millennial Money, all new Saturdays, three eastern, CNBC.

NVIDIA到底需要做什么才能打动这个市场？

What exactly does NVIDIA need to do to impress this market?

今晚，我们得到了答案。

Tonight, we got that answer.

因为当这家全球最大的公司公布财报时，营收和利润都大幅超出预期。

It because when the world's largest company reported, it was a magnificent top and bottom line beat.

销售额和利润同比都翻了一倍多，而且管理层预计2028财年营收将增长70%。

Both sales and earnings more than doubling year over year, and management saying they expect 70% revenue growth in 2028 fiscal year.

这就是下一个。

That's the next one.

太不可思议了。

That's incredible.

简直难以置信。

Just incredible.

哦，一开始股价下跌了。

Oh, initially, the stock sold off.

但随后开始飙升。

But then it started soaring.

它能继续涨吗？

Can it keep running?

我们来问问黄仁勋。

Let's check-in with Jensen Huang.

他是英伟达的创始人、总裁兼首席执行官，我们来了解一下。

He's the founder, president, CEO of NVIDIA to find out.

黄先生，欢迎回到《疯狂金钱》。

Mister Huang, welcome back to Mad Money.

嗨，吉姆。

Hi, Jim.

很高兴见到你。

Great to see you.

嗯，我得跟你说，詹森。

Well, I gotta tell you, Jensen.

今晚的电话会议非常令人兴奋。

Tonight was a very exciting conference call.

其中一个原因是你们做了件以前从没做过的事。

One of the reasons was you did something you guys never do.

你们给出了一个营收预测，坦白说，真是大超预期。

You gave a forecast about revenue that was frankly blowout.

你们预计在2028财年增长约70%。

You expect to grow about 70% in fiscal twenty twenty eight.

市场预期大约是45%。

The street was looking for roughly 45%.

是什么让你这么有信心，而且你到底是怎么做到的？

What gives you that confidence, and how the heck could you do it?

嗯，这并不容易。

Well, it's not easy.

但首先，需求非常强劲，而且令人难以置信的是，它还在加速增长。

But let's say, first of all, demand is super strong and incredibly, it's accelerating.

你知道，显然，我们已经是很大的公司了，但能够持续增长，现在还能加速增长，这确实非常了不起。

You know, obviously, we're already a very large company, but to be able to grow continuously and now to accelerate our growth is pretty extraordinary.

现在，背后发生的事情，第一点是，AI现在变得有用了。

Now, what's happening underneath the things that are going on, number one, is that AI is now useful.

它正在做有成效的工作。

It's doing productive work.

这些AI实验室生成的令牌现在正在盈利。

The tokens that are being generated by these AI labs are now profitable.

人们愿意花大价钱使用它，因为它确实很高效。

People are paying good money to use it because it's really productive.

它帮他们做事，让他们更有生产力。

It's helping them do things and be more productive.

因为使用量增加，他们想生成的令牌数量也在增加。

The amount of tokens they want to generate is increasing because of use.

他们生成的令牌数量在增加，因为AI模型变得更复杂了。

The amount of tokens they're generating is increasing because the AI models are more complicated.

而且现在因为它能赚钱，所以有更多客户想用它。

And then now, because it's profitable, they have so many more customers who want to use it.

限制他们的就是算力。

The thing that's holding them back is compute.

所以，这实际上是我们业务中正在发生的一个方面。

And so, that's literally one pillar of what's happening in our business.

然后，我们看到AI在世界各地被广泛采用。

Then after that, we're seeing AI being adopted all over the world.

每个国家都想参与进来。

Every single country wants to get involved.

每个国家都需要，每家公司都想参与进来。

Every country needs to, every company wants to get involved.

我们一半的业务在超大规模云服务商那里，另一半则来自其他所有领域。

Half of our business is in the hyperscalers, and the other half of our business is everything else.

包括新云、主权云和企业客户。

It's neo clouds and sovereign clouds and enterprise companies.

所有这些都在同时增长。

All of this is all growing at the same time.

当然，这一切都发生在我们推出下一代产品Vera Rubin的时候。

This is all happening, of course, at a time when we're rolling out Vera Rubin, our next generation product.

这将是公司历史上爬坡最快的一款产品。

It's gonna be the fastest ramping product in our history.

真的很令人兴奋。

It's really exciting.

我想回到你刚才提到的那个资产，我们称之为算力。

I wanna go back to what you said about an asset we call compute.

我在八十年代在高盛工作的时候，有人说过，你知道吗？

When I was at Goldman Sachs in the eighties, someone said, you know what?

我们应该把汽车贷款打包起来。

We ought to bundle out of auto loans.

它们变成了一种资产。

They come into an asset.

当时所有人都笑了。

Everyone laughed.

觉得这想法特别蠢。

Thought it was really stupid.

现在它已经是第二大市场了。

It's now the second biggest market.

我觉得算力，你提到的那个五千亿，华尔街那些人聚在一起搞的，算力有一天应该比这个规模大得多，你觉得呢？

I think compute, what you're talking about with the 500,000,000,000, the people who are getting together on Wall Street, compute should be much bigger than what are one day, don't you think?

这毫无疑问。

No question about it.

首先，这不像你手机或电脑里的计算资源，那些东西一买回来就开始过时了。

First of all, this is not compute as in your cell phone or your PCs that the moment that you buy them, you know, it's becoming obsolete.

这是你基础设施的一部分，而且是能产生效益的基础设施。

This is part of your infrastructure and it's productive infrastructure.

它能帮你赚钱。

It's making money for you.

英伟达真正特别的一点是，我们的产品具有通用性，也就是说，你可以用英伟达的产品覆盖AI的整个生命周期，从数据处理、预训练、后训练，一直到部署AI智能体。

One of the things that's really different about NVIDIA is that we are fungible, meaning that you can use NVIDIA across the entire lifecycle of AI from data processing, pre training, post training, the way to deploying the AI agents.

这是第一点。

That's number one.

第二点，我们实际上运行每一个模型。

Number two, we literally run every single model.

据我所知，我们是唯一一家能运行所有前沿模型、所有闭源模型、所有开源模型的公司。

We're the only company that I know that runs every single frontier model, every closed model, every open model.

它建立在NVIDIA之上。

It's built on NVIDIA.

它运行在NVIDIA上。

It runs on NVIDIA.

正因为如此，我们是通用的。

Because of that, we're fungible.

你可以在所有这些不同的用例中使用我们。

You could use us across all these different use cases.

因为我们有这么多开发者，我们的生态系统非常庞大，而且我们在全球范围内使用它，所以这个资产是持久的。

Because we have so many developers, our ecosystem is so large and we use it all over the world, the asset is durable.

它的寿命很长。

It's long life.

它是通用的。

It's fungible.

因此，它是可租赁的。

And therefore, it's, you know, it's rentable.

现在人们花大价钱租它。

People are renting it for great money these days.

所以这就是为什么它是一项值得投资的资产。

And so that's that's the reason why it's an investable asset.

你有没有想过，比如说，你2023年的版本现在可能比刚出来时更值钱，就像某种好酒一样？

Did you even know at one point that your, say, 2023 edition might be worth more now than they were when they came out, like some sort of fine wine?

确实如此。

It is true.

事实上，一些云服务提供商已经在讨论，他们按英伟达的价格购买并建设的基础设施，现在比当初购买时更值钱了。

In fact, this it's some of the CSPs have already been talking about that that that the infrastructure that they paid for paying NVIDIA's prices that they built is now worth more than when they first paid for it.

当然，原因在于英伟达的架构是软件定义的。

The reason for that, of course, is that NVIDIA's architecture is software defined.

因为CUDA，我们的软件一直在不断改进。

Because of CUDA, our software is getting better all the time.

我们一开始就交付硬件。

We ship the hardware in the beginning.

我们把硬件卖给你，但我们会不断改进底层算法，让机器随着时间的推移变得越来越好。

We sell you the hardware, but we continuously improve the algorithms underneath so that the machinery gets better and better and better over time.

回顾历史，Corey的Mike最近提到，A100的销售周期会持续九年。

Over the history, think, we've Mike over at Corey recently said that A100 is going to be sold for nine years of its life.

真正令人难以置信的是，在这九年里，尽管硬件没有变化，我们却不断改进并推出了各种新算法和软件，在整个生命周期内完全免费地持续增强这套基础设施。

The thing that's really incredible is during that nine years' time, even though the hardware didn't change, we improved and introduced all kinds of new algorithms and software that we continuously enhance that infrastructure completely for free over its entire life.

这就是为什么硬件和基础设施会随着时间的推移变得越来越好，就像陈年美酒一样。

That's the reason why the hardware, what the infrastructure just seems to get better and better and better over time, just like fine wine.

好的。

Alright.

这消除了一个误解，就是认为你们的设备应该在三四内就折旧完毕。

Now that cures one misperception, which is that yours were supposed to be written off in three or four years.

我们把这个说法放一边。

Let's take that off the table.

另一件让我困扰的事情是，我在期刊上读到，NVIDIA已经成为AI热潮的银行家，这把它置于危险的境地。

The other thing that bothers me, it kind of wrangles me, is that I read in the journal, NVIDIA has become a banker to the AI boom, putting in putting it on dangerous ground.

如果所谓危险的地带是指投资一些了不起的公司的起步阶段，那我宁愿冒险。

If dangerous ground is investing in on the ground floor of some incredible companies, well, I I wanna be dangerous.

但是，我们是不是应该区分一下投资和兜底呢？

But is it possible that maybe the we should distinguish between the investments and the backstops?

请帮我弄清楚，坦率地说，这种说法到底哪里不对。

And help me to try to figure out where this kind of story is just plain wrong, frankly.

对。

Yeah.

我觉得他们忽略了一个非常重要的点。

I think they're missing a very big point.

首先，这是第一代需要数百亿美元才能获得融资的初创公司。

First of all, this is the first generation of startups that needed tens of billions of dollars to get funded.

你上次听说有哪家初创公司需要数十亿美元才能起步，并且需要数百亿美元才能盈利是什么时候？

When was the last time anybody heard of a startup that needed billions of dollars to get off the ground and needed tens of billions of dollars to become profitable?

这种事以前从未发生过。

That just never happened.

但这确实是AI的本质。

But that's really the nature of AI.

构建AI的成本，部署AI的成本，都非常耗费资金。

The cost of building AI, the cost of deploying AI, just it's very capital intensive.

有几家公司，这些前沿AI实验室，是百年一遇的公司。

And there are several companies, these Frontier AI Labs that are once in a generation companies.

我们想投资它们。

And we want to be investors in them.

我们想支持它们。

We want to support them.

我们想成为它们的合作伙伴。

We want to be a partner to them.

当然，我们希望它们在我们的基础上构建生态系统，然后和我们一起扩大业务。

We would love for them to build their ecosystem on top of us, of course, and then scale up their business along with us.

所以，一开始投资它们的机会是非常好的机会。

And so the opportunity to invest in them in the beginning was a great opportunity.

说实话，我真希望当初多投一些。

Frankly, I just wish I invested more.

现在他们正在扩张，生成的代币是盈利的，服务也是盈利的，客户数量增长得非常快。

Now that they're scaling up, the tokens they're generating are profitable, their services are profitable, the number of customers is growing incredibly.

目前唯一限制他们的就是算力。

The only thing holding them back out now is compute.

但即使在这个阶段，他们还没有达到投资级。

But even during this time, they're not investment grade.

他们没有足够的业绩记录，无论是资本方面的还是财务方面的，无法以低成本获取或锁定资金。

They don't have the track record, the capital track record, the financial track record to be able to capture or secure capital at a low cost.

这正是英伟达可以发挥作用的地方。

And this is where Nvidia could be helpful.

在他们生产的每一件东西、生成的代币都如此盈利的时候，我们可以支持他们成长。

We could be supportive of them to help them grow at a time when everything they make, their tokens generated are so profitable.

这正是我们帮助他们推动飞轮效应的最佳时机。

This is really the time when we can help them with their flywheel.

所以在我看来，这是有史以来最好的投资之一。

And so as far as I'm concerned, this is one of the best investments ever.

这是千载难逢的机会，是技术世代中难得一遇的机遇。

It's a once in a generation, once in a technology generation opportunity.

最后，对我们来说，由于NVIDIA架构的特性，因为它具有可互换性和持久性，我们的风险在于最坏的情况下，我们只会将其用于另一个客户或另一个用例。

Then this lastly, the risk for us because of the nature of NVIDIA's architecture, because it's fungible and it's durable, the risk to us is still in the worst case scenario, we'll just use it for another customer in another use case.

所以我认为我们的保障是我们对此深思熟虑。

And so I think the backstop is we're thoughtful about it.

我们对此有纪律性。

We're disciplined about it.

我们正在支持那些正在变得盈利的非凡公司。

And we're supporting extraordinary companies as they're becoming profitable.

而且我们知道，希望很快就能实现。

And as we know, hopefully, there'll be soon.

它们将成为上市公司，人们将有机会看到我们所看到的，以及我们为什么对它们如此兴奋。

There'll be public companies and people will all get the opportunity to see what we see and why we're so excited about them.

不过无论如何，这确实是一个非常棒的投资，我觉得风险很低。

And but anyways, this this is a really great investment, and I think the risk is is low.

好的。

Okay.

我问你个问题。

Let me ask you something.

这算是个私人问题。

It's a kind of a personal question.

假如你在我身上投资了300亿美元。

If if you gave me let's say you invested $30,000,000,000 in me.

然后我打电话给你说，你知道吗？

And then I called you and I said, you know what?

我一直以来都在研究一个芯片，我觉得它真的能对你造成威胁。

I the whole time I've been working on on something, a chip that I think can really hurt you.

它叫“哈拉佩诺”。

It's called jalapeno.

我不知道。

I don't know.

就叫它，嗯，Tomatillo吧。

Let's call it, I don't know, Tomatillo.

然后你对我说，那没关系。

And you said to me, well, that's fine.

你真的会觉得没关系吗？

Would you really say that's fine?

因为如果OpenAI对我做了他们对NVIDIA做的事，我个人会很难过。

Because I personally would be hurt if OpenAI did to what they do to NVIDIA if they did to me.

你知道，我对此无所谓。

You know, I'm okay with it.

对。

Yeah.

Jim，现在有太多XPU被发布了。

Jim, I there's so many XPUs that are being announced.

而且你知道，做我们这行并不容易。

And as we know, it's not easy doing what we do.

我们做这行已经三十三年了。

We've been doing this for thirty three years.

所以很多项目启动了。

And so lots of projects get started.

也有很多项目被取消了。

Lots of projects get canceled.

我们在这里是为了支持我们的合作伙伴，我们会打造世界上最好的技术。

We're here to support our partners and we're going to build the world's best technology.

我对此充满信心。

I have every confidence in that.

我们将成为他们最高效的基础设施。

We're going to be the most productive infrastructure that they have.

我对此充满信心。

I have every confidence in that.

我们有供应链和技术规模，能成为他们最大的供应商。

We have the supply chain and the technology scale to be their largest supplier.

我对此非常有信心。

I have every confidence in that.

所以，我

And so I

不需要

don't have

把任何事情放在心上，因为我对我们能交付的东西非常有信心。

to take anything personally because I've got so much confidence in what we were able to deliver.

看看所有的XPU公告和所有宣布的初创公司。

And look all of the XPU announcements and all the startups that have been announced.

然而今天，英伟达在AI市场的份额还在增加，我们的增长正在加速。

And yet today, NVIDIA is increasing our market share of the AI market where our growth is accelerating.

我们的技术领先地位还在扩大。

Our technology leadership is extending.

所以我对所有竞争都感到很放心。

And so I'm very comfortable with all the competition.

好的。

Okay.

我还觉得挺有意思的，你知道，安迪·贾西很喜欢你。

And I also thought it was interesting, you know, Andy Jassy loves you.

对吧？

Okay?

但他也在造自己的芯片，那也挺好的。

But he's all building his own chips and good for him.

不过，当他们想扩展亚马逊网络服务时，他们又买了200万个英伟达GPU。

But, when they wanted to expand Amazon Web Services, they they bought 2,000,000 more NVIDIA GPUs.

对于一个在某些地方被视为竞争对手的人来说，这真是相当大的投入。

That's quite a commitment from someone who, in some places, is considered to be a competitor.

他们要买200万个GPU。

They're gonna buy 2,000,000 GPUs.

他们会买数百万个CPU，而且会在NVIDIA的物理AI系统上构建他们的机器人车队。

They're gonna buy millions of CPUs, and they're gonna, build their robotics fleet on NVIDIA's physical AI systems.

他们会在Bedrock和SageMaker上托管NVIDIA的Neumotron开放模型。

They're gonna host NVIDIA's Neumotron open models on Bedrock and SageMaker.

对。

Yeah.

所以这将是一个很好的合作关系。

So this is gonna be a great partnership.

你知道，我觉得人们真的需要认识到，NVIDIA是唯一一个全栈AI工厂的计算平台。

You know, I I think it's just really important that people realize that NVIDIA is the only computing platform that is a full stack AI factory.

我们是唯一一个在每个云、本地、边缘、主权AI云和新云中都存在的计算平台。

We're the only computing platform that is in every single cloud on prem at the edge and sovereign sovereign AI clouds and neo clouds.

我们是唯一一个无处不在的平台。

We're the only platform that's in that way that's everywhere.

正因为如此，我们吸引了全球所有的AI初创公司。

And because of that, we attract all of the world's AI startups.

在过去的六个月里，因为人工智能，有四千亿美元的风险投资流入了初创公司。

In this last six months, $400,000,000,000 of venture capital went into startups because of AI.

这是一次百年一遇的技术平台变革。

This is a once in a generation technology platform shift.

每个人都想参与其中。

Everybody wants to be part of it.

四千亿美元的投资涌入了AI初创公司，而它们很可能都在使用英伟达的产品。

Dollars 400,000,000,000 of investment into AI startups and all of them are probably using NVIDIA.

所以，如果任何云服务商想吸引这些AI初创公司，那么在自己的云中提供英伟达的产品，会让他们的云更有吸引力。

So if any of the clouds would like to attract any of those AI startups, having NVIDIA in their cloud is gonna make make their their clouds much more attractive.

所以，不管你怎么看，无论我们拥有最好的技术、最高效的技术，还是最赚钱的技术，在任何情况下，英伟达都是你的绝佳合作伙伴。

And so I and however you think about it, whether we have the best technology, the most productive technology, the most rentable technology, you know, in every single case, NVIDIA is a great partner of yours.

嘿。

Hey.

我想问你个问题。

Let me ask you something.

因为我觉得你是你提到的所有这些公司的领导者，不管是那50%不是超大规模的公司，还是那50%是超大规模的公司。

Because I think that you are a leader of all those different companies you mentioned, whether it be the 50% that is not hyperscale or 50% that are.

你是领导者。

You're the leader.

你会不会为你的客户制定一套行为准则，让他们不要做出疯狂的事情？

Would you offer us a code of conduct for your customers so that they don't do crazy things?

他们更担心水资源。

They worry about water more.

他们更担心空气质量。

They worry about air more.

他们更担心电力供应，这样我们就可以说，听着，我们是好公民。

They worry about electricity more so that we could say, listen, we're good citizens.

你们应该想要我们。

You should want us.

我们，因为我觉得你是唯一一个有足够影响力做到这一点的人。

We we because I think you are the only person that has the gravitas to do that.

我们得做得更好。

We have to do a better job.

科技行业、建设者们，必须和社区更好地合作，为这次AI基础设施的建设做好准备。

The technology industry, the builders, and have to do a much better job working with the communities to get prepared for this AI infrastructure build out.

退一步看，这是美国的重大机遇。

Taking a step back, this is America's great opportunity.

这是一个非同寻常的机会。

This is an extraordinary opportunity.

AI数据中心、AI工厂正在全美创造大量就业机会，成千上万的岗位。

AI data centers, AI factories are generating so many jobs all across America, hundreds of thousands of jobs.

它们也在改善社区，因为带来了大量税收。

They're improving communities because they're bringing a lot of tax dollars.

它们为社区注入了大量经济活力。

They're bringing a lot of economy into communities.

而且，这可能是近一个世纪以来，我们第一次能够投资于可持续能源，改善电网，保障能源供应，并降低全国能源成本。

It is also the case, this is the first time in probably the last century that we're able to invest in sustainable energy, invest in improving our energy grid, securing our energy supply, reducing the cost of energy across the country.

这是历史上第一次，因为巨大的市场动力和市场力量，我们能够做到这一点，投资于能源生态系统。

This is the first time in history that we're able to do that because of the enormous market dynamics, the market forces that are able to invest in the energy ecosystem.

这就是为什么所有能源公司的股价都在上涨，所有发电企业的股价也都在上涨。

It is the reason why all the energy company stock prices are up and all the power generator stock prices are up.

我的意思是，大家都做得很好，因为我们正在帮助美国，帮助美国提升其能源地位。

I mean, everybody is doing well because we are helping United States, helping America enhance its energy position.

所以我希望大家退一步看，意识到这正在创造就业机会。

And so I hope that people take a step back and realize that this is creating jobs.

这将使美国重新工业化。

It's gonna reindustrialize United States.

我们在过去五十年里失去的制造业，有机会重新回来。

The manufacturing sector that we've lost over the last fifty years has an opportunity to come back.

最后，这是一个绝佳的机会，让我们以前所未有的方式投资于美国的能源部门和电网。

And then lastly, a great opportunity for us to invest in America's energy sector, our energy grid, like we've never

嗯，听起来这确实变得太政治化了。

been Well, it does sound like it's gotten too political.

对吧？

Right?

我是说，这太政治化了。

I mean, it's too political.

我们应该占据道德高地。

We should just be take the moral high ground.

另一个跟我们竞争的大国，我觉得在环境方面做得并不好。

Another big country that's our competitor is not, I think, when it comes to the environment.

这是我们的机会。

This is our chance.

对吧？

Right?

这是我们行动的机会。

This is our chance to do it.

如果我们开源，这也是我们以竞争方式对抗那个国家的机会。

It's also our chance if we do open source to go against that other in a competitive way.

再说一次，我觉得中国就是那个破坏环境的家伙。

That that again, that I think environmental destroyer that is China.

这是我们引领世界的机会，不是吗？

This is our opportunity for world leadership, isn't it?

毫无疑问，这是个绝佳的机会。

There's no question this is a great opportunity.

嘿。

Hey.

听着。

Listen.

这项技术是在这里发明的。

This is a technology that was invented here.

这项技术是在这里发展起来的。

This is a technology that has been advanced here.

我们必须确保我们的社区、我们的社会、我们所有的公司、我们美国的所有人都拥抱这项技术，这样我们才能充分利用它为我们所有的生态系统、经济和整个社会带来的好处。

We have to make sure that our communities, our society, all of our companies, all of our people in The United States embrace this technology so that we can take advantage of what this technology could do for all of our ecosystems, all of our economy, and all of our societies.

这是一个非同寻常的机会。

This is one extraordinary opportunity.

我们不能让AI无法渗透到所有行业。

We can't allow AI to not diffuse across all of the industries.

对。

Right.

我们必须确保拥抱这项技术，采纳并利用它。

We must we must make sure we embrace this technology, adopt and take advantage of it.

好的。

Okay.

否则，我们会被甩在后面。

Otherwise, we're gonna get left behind.

我知道。

I know.

现在说到苹果，我知道你非常尊敬这家公司，他们觉得他们的股票被严重低估了。

Now Apple, a company I know you have tremendous respect they felt like you, that their stock was very undervalued.

我是说，你的公司股票大概是以28倍市盈率的16倍在卖。

I mean, yours is selling arguably 16 times 28 earnings.

这对我来说简直太离谱了。

That seems ridiculous to me.

现在是时候把回购规模扩大到远超剩余的约985亿美元吗？

Is it time to make that buyback much bigger than the roughly $98,500,000,000 left to buy?

为什么不翻倍呢？

Why not double that?

为什么不学学卢卡·梅斯特里那样做？

Why not do what what Luca Maisri did?

他真是个了不起的CFO。

He's such a great CFO.

你也有个很棒的CFO，科莱特·克雷斯特。

You have such a great CFO, Colette Crest.

和她好好商量一下。

Huddle with her.

你知道，跟她商量一下，定一个更符合你股票这么便宜的数额。

You know, just huddle with her and come up with a number more befitting of how of how cheap your stock is.

这是你谈到的所有事情里最好的投资。

Best investment of all these things you're talking about.

我们，我们会的，我，我很感激。

We we are going to I I appreciate that.

我们会把现金返还给股东。

We are going to return cash to our shareholders.

我们会回购股票，继续回购股票。

We're gonna buy back stock and buy back stock.

所有超出战略和运营需要的多余现金。

All the excess cash net of what we need for strategy and operations.

而且明年我们产生的自由现金流会比今年多得多。

And we are gonna generate a lot more free cash flow next year than this

今年。

year.

好。

Good.

而且，而且，今年我们有好几笔非常大的投资，那些对AI实验室的大额投资明年不会再有了。

Furthermore furthermore, this year, we have several very large investments, and those large investments in the AI labs are not gonna repeat.

你知道，对我来说，投资这些前沿AI实验室的机会不会再有了。

You know, the opportunity for me to invest in these Frontier AI labs is not gonna happen again.

原因是我预计它们会上市。

And the reason for that is because I expect them to go public.

所以，我们投入的资金是为了产生巨大的回报，但我怀疑我是否还有机会再投更多。

And so, the money we've invested is to generate tremendous returns, but I doubt that I'll have the opportunity to invest more.

因此，明年我们将拥有大量的自由现金流。

And so next year, we're going to have tremendous amount of free cash flow.

上个季度，我们回购了60%的股票，未来我们还会增加回购力度。

We, this last quarter, bought back 60%, and we're gonna increase that going forward.

所以，我觉得，我觉得我们，我们，我们看法一致。

So so I I think I think we're we're we feel the same way.

回购英伟达股票是一个巨大的机会。

Buying back NVIDIA stock is a tremendous opportunity

市场上最好的资产。

asset out there.

好吧，詹森，我想感谢你。

Well, look, Jensen, I wanted to thank you.

这个季度真是出色。

Just a remarkable quarter.

谢谢你解释了你作为金融家的那些事情。

And thank you for explaining all that stuff about you being the financier.

对我来说，在我认识你的这些年里，你一直是一个令人难以置信的投资者。

I mean, to me, you've been one unbelievable investor in all the years I've known you.

在我所有交谈过的人中，你的记录是最好的。

You've got the best record of all of everyone I've ever talked to.

那你为什么不做投资呢？

So why shouldn't you do investing?

非常感谢你来参加这个节目。

Thank you so much for coming on the show.

我真的很感激。

I really appreciate it.

很高兴见到你，先生。

It's great to see you, sir.

很高兴见到你，吉姆。

Great to see you, Jim.

太好了。

Excellent.

好的。

Okay.

这位是黄仁勋，NVIDIA的首席执行官兼创始人。

That's Jensen Huang, CEO and founder of NVIDIA.

一个季度之后，股价才到219美元，你在开玩笑吗？

After a quarter, that only takes it to $219, are you kidding?

我简直不敢相信这只股票能涨到哪去，而且我很高兴我仍然相信它。

I can't believe where this stock can go, and I'm so glad that I still believe.

持有它。

Own it.

别去交易它。

Do not trade it.

Jensen Wach，Mad Money 回来了，广告之后见。

Jensen Wach, Mad Money's back there from the break.

接下来，他是华尔街反应最快的人，所以我们要借助你们的帮助来考验他。

Coming up, he's the fastest mind on Wall Street, so we're putting him to the test with your help.

闪电回合开始吧。

Bring on the lightning round.

是时候进入白色布朗环节了。

It is time to the white brown.

然后闪电回合就结束了。

And then the lighting round is over.

你准备好继续了吗？

Are you ready to keep that?

白色。

The white.

我们先从宾夕法尼亚州的杰克开始。

We're gonna start with Jack in Pennsylvania.

杰克。

Jack.

晚上好，吉姆·克莱默。

Good evening to you Jim Cramer.

祝您大赚一笔。

Big bullion to you.

节目太棒了。

Fantastic show.

书也写得非常好，而且

Fantastic book and

你做得

you do a

非常棒。

fantastic job.

非常感谢。

Thank you very much.

谢谢。

Thank you.

向你致敬。

Hat's off to you.

我想听听你对21BLLN的看法。

My your take on 21BLLN.

请讲。

Please.

你知道，我们对此做了一个大专题，我们觉得，这家公司相当不错。

You know, we we did a big piece on this and we decided, you know, it's pretty darn good company.

我知道它很贵，但你知道吗？

I know it's expensive, but you know what?

你看，这是基因诊断。

Look, it's genetic diagnostic.

我是说，我以前就是为这个去找丹纳赫的。

I mean, that's what I used to go to Danaher for.

我觉得你买对了。

I think you got a good one.

我们去德克萨斯的摩西那儿吧。

Let's go to Moses in texas.

摩西。

Moses.

好样的，吉姆。

Booyah Jim.

我们被击中了。

We are hit me.

吉姆。

Jim.

对。

Yeah.

我在查一个叫伊顿的城市里的伊森。

I'm checking on Ethan from a city called Eton.

我30块买的这只股票。

I got the stock at 30.

现在涨到65了。

Now it's at 65.

我是该卖掉，还是它还有上涨空间？

Is it the time for me to cut it off or does they have more potential?

我觉得你可以先落袋为安一部分。

I I think you may take some profits.

毕竟他们表现不错，涨势也挺猛的。

I mean they've had a look they've had an exciting run.

他们确实有东西。

They they do have stuff.

我的意思是，他们不是那种，你知道，他们是一家已经赢了的生物技术公司。

I mean it's not like they're like they're know they're it's a biotech that's been a winner.

好的。

Okay.

我喜欢在冬天从生物技术中拿一点出来，然后让剩下的继续跑。

I like to take a little bit off of the biotech in the winter and then let the rest run.

纽约的马克，马克。

Mark in New York, Mark.

嗨，吉姆。

Hi, Jim.

谢谢你接我的电话。

Thanks for taking my call.

当然。

Of course.

我打电话来是想问关于巴布科克和威尔科克斯的事。

I'm calling regarding Babcock and Wilcox.

五月中旬的时候，Stickerstein BW。

Stickerstein BW in mid May.

你采访过。

You interviewed.

我不知道为什么。

I don't know why.

我知道。

I know.

但他们并没有在亏损。

But they're not losing.

他们亏损得太厉害了。

They're they're losing so much money.

我原本以为情况会好转。

I thought that things would turn.

肯尼来的时候，你说得完全对。

When we had Kenny on, you're absolutely right.

我得把他请回来一次。

Got I to get him back one.

好的。

Okay.

我把他请回来一次，因为他讲了个挺不错的故事。

I came back one because you know he told a pretty good story.

但到目前为止，这个故事还没成真。

But so far the story has not panned out.

所以你完全有理由说我欠你一次。

So you have absolutely every reason to say I owe you one.

我们就是这么做的。

And that's what we're doing.

接下来我们连线宾夕法尼亚的布鲁斯。布鲁斯。

Let's go to Bruce in Pennsylvania Bruce.

你好吗，先生？

How are you doing Mr.

克莱默。

Cramer.

我挺好的，布鲁斯。

I'm doing well Bruce.

哦，我也是。

Oh, same.

嗯哼。

Uh-huh.

我说过要问你关于史密斯菲尔德食品公司的事。

I said I was gonna ask you about the Smithfield Foods.

你觉得

What you thought

他们怎么样？

of them?

你知道，这只股票非常便宜，但它就像是一种大宗商品，但我愿意在八倍市盈率下打赌你不会亏钱，而且你还能通过5.6%的收益率赚点钱。

You know, it's a very inexpensive stock, but it's it's like this is a commodity product, but I am willing to bet at eight times earnings that you're not gonna lose money and you could make some money with a 5.6% deal.

接下来我们连线佛罗里达的史蒂夫。

And let's go to Steve in Florida.

史蒂夫。

Steve.

哦，是的，吉姆。

Oh, yeah, Jim.

我听了很久了。

Long time listener.

抱歉。

Sorry.

很高兴你打来电话。

It's good you called.

哦，太好了。

Oh great.

已经很久了。

It's now a long time.

好的。

Okay.

我们在看这家整合公司。

We're looking at this consolidator.

他们正在整合整个行业。

They're putting together an industry.

他们有一位经验丰富的CEO，之前做过类似的事。

They got a proven CEO who has done this before.

布拉德·雅各布斯和QXO是怎么回事？

What's going on with Brad Jacobs and QXO.

好的。

Okay.

首先，我觉得你应该买它。

So first of all I think you should buy it.

我就直说了。

I'm just gonna say that point blank.

我的意思是，他在整合一个建筑材料集团，主要是屋顶材料，而这时候大家都不看好建筑材料。

I mean, he's putting together a conglomerate for building products, mostly roofing at a time when people hate building products.

但是，如果美联储最终因为房地产市场太差而不得不降息，我觉得这有可能发生，那会怎么样？

But what happens when the Fed finally has to cut rates because housing is so bad, which I think can happen?

那我告诉你会发生什么。

Well, I'll tell you what happens.

那只股票会从14涨到24。

That stock goes from 14 to 24.

这就是为什么我觉得你应该持有它。

That's why I think you should own it.

我们连线加州的马克，马克。

Let's go to Mark in California, Mark.

吉姆，北加州向你问好。

Jim, greetings from Northern California.

哦，谢谢。

Oh, thank you.

我很想念那边。

I miss it very much out there.

最近怎么样？

What's going on?

我只是想感谢你和你的团队。

I just want say thanks to you and your staff.

你们太棒了。

You guys are great.

今天的问题是有关IES控股的。

Question today is about IES Holdings.

股票代码是IESC。

The ticker is IESC.

这是一家全美性的公司。

It's an American wide company.

但是，你

But, you

知道，你看。

know, look.

你看，是这样的。

Here's you know, look.

我一直在关注数据中心放缓的问题，你知道，这跟政治审批有关。

I've been dealing with this, the slowdown of the data centers, you know, that comes from political approval.

但这是一家非常有趣的数据通信公司，最近也跟着跌了不少，我觉得这不太合理。

But this is a very interesting data communications company that's been brought down recently with it, and I don't think that makes sense.

我觉得你选得不错。

I think you've got a good one.

各位，这就是我们闪电环节的内容了。

And that, ladies and gentlemen, we're pushing up the lightning round.

闪电环节由Charles Schwab赞助。

The lightning round is sponsored by Charles Schwab.

接下来，威廉·索诺玛能否交出一份漂亮的季度成绩单？

Coming up, was William Sonoma able to design a beautiful quarter?

克莱默接下来会问CEO。

Cramer's asking the CEO next.

现在，我们拿到了今年表现最好的零售商之一的业绩。

At this point, we got results from one of the best performing retailers of the year.

那就是威廉·索诺玛，它也是Pottery Barn和West Elm等品牌的母公司。

It's Williams Sonoma, which is also the parent company of Pottery Barn and West Elm among others.

他们的营收和利润都很健康，全面超出了预期。

They posted a healthy top and bottom line, beat race for your forecast across the board.

但一开始，股价大幅下跌。

But initially, the stock sold off hard.

那是不对的。

That was wrong.

开盘就跌了5%。

It opened down 5%.

那真是愚蠢，因为股价已经涨了31%。

That was stupid, because the stock was already up 31%.

也许这就是原因，或者有人没搞懂关税带来的噪音。

Maybe that's what's going on, or maybe somebody didn't understand the noise from tariffs.

不过，买家最终还是来了。

And that's it, though, buyers came around.

当天股价收涨1%。

Stock finished up 1% for the day.

所以，让我们和威廉姆斯·索诺玛的总裁兼首席执行官劳拉·阿尔伯特一起仔细看看，了解更多情况。

So let's take a close look with Laura Albert, the president and CEO of Williams Sonoma to learn more.

阿尔伯特女士，欢迎回到《疯狂金钱》。

Miss Albert, welcome back to Mad Money.

谢谢。

Thanks.

好的。

Alright.

那么，劳拉，我本来想问你的，就是，威廉姆斯·索诺玛在面临这些逆风和广泛的市场强势时表现如何？

So, Laura, I was gonna ask you, like, what how's Williams Sonoma doing during these headwinds and broad based strength?

不。

No.

我直接切入正题。

I'm gonna cut to it.

我觉得我需要你谈谈我从未直接问过的事情。

I think I need you to speak to something I've never point blanked ish about.

难道不是因为质量最好，一切才开始的吗？

Isn't it because doesn't everything start because the quality is the best?

我觉得是这样。

I think so.

我的意思是，我觉得，你知道，顾客知道自己想要什么，他们希望我们提供的家具耐用，还希望有出色的设计。

I mean, I think, you know, customers know what they want and they want furniture to last from us and they want great design.

他们希望我们保持相关性，希望让装修过程变得简单，不吓人，而是轻松有趣。

They want us to be relevant and they wanna make their decorating process easy, not intimidating, but easy and fun.

市面上有很多不同的风格，而我们做得好的地方在于，我们提供多种美学风格，以及高品质的家具、配饰、家居用品和厨具。

And there's a lot of different looks out there and what we are doing well is delivering on many aesthetics and very high quality furniture and accessories and home goods and housewares.

我觉得很大一部分原因是我们自己开发产品。

And I think a big part of that is that we are developing the product ourselves.

这是我们的设计，我们直接跟工厂对接。

It's our designs and we're going directly to the factories.

没有其他中间环节。

There's nobody else involved.

所以成本很划算，而且我们规模越大，成本就越低，顾客也能明显感受到。

So the costs are great and the bigger we are, the better the costs we get and the customer really notices.

我喜欢这一点。在增长举措方面，其中一个就是渠道卓越，我们都希望品牌有热度。

Now I like this that in terms of the growth initiatives, one of the things channel excellence, we all want that business business brand heat.

什么是品牌热度？

What's brand heat?

品牌热度就是，当你考虑买一套新卧室家具时，你会想到我们；当你举办晚宴时，你会想到我们；当你需要新的家庭办公室时，你也会想到我们，我们就在你的脑海里。

Brand heat is you think of us when you think about buying a new bedroom set, you think about us when you're having a dinner party, You think about us for your new home office and we're top of mind.

而且我们也是那种你想进去随便逛逛的店。

And we also are the kind of store that you want to just go in and browse.

你知道，你想闻闻这个，想看看有什么新品，然后你会把我们当成你的品牌。

You know, you want to smell this, you want to see what's new and you think of us as your brand.

好消息是，你可能不会把我们每个品牌都当成你的品牌，但我敢保证，其中肯定有几个品牌能引起大多数顾客的共鸣。

And the great news is you might not have to, you might not think of every one of our brands as your brand, but I guarantee there's a couple that really resonate with with most of our customers.

我们从数据里也能看到这一点。

And we see that in our data.

我们做到这一点的方式之一，就是店里提供的优质服务。

And of the ways we've done this is, you know, the amazing service in our stores.

门店、广告牌，人们喜欢进来，它们很有互动性。

The stores, the billboards, people love to come in, they're interactive.

当然还有产品本身，以及线上和目录里的品牌故事。

And then of course the product and the storytelling online and catalogs.

我觉得零售业最棒的地方就在于，它能让人感到梦幻，带你逃离现实，让你想起不同的时代，创造回忆和空间感。

And I think retail is great when it is dreamy and it takes you away and it makes you think of a different time and it creates memories and sense of place.

这就是我们一直在努力的方向。

That's what we've been really working on.

我们一直在打磨产品、提升服务和品质，同时也在加强品牌故事的讲述。

We've been working on the product, we've been working on the service and the quality, but also the storytelling.

品牌故事的讲述同样重要。

The storytelling is equally important.

我觉得在这方面，我们最近做得比以前更好了。

And that is something that I think we've done a better job lately of than we were before.

这也正是吸引很多新客户关注我们品牌的原因，同时也让老客户不断回来。

And that is also what's attracting many new customers to our brand, many new customers to our brands, and then bringing people back to our brands.

我觉得我们应该提一下，你们是数字化的。

I think we should mention, you're digital.

有些其他公司也是数字化的。

Some other companies are digital.

但如果我真的想为某样东西花大价钱，我得亲眼看看它。

But if I really wanna pay up for something, I gotta look at it.