Mad Money w/ Jim Cramer 8/5/26

你怎么看这个趋势？

How do you see it coming?

而且这确实让你比以往任何时候都更有竞争力，因为你掌握了内存。

And and that it's really made it so that you are even more competitive than ever because you have memory.

我记得上次来的时候跟你说过，内存就是新的黄金。

I think I told you the last time I was here, memory is the new gold, I think.

你知道，我们需要在内存方面达到黄金标准，我们很自豪能与全球最顶尖的内存领导者合作。

You know, we you need to have the gold standard in memory, and we are very proud to partner with the absolute best, memory leaders in the world.

但这条路并不好走。

But this has been a tough journey.

如果你还记得的话，上个季度我对此有点悲观，因为坦白说，我相信要和股东分享好消息、坏消息和丑事。

I was a little more of a Debbie Downer in the last quarter about this, if you may recall, because frankly, I believe in sharing the good, bad, and ugly with our shareholders.

所以去年十一月，我们在内存、光学、硅基板、晶圆、芯片组件方面看到了一些短缺，然后我们就开始着手解决。

So last November, we saw some shortages in memory, in optics, in silicon substrate, wafers, chip components, and we began to work on it.

你可以看到，我们去年在组件采购承诺上的投入翻了三倍。

And you can see our purchase commitments for components has tripled in the last year.

所以我们应对这一切（包括内存）的一个方式就是提前规划、多采购，因为很多物料的交货周期要六到十二个月。

So one way we're really leaning into all of this, including memory, is by planning ahead and buying more because many of these have lead times of six to twelve months.

第二点就是出色的领导团队。

The second thing is an outstanding leadership team.

如果没有执行的人，你光计划也没用，必须把计划落实到位。

If you don't have the people executing, you can plan all you want, but you have to bring it in and bring it home.

第三点，也是我最近几个月最感激的，就是我们与关键供应商的合作关系有了显著改善。

And the third thing I'm most grateful for that improved significantly in the last few months is our partnerships with key vendors.

我们签了一些相当大的承诺和多年期协议，以确保供应稳定。

We signed some fairly large commitments and multiyear agreements to make sure we can be assured of supply.

因为在这个供应链紧张的时期——我相信这是全行业未来两年的普遍现象——Arista能做的最好的事情就是与合作伙伴携手，承诺在这两年内保障供应。

Because at this time of supply chain, which I believe is an industry wide phenomena for two years, the best thing Arista can do is work with our partners and commit to supply over these two years.

所以我认为这种三管齐下的策略会真正帮到我们。

So I think these three this three pronged approach is going to really help us.

这并不意味着我们已经完全摆脱困境，也不意味着不会再有供应紧张或零部件涨价，但我们对自身的执行能力还是很有信心的。

Doesn't mean we're out of the woods and doesn't mean there won't won't be more tight supply or rising components, but we feel pretty good about our execution.

让我问你一个问题。

Let me ask you.

我从来没有谈论过我们赢得的公司。

I've never talked about a company that we have won.

你可能见过他们。

You've probably seen them.

那可能是一个非常好的，非常好的，比如说，窗口，就是Snowflake。

That probably is a great, great, let's say, window for you, which is Snowflake.

我的意思是，你能从Snowflake也看出这个问题会发生吗？

I mean, could you tell from Snowflake also that this problem is going to occur?

因为他们像你一样有拼劲，像你一样出色。

Because they're scrappy like you and they're great like you.

嗯，我很喜欢Frank和Sreedhar在Snowflake所做的，而且我很荣幸能有一个内部视角，因为我是董事会成员。

Well, I love what Frank and Sreedhar have done at Snowflake, and, I'm I'm privileged to have an inside view since I'm on the board.

但我认为我们实际上是从客户那里首先看到这个问题的，因为他们需要开始规划、建设这些数据中心，获取电力和计算资源，几乎提前18到24个月。

But I think we saw this problem from actually our customers first because they needed to start planning, building these data centers, getting the power and compute almost 18 to two years.

Snowflake 当然是在技术栈的第四或第五层，他们在那里构建基础设施，但我需要深入到最底层。

Snowflake is certainly in the fourth or fifth layer of the stack where they're building the infrastructure, but I needed to get down to the brass stack.

电力在哪里？

Where where is the power?

建筑在哪里？

Where is the building?

房地产在哪里？

Where is the real estate?

冷却系统在哪里？

Where is the cooling?

这让我对接下来几个月如何恰当地连接这些有了内部视角。

And that gave me an inside view into how we would connect to that appropriately in the next several months.

嗯

Well

所以我认为最早的预兆来自我们的客户在投入产能。

So I think the earliest preview was from our customers putting in the capacity.

我知道那是因为你亲力亲为，尽管你确实给了公司里那些做得很好的人很多肯定。

Know that's because you're hands on, although you do do give an exhaustive amount of credit to people who do a great job at your company.

我职业生涯中开过很多电话会议，你提到的名字更多。

The meeting a lot of conference calls in my career and you have more names.

我觉得人们应该意识到，当你这样做的时候，会激励大家。

And I think people should recognize when you do that, it motivates people.

而且提到优秀的人不需要你付出任何代价。

And it doesn't cost you anything to mention great people.

在电话会议上说出那些优秀的人的名字，你付出了什么？

What did it cost you to say all those great people's names on the call?

答案是零，但对他们来说意义重大。

The answer is nothing, but boy, did it mean a lot to them?

你知道吗？

You know?

确实如此。

It does.

是的，确实如此。

You know, I absolutely does.

既然我们可能是同一代人，我很喜欢把功劳都揽在自己身上，但你也知道，背后是团队在支持我。

Since you and I are probably similar generation, I'm a big fan of I get all the credit and debit, but as you know, it's the team behind me.

对吧？

Right?

对。

Right.

而且，就像披头士乐队一样。

And, it's like it's like the Beatles.

我们这里就像一个披头士团队，很多人一起执行，我还没搞清楚谁是主唱或吉他手，但我们确实像团队一样工作。

So we're a Beatles team here of a lot of people executing, and I haven't yet figured out of who the lead singer or guitar player is, but we certainly work like

一个团队。

a team.

你不需要那样做。

You don't need to do that.

但我们知道，你确实在经营这家公司，而且你做得非常出色。

But we do know that you do run the company, and you do a fabulous job.

杰伊·斯里·尤拉尔是Arista Networks的董事长兼CEO，我们公司从你第一次危机开始就看好你们。

Jay Sri Yulal is chair and CEO of Arista Networks, a company that we have liked from your first crisis.

当你谈到你上任的第一个月时，我甚至不想提那件事，但你像处理其他所有事情一样解决了它。

When you when you talked about your first month, I'm not even gonna bring it up, but you solved it just like everything else you do.

好了，朋友们，广告之后我们回来。

Man, buddy's back after the break.

谢谢。

Thank you.

谢谢你，杰伊·斯里。

Thank you, Jay Shree.

接下来，Elanco动物保健的回报一直不错。

Coming up, returns have been healthy for Elanco Animal Health.

所以，Cramer在财报后与CEO进行了交流，接下来请看。

So Cramer's checking in after the quarter with the CEO next.

是什么让你有信心去做一件以前没人做过的事？

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

我从不害怕失败。

I have no fear of failure.

开拓创新，改变游戏规则。

Trailblazing changing the game.

我最喜欢的一条建议是：想想你老板的老板需要什么。

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

领导力可以有很多种不同的形式。

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.

人生苦短，

Life is short, and

要想成就大事，就得敢想大。

you just gotta think big to accomplish big things.

朱莉娅·博森主持CNBC的“变革者与权力玩家”节目。

Julia Borson hosts CNBC changemakers and power players.

每周二更新新一集，无论你在哪里收听播客都能找到。

New episodes every Tuesday wherever you get your podcasts.

通常，同一行业的股票会一起波动。

Normally, stocks in the same ministry trade together.

但在兽医制药领域，我们看到了相当剧烈的分化。

We've seen a pretty wild divergence in the veterinary pharmaceutical space.

就在过去十二个月里，Elanco动物保健上涨了85%，而Wettus则被腰斩。

Just in the last twelve months, Elanco animal health is up 85%, so Wettus has been cut in half.

在多年横盘之后，Elanco终于推出了一系列针对主要终端市场的非常出色的产品。

After years of trading sideways, Elanco finally came up with a handful of very impressive products for some major end markets.

现在他们正在整个行业抢占市场份额，名声大噪。

Now they're taking share and taking names all over the industry.

今天早上，他们公布了一组出色的数据，各项关键指标都超出了预期。

This morning, they reported an excellent set of numbers, beating estimates on every key line.

有机销售额增长了8%。

Organic sales up 8%.

同时，他们还上调了四年的业绩预期。

Imagine also raised the four year forecast.

起初，早盘股价上涨超过9%，但后来有所回落。

Initially, the stock traded up more than 9% early trading, although eventually pushed, you know, pulled back a little bit.

收盘时上涨了2.4%。

It's finished session up 2.4%.

但这仍然是一个出色的季度。

But this was still a great quarter.

让我们和杰夫·西蒙斯一起仔细看看。

Let's So take a closer look with Jeff Simmons.

他是Elanco动物健康的总裁，我们来了解更多情况。

He's the presidency of Elanco Animal Health to learn more about what's going on.

西蒙斯先生，欢迎回到《疯狂金钱》。

Mister Simmons, welcome back to Mad Money.

嘿。

Hey.

很高兴来到这里，吉姆。

Great to be here, Jim.

谢谢。

Thank you.

好的。

Alright.

那么，杰夫，看起来是创新在真正推动业绩增长。

So, Jeff, it looks like it's innovation that's really driving the outperformance.

也许你可以跟我们谈谈那六大产品，因为我读你的材料时很喜欢这部分。

Maybe you can talk to us about the big six because I like that when I read through your packet.

显然有一些非常大的药物在真正推动发展。

There's clearly some some very big drugs that are really driving things.

是的。

Yeah.

我想那可能就是我们的数字。

I guess maybe that's our number.

对吧？

Right?

吉姆，我今天刚跟团队说，这可能是我们自2018年上市以来最好的六个月，就是今年的前六个月。

I think I just told the team today, this is probably our best six months, Jim, the first six months of this year and since our IPO in 2018.

这可能是过去六年积累的结果，从我们收购拜耳并真正开始建设的时候起。

It's probably been built over the last six years when we acquired Bayer and really started building this.

但如果你深入看是什么在推动它，以及这六大创新，毫无疑问，我们有差异化的创新。

But if you lean in and say what's driving it and these big six innovations, without question, we've got differentiated innovation.

这些我们认为是最好的药物，而且过去一年半里我们一直在夺取市场份额，吉姆，你可以在大市场里看到这一点。

These are what we believe are best medicines and the market share we've been taking over the last year and a half, you can see that in big markets, Jim.

所以，以宠物方面的寄生虫药和皮肤病药为例，那是一个60亿美元的市场。

So parasiticides and derm, let's just take those two on the pet side, dollars 6,000,000,000 market.

我们有Credelio、Quattro，更广谱的产品。

We got Credelio, Quattro, broader spectrum product.

我们继续拓展，你看这四个差异化维度：快速杀蜱、蜱虫现在流行率上升、整体产品线、广谱和绦虫。

We continue build out and you look at the four dimensions of differentiation, fast tick kill, ticks are up right now in terms of the prevalence, just overall in terms of the products, spectrum and tapeworm.

我们新增了3000家诊所。

We picked up 3,000 clinics.

我们已经覆盖了美国超过一半的诊所。

We're over more than half the clinics in The U.

上半年市场份额增长了七个百分点。

S, seven points of market share in the first half.

这本身就是一个十亿美元的市场，我们早期就占据了份额。

So that's a 1,000,000,000 point dollars segment in itself that we've got an early innings on taking share.

我们还有很长的路要走。

We got a long runway.

然后在皮肤病方面，止痒狗市场有二十亿美元，在美国内外都在增长。

And then over in Derm, the itching dog, $2,000,000,000 market growing in and outside The U.

在美国。

S.

而且我们有ZENRELIA，ZENRELIA表现非常出色。

And we've got ZENRELIA and ZENRELIA has done tremendous.

我的意思是，这就是我们认为有效的产品。

I mean it is the product that we think it works.

它效果非常好。

It works really well.

再说，我们已经进入了超过一半的诊所，市场份额也在显著提升。

Again, we're in more than half the clinics and we're climbing share in a significant way.

现在我们还在推出另一个六大产品之一，Bofrenna，一种单克隆抗体产品。

And we're introducing now another one of the big six right now Bofrenna, a mAb product monoclonal antibody.

这是一种过敏注射，每六到八周一次，我们正在把它推向市场。

This is that kind of allergy shot six to eight weeks and we're bringing that to the market.

说实话，一开始我们甚至无法满足需求，因为需求太高了。

Candidly, we can't quite meet the demand out of the gate because the demand is so high.

怎么会这样？

How does that happen?

市场，最好的药物，很多

Markets, best medicine, lots of

怎么会这样？

How does that happen?

供不应求。

Can't quite meet the demand.

我是说，这是不是一种新东西，以前没有别的？

I mean, is this just something that's new that where there was nothing else before?

是这样吗？

Is that what happened?

不是。

No.

那里有产品，你知道，有竞争对手。

There there is a product, you know, a competitive incumbent there.

但我想说，我们带来了一个产品。

But I would say, we're bringing a product.

我们认为我们有一个差异化的产品。

We think we got a differentiated label.

这需要六到八周。

This is six to eight weeks.

所以比竞争对手的时间要长一些。

So a little bit more extended relative to the competition.

而且我觉得，你知道，市场需要治疗皮肤瘙痒的狗的药。

And I think, you know, the market wants derm itching dogs.

兽医想要的是，他们不希望宠物主人回来说，嘿，狗还在痒，而ZENRELIA在这方面做得非常好。

What a veterinarian wants to do is they don't want a pet owner to return saying, hey, the dog is still itching and ZENRELIA has done a masterful job.

我们现在已经在47个国家销售这个产品，并且在巴西和法国已经占据了第一的位置，用的是ZENRELIA。

We're in now 47 countries with this product and we've taken number one spot in Brazil and France already with ZENRELIA.

所以，现在来了一个单克隆抗体，我们只是处于扩大生产的早期阶段。

So here comes here comes a monoclonal antibody and we're just simply in the early stages of ramping up the manufacturing.

对，你提到了一些我认为人们没有意识到的问题，这确实是个很严重的问题。

Right, you mentioned something that I don't think people realize really bad problem.

蜱虫。

Ticks.

它们变得更严重了。

They've gotten worse.

还有一些新的蜱虫种类，比如这种孤星蜱，真的让人害怕。

There's also some new kinds of tick, this lone star tick, and it's really scaring people.

是的。

Yeah.

它让人们害怕自己的宠物。

It's scaring people from their pets.

我们很担心。

We're afraid.

那你们在做什么来帮助我们呢？

So what are you doing to help us?

对。

Yeah.

不。

No.

这毫无疑问。

There is no question.

你看到越来越多的相关报道。

You've seen more and more written about it.

这又回到了我经常跟人类制药和地球谈论的话题。

It's it comes back to what I talk a lot to the human pharmaceutical and planet.

这个“同一健康”挑战，你看到越来越多的事情同时涉及动物健康和人类健康，我们在这里投入了大量精力。

This one health challenge you're seeing more and more things that are coming between both the animal health and the human health and we're leaning in heavy here.

所以你看，我们刚刚发布了第二份关于快速杀灭蜱虫的数据，比现在市面上的现有产品效果更好。

So look, we just published our second data on quick speed of kill to ticks better than the incumbent products that are out there today.

这对宠物主人很重要，对兽医也很重要。

And this matters to pet owners, it matters to veterinarians.

黑腿蜱是另一种，这正是我们有明显优势的地方，而且随着莱姆病的流行，我们也在这方面有优势。

The black legged tick is another one and that's where we've got the strong differentiation and the transfer over to Lyme disease as we're seeing a prevalence there.

所以对于Credelio Quattro，我们在这里有很大的差异化优势。

So for Credelio, Quattro, we see big differentiation here.

而且顺便说一下，Quattro在国际市场才刚刚起步。

And by the way, with Quattro, we're just getting started in international markets.

那个国际市场正在以两位数的速度增长。

That international market is growing double digit.

好的。

Okay.

那么，阻力是什么？

So what is the resistance?

我的意思是，你去，比如说你去看兽医，兽医说，看，我用另一种药效果很好。

I mean, you go to a let's say you go to a vet and the vet say, look, I've had really good luck with this other medicine.

我不知道为什么要换。

I don't know why I wanna switch.

是这种情况吗？

Is it that kind of thing?

不是的。

No.

你看，是这样的。

You know, look.

我们很高兴地说，一个季度就新增了3000家诊所，而全美国总共才有30000家诊所。

We're we're very happy to say picking up 3,000 clinics in one quarter when there's 30,000 clinics in The United States.

我们的增长速度已经超出了预期。

I mean, our ramp rate is beyond.

也就是说，我们现在确实拥有非常差异化的产品组合。

I mean, it speaking that we do have a very differentiated portfolio right now.

当你走进诊所时，我们有一种针对细小病毒的单克隆抗体产品，这让我们进入了大量新诊所。

And when you walk in and we had the parvo product for a monoclonal antibody that entered us into a lot of new clinics.

然后我们带着Quattro进入寄生虫药市场，现在又有了一个皮肤科产品，还有第二个皮肤科产品。

Then we come with a Quattro into the parasiticide market, now a derm product and a second derm.

我们正在一个产品组合中取得领先地位，对于今天的兽医诊所来说，我们比公司七十年历史中的任何时候都更重要。

We're picking up leadership in a portfolio where to a veterinary clinic today, we mean more than we've ever in seventy years as a history of our company.

跟我说说畜牧业的情况吧。

Speak to me about about livestock.

毫无疑问，比如说，我们在新世界螺旋蝇上做了很多工作，那对牛肉生意造成了影响，但你显然处理得很好。

There is a without a doubt, I mean, instance, we were did a lot with restaurants in the new world screwworm that hurt the beef business, but you're obviously on top of things.

畜牧业现在进展如何？

Where are we with livestock?

对。

Yeah.

你看。

Look.

你看。

Look.

我们正在经历一场蛋白质革命。

We've got a protein revolution going on.

你和我大概五年前谈过，那时候动物蛋白可能还面临威胁。

You and I talked, I think, five years ago where maybe animal protein was under threat.

你知道，无肉星期一什么的，现在植物基食品进展如何？

We're, you know, meatless Mondays and where are we at with the plant based?

结果归结为三点，对吧？

And it came back to three things, right?

口味、成本、营养。

Taste, cost, nutrition.

必须好吃。

It's got to taste good.

围绕动物蛋白的营养健康运动非常火热，这是好事。

It's the nutrition wellness movement around animal protein is crazy, and it's a good thing.

美国农民，全球农民都站了出来。

And the American farmer, global farmer stepped up.

去年，吉姆，三十年来第一次，农场动物的增长超过了宠物健康，10%对5%。

Last year, Jim, first time in thirty years, farm animal outgrew pet health, 10% to 5%.

所以健康的动物能带来更实惠的蛋白质，我们在各个方面都看到了这一点。

So healthy animals create more affordable protein, and we're seeing this across the board.

我们的反刍动物牛业务增长了17%。

Our ruminant cattle business grew 17%

哦，那不错。

Oh, bet.

哦，增长最快的反刍动物。

Oh, fastest ruminant.

增长最快的物种。

Growing species.

反刍动物这个词对我们的观众来说是新词。

Ruminant is a word that's new to our viewers.

你得解释一下它的意思，因为我们查过

You got to say what that means because we looked into

它。

it.

是的。

Yeah.

对。

Yeah.

所以是牛。

So cattle.

对，没错。

So Right.

是的。

Yeah.

奶牛和肉牛。

Dairy dairy and beef.

对吧？

Right?

所以你今天看到的是，GLP的使用，动物蛋白的消费在增加。

So what you're seeing today in this is look, GLP use, animal protein is increasing consumption.

人口老龄化，肌肉保持。

An aging population, muscle retention.

而且就像，嘿，我的孩子们，每个人都想要更多的蛋白质，从奶昔到白软干酪再到肉条，美国农民和这些蛋白质公司做得很好，带来了更多味道好、人们想要获取蛋白质的产品。

And then just, hey, like my kids, everybody wants more grams of protein, and they want them from milkshakes to cottage cheese to meat sticks, And the American farmer and these protein companies have done a great job of bringing more products that taste well that people want to get their grams of protein.

嗯，我得告诉你，杰夫。

Well, I gotta tell you, Jeff.

这是一段很棒的旅程。

It's it's been a great journey.

你告诉过我这一切会发生。

You told me this could happen.

你完成了这个组合。

You made the combination.

现在你的资产负债表变得更好了。

Now you're getting the balance sheet better.

看到这一切，真的很高兴，你所说的每一件事，你都做到了，甚至更多。

It really is a a joy to see it that you everything you said you could do, you've done and more.

我要感谢杰夫·西蒙斯，礼蓝动物保健的总裁。

I want to thank Jeff Simmons, presidency of Elanco Animal Health.

谢谢你，杰夫，来参加我们的节目。

Thank you, Jeff, for coming on the show.

谢谢，杰夫。

That thanks, Jeff.

谢谢邀请我。

Thanks for having me.

天哪，钱在那边等着我们呢。

Man, money's back there for the break.

接下来，是不是该买买买Shopify了？

Coming up, is it time to buy buy buy Shopify?

克莱默接下来要和高层了解情况。

Cramer's finding out where things stand with the top brass next.

上个月，很多因为担心AI竞争而下跌的股票，现在都涨回来了。

Last month, all sorts of stocks that have been kept down by worries about AI competition, but they got the group back.

其中包括一些本不该下跌的股票，比如Shopify，它提供工具帮助企业拓展电商业务。

That includes ones that should never have been down in the first place, like Shopify, which makes tools that help businesses grow their ecommerce operations.

确实，市面上有很多软件工具，大家都以为在AI平台能写代码的世界里，所有软件都岌岌可危。

Sure, there are software tools and everyone assumed all things software were endangered in a world where AI platforms can write code.

但Shopify的客户大多是中小型企业，而不是那些可以用AI替代软件的大公司。

But Shopify's customers are mostly small, medium sized businesses, not big corporations that can use AI to replace their software.

另外，Shopify指出，AI正在推动创业潮，这实际上对他们的业务有利。

Plus, Shopify pointed out that AI was leading to a boom in business formation, which is actually good for their business.

果然，今天早上Shopify公布财报时，业绩大超预期，营收和利润都非常亮眼，而且对当前季度的指引也很强劲。

Sure enough, when Shopify reported this morning, shot the lights out, posting a magnificent top and bottom line beat with very strong guidance for the current quarter.

因此，股价理所当然地大涨了17%。

In response, the stock justifiably soared 17%.

它能继续涨下去吗？

Can you keep running?

让我们和Harley Ficklestein深入探讨一下。

Let's stink deeper with with Harley Ficklestein.

他是

He's the

Shopify的总裁，来更好地了解情况。

president of Shopify to get a better sense of situation.

菲克尔斯坦先生，欢迎回到《疯狂金钱》。

Mister Ficklestein, welcome back to Mad Money.

吉姆，能上你的节目总是非常高兴。

Jim, it is always so great to be on your show.

谢谢你邀请我。

Thank you for having me.

哦，哈雷，首先恭喜你。

Oh, so Harley, first of all, congratulations.

我得深入探讨一下，因为无论如何，我对那些说“你知道吗？”的人感到非常生气。

And I gotta dig deeper in this because no matter what, I'm so angry at people who basically said, you know what?

Shopify会被“氛围编码”吃掉。

Shopify is gonna be eaten by vibe code.

作为中小企业，当你们做的远不止物流时，他们怎么能绕过你们呢？

As a small, medium sized business could somehow obviate you when you do so much more than just fulfillment.

解释一下人们怎么会错得这么离谱，以及你为什么知道自己要坚持做自己擅长的事。

Explain how people could be so wrong and why you knew you stick your knitting.

嗯，首先，吉姆，我来你的节目已经，我想，从IPO以来有十一年半了。

Well, first of all, I've been coming to your show, Jim, for, I think, eleven and a half years since the IPO.

我一直来你的节目。

I've been coming on your show.

所以，我的意思是，Shopify在IPO之前就一直被严重低估，我不介意这一点。

So, I mean, Shopify has been famously underestimated well before the IPO, and and I I don't mind that.

我喜欢证明他们是错的。

I I I like proving them wrong.

但让我们直说吧，第二季度对Shopify来说是一个不可思议的季度。

But let's just let's just say, you know, bluntly, q two was an incredible quarter for Shopify.

不仅是在指标方面，还在于它证明了我们是全球商业基础设施公司。

But not just only in terms of metrics, also in terms of demonstrating that we are the commerce infrastructure company for the world.

如果你先看指标，GMV，也就是我们商家产生的销售额，达到了1160亿美元。

And if you look at metrics to begin with, GMV, which is the amount of of sales from our merchants, was a $116,000,000,000.

营收达到了26亿美元。

Revenue was 2,600,000,000.

毛利润是17亿美元，自由现金流是6.54亿美元。

Gross profit was 1,700,000,000 and free cash flow was $654,000,000.

这意味着本季度我们的每一项指标都实现了超过30%的增长。

That means we delivered more than 30% growth across every metric this quarter.

而且在这个规模下，我们的GMV超过了全球一半以上国家的GDP。

And at this scale, our GMV was more than the GDP of over half the countries in the world.

所以，吉姆，我觉得最棒的是，这不仅仅是一个季度的表现。

So I think the best part about this, Jim, is this is not just a one off quarter.

这已经是我们连续第五个季度GMV增长超过30%了。

It was our fifth straight quarter of GME growth above 30%.

我觉得还有一点很重要，大家要知道，你只需要发一个链接给我们。

I think it's also important for people to know there's all you gotta do is send you a link.

我的意思是，我觉得人们只有用过之后才会意识到背后发生的所有这些事情。

I mean, I don't think people till they've used you recognize all the stuff that goes on behind.

那是最初你解释给我听的时候，但现在它比以前更复杂了，因为现在有AI加持。

That was the initial you first explained it to you, but it's more complex than ever because now it is AI levered on it.

你要么得理解所有这些不同的东西，要么就干脆让别人帮你做。

You have to understand all these different things or you just let them you do it.

我觉得人们没有意识到，没有你他们根本做不到，这才是真正的情况。

And I think people don't realize that they can't do it without you is what's really occurred.

嗯，没错。

Well, that's right.

我们现在为各种规模和形态的企业提供支持，同时也引领着未来的公司。

We are powering every size and every shape of business today and and also leading the companies of tomorrow.

所以想想这个季度加入Shopify的大品牌，比如Guess、Avon、e.

So if you think about names, the big names that came to Shopify this quarter, Guess, Avon, e.

F.

F.

Cosmetics、Canada Goose、Claire's、Burden、Bed Bath and Beyond。

Cosmetics, Canada Goose, Claire's, Burden, Bed Bath and Beyond.

大公司那边进展得很顺利。

It's going really well for the big guys.

而且我们的国际业务也在快速增长。

And also our growth is surging internationally.

国际业务的商品交易总额增长了37%。

GMV was up 37% in our on our international side.

所以你现在看到的是我们在确立自己作为未来商业基础设施的地位。

So what you are watching is us taking up our position as the commerce infrastructure of the future.

一个统一的平台，一流的结账体验，并引领我们进入人工智能时代。

A unified stack, best in class checkout, and leading us into the the the era of AI.

我想谈谈人工智能，因为我认为智能体商务正在改变购物方式，而Shopify上的数百万商家真的从中受益。

And I I wanna talk a bit about AI because I think agent to commerce is changing shopping and the merchants on shop, the millions of stores on Shopify are really benefiting.

我们想做的是重新构想购物方式以及商业企业的运营方式。

What we're trying to do is reimagine how shopping works and how commerce businesses run.

像ChatGPT和Gemini这样的人工智能渠道正成为Shopify商店非常强大的发现引擎。

And AI channels like ChatGPT and Gemini, they're becoming incredibly powerful discovery engine for Shopify stores.

如果你看看来自AI渠道到Shopify商店的流量和订单，去年翻了三倍。

If you look at traffic and orders coming from AI channels to Shopify stores, it tripled in the last year.

现在，最棒的部分来了。

Now here's the best part.

你和我有一个共同点，那就是我们对小企业的深厚热爱，说实话，我们真的很喜欢小企业。

Something you and I share is our deep love and and frankly, our our affinity for small business.

当你看看AI搜索，它特别帮助那些构成商业长尾的小品牌，这些是我们的核心商家群体。

When you look at AI search, it is particularly helping smaller brands that form the long tail of commerce, which are core merchant base.

本季度，所有AI驱动的购买中，有75%来自前100名之外的类别。

75% of all AI driven purchases were from categories outside of the top 100 in the quarter.

所以，真正受益于代理搜索的是Shopify上的真实产品，比如一个能并排装三个儿童座椅的汽车座椅，或者一个适合法国斗牛犬的狗背带。

So it's real Shopify products that are benefiting from agentic search, like a car seat that fits three across a sedan or a dog harness for a French bulldog.

这些产品，你知道，如果用普通搜索或搜索引擎，你可能不总能找到那些小企业，但代理商务正在帮助更多小企业更快地被发现。

These are things that, you know, again, using general search or search engine, you may not always find the small business, but agentic commerce is helping more small businesses get found faster.

我刚才在玩Sidekick。

What was I was fooling around with with Sidekick.

我是说，这就像你花一千万美元做广告才能得到的效果。

I mean, it's the kind of thing that you would get if you did a a $10,000,000 campaign.

不。

No.

是花一亿美元在Facebook上做广告的效果。

A $100,000,000 campaign with with Facebook.

你现在给卖汽车座椅的人提供了同样的东西。

You're giving them the same thing for the for the person who's selling a car seat.

把Sidekick想象成有史以来最适合你生意的AI助手，适合零售或电商领域的任何生意。

Think about Sidekick as the greatest AI assistant ever for your business, for for any business in retail or commerce.

它了解你生意的一切。

It knows everything about your business.

它了解行业的一切。

It knows everything about the industry.

它了解Shopify的一切。

It knows everything about Shopify.

Sidekick 的日活跃用户数同比增长了 3.6 倍。

Daily actives using Sidekick was up 3.6 x year on year.

第二季度它处理了 3400 万次对话。

It handled 34,000,000 conversations in q two.

但真正的价值，Jim，在于新商家能更快达成首单，而老商家也比以往任何时候都更聪明地运营。

But the real value, Jim, is that new merchants are getting to their first sale faster, and established merchants are running way smarter than ever before.

而且，如果你看看早期的销售指南，我们发现使用 Sidekick 完成入门的新商家，他们达到五笔销售的速度更快。

And if you just look at the early sales guide, we see that new merchants that use Sidekick to get onboarded, they see an increase in in in how quickly they get to five sales.

为什么这很重要？

Why is that important?

因为一旦新商家达到五笔销售，他们实际上就成为了创业者。

Because once a new merchant gets to five sales, they they they're actually an entrepreneur.

他们真的在建立自己的事业。

They're really building their business.

所以，Sidekick 帮助更多商家更快成功，这一点真的非常重要。

And so the fact that Sidekick is helping more merchants become more successful faster is really, really important.

归根结底，我觉得人工智能正在让创业进入超速发展阶段。

Ultimately, I think AI is kicking entrepreneurship into overdrive.

而且，你知道，我们在Shopify已经差不多二十年了。

And, you know, we're about twenty years in at Shopify here.

但是，吉姆，这个季度感觉就像Shopify最早期的日子。

But, Jim, this quarter felt like the earliest days of Shopify.

充满活力，充满建设。

So much energy, so much building.

我觉得很快，商业就会在你想象得到的每一个地方发生。

And I think soon commerce is gonna happen on every surface area you can imagine.

而且它将由Shopify驱动，这家全球商业基础设施公司。

And it'll be it'll be powered by Shopify, the world's commerce infrastructure company.

嗯，我觉得，关于AI抢走工作这种想法，不仅荒谬，而且我认为有些人简直不敢相信自己的梦想实现得这么快。

Well, I think that, this idea of jobs being taken away by AI, not only is it ludicrous, but I think there are people who can't believe how quickly their dream is realized.

我是说，拜托。

I mean, come on.

以前要等一年才能看到第一笔订单。

It used to be a year before you saw your first sale.

现在第二天你可能就忙不过来了，订单多得不知道怎么办。

Now you may have more sales than you know what to do with on day two.

你可能早上洗澡时突然冒出个想法。

You may wake up in the morning with an idea in the shower.

然后你坐在厨房桌边，打开Shopify，开始用psychic来搭建你的店铺。

You then sit down at your kitchen table, you open up Shopify, and you begin to using psychic to build your store.

现在你的店铺真的建好了。

Now you actually have a store built.

然后你问psychic去哪里找客户。

Now you ask psychic where to find customers from.

通过Shopify的目录，它会把你的产品同步到每一个AI应用上。

Using Shopify catalog, it syndicates your across every single AI application.

到一天结束的时候，你可能就迎来了第一笔订单。

By the end of the day, you may have your first sale.

每二十六秒，就有一位全新的创业者通过Shopify获得他们的第一笔销售。

Every twenty six seconds, a brand new entrepreneur gets their first sale on Shopify.

所以，尽管像Aloyogas、Viore、Mattel、Hunter Douglas和Barnes & Noble这样的大品牌都在使用Shopify，我们也在帮助新创业者起步和发展。

So even though we have the the greats, the Aloyogas and the Viore's and Mattel's and Hunter Douglas and Barnes and Noble using Shopify, we're also helping new entrepreneurs start and scale.

这将是创业的黄金时代，而Shopify正在推动这一切。

This is gonna be the golden age of entrepreneurship, and and and Shopify is powering it.

我们要做的是这个。

What we gotta do is this.

接下来三四家上市且规模可观的公司，不能只靠微型市值和信用来发展。

The next three or four peep companies that come public with a decent size can't do micro cap using and credit you.

我希望他们加入。

I want them on.

我希望他们上我们的

I want them on our

节目。

show.

好的。

Okay.

明白

Got

了。

it.

因为这就是大家

Because this is what the people

下次想做的。

want do next time.

我希望人们开心，而且他们在工作中也需要开心。

I want people to be happy and they need to be happy at their job.

他们不能只是说，你知道吗，这真的是我命里注定的吗？

And they can't just say, you know what, is this really my lot in life?

因为你改变了人们的生活。

Because you've changed people's lives.

你让那些人更容易实现他们的梦想，而不是认命。

You have made it much easier for those people not to have their lot in life, but their dream come true.

其实，这不是盲目乐观。

Actually, no, this is not Pollyanna.

你知道的，明白这一点。

You know, know this.

恭喜。

Congratulations.

看，你在Shopify上市前，也就是十一年前，就一直大力支持我们。

Look, you've been a huge supporter of Shopify even before the IPO eleven years ago.

这些年来，你一直是我们了不起的支持者。

And you've been an amazing supporter of us all through the years.

但我觉得这是因为我们有一个共同的愿望，那就是希望更多的小企业能更成功，更多的创业者能把一个想法变成他们一生的事业。

But I think it's because we have a shared desire to see more small businesses become more successful, more entrepreneurs take an idea and turn it into into their life's work.

我们每天都在Shopify做这件事。

And we're doing that every day at Shopify.

为什么不呢？

Why not?

人们应该过得好，应该能实现梦想，而你正在让这一切发生。

And people should do well in life and people should be able to realize their dreams and you are making it happen.

那是哈利·芬克尔斯坦。

That's Harley Finkelstein.

他是Shopify的总裁。

He's the president of Shopify.

哈利，很高兴你能来。

Harley, I love to have you on.

非常感谢。

Thank you so much.

我一直很喜欢来这里。

Always love being here.

谢谢你，吉姆。

Thank you, Jim.

大家都回来休息了。

Everybody's back here for the break.

接下来，他是华尔街反应最快的人。

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

所以我们要借助大家的帮助来考验他。

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

接下来进入快速问答环节。

Bring on the lightning round next.

然后快速问答环节就结束了。

And then the lighting round is over.

你准备好了吗，斯凯姆？

Are you ready, scheme?

爸，告诉线路。

Dad, tell the line.

我要给你一堆关于加州斯坦福的东西。

I'm giving you bunch of stuff for Stanford in California.

斯坦福。

Stanford.

嘿，吉姆。

Hey, Jim.

我想听听你对CME集团的看法。

I wanna get your opinion on CME Group.

CME集团非常好。

CME Group is very good.

我得告诉你，我也喜欢CBO。

I've gotta tell you, I like CBO too.

我一直喜欢那些涉及交易的公司，因为它们有垄断或至少是双头垄断。

I've always liked the companies that are involved with trading because they have monopolies or at least duopolies.

我们连线印第安纳州的肖恩。

Let's go to Sean in Indiana.

肖恩。

Sean.

美国铝业公司，股票代码7188。

Alcoa Corporation, ticker 7188.

听着，比以前好多了，但还是大宗商品。

Look, it's better than used to be, but it's still commodity.

最棒的部分是我怎么遇到我妈妈的，那就是我怎么遇到的。

The best part of was how I met my mother, which is how I met.

那是我本来会一直持有的。

That's the one I would have held on to.

我们连线爱荷华州的尼克。

Let's go to Nick in Iowa.

尼克。

Nick.

嘿。

Hey.

你好吗，吉姆？

How are you doing, Jim?

哦，我挺好的。

Oh, I'm doing fine.

你呢，尼克？

How about you, Nick?

还行。

Alright.

太好了。

Awesome.

太好了。

Awesome.

我跟你说。

I'll tell you.

嘿。

Hey.

我一直在想，丹尼斯和迈恩斯，到底

I've wondered on, Dennis and Mines what the

你知道吗？

You know what?

这个东西从来都是产品制造，而不是贿赂。

This thing is always a product made, never a bribe.

我有个账本。

I've got a tab.

看这个东西三十多年了，它一直不是一只好股票。

Look at this thing now for over thirty years, and it's been a not great stock.

我觉得短期内不会改变。

I don't think it's gonna change anytime soon.

我们连线密歇根的保罗，保罗。

Let's go to Paul in Michigan, Paul.

吉姆，我们喜欢你，是因为你真心关心小投资者。

Jim, we love you because of your genuine concern for the small investor.

哦，天哪。

Oh, man.

谢谢。

Thank you.

这正是我们做这个节目的原因。

That is what they do this show for.

不然的话，我可能早就去打高尔夫了。

Otherwise, I probably would have I'd be playing golf.

顺便说一下，我的差点是430。

My handicap, by the way, is 430.

那真是跟

That's right up there with

本·斯托多斯

Ben Stodos.

我希望你照顾好你的健康。

I hope you're taking care of your health.

说到健康，我应该多买点HCA吗？

And speaking of health, should I buy more HCA?

你知道，你得等一个季度。

You know, you gotta wait a quarter.

当你有那么令人失望的一个季度时，你至少得再等一个季度，看看他们能想出什么办法。

When you have a quarter that disappointing, you gotta at least wait one more quarter to see what they're able to come up with.

顺便说一句，我得告诉你，我得研究一下CVS。

By the way, I have to tell you, I gotta do some work on CVS.

我以为CBS不错，但那个Camarc业务不太好。

I thought CBS was good, but that Camarc business wasn't so good.

所以我们需要做一些调查。

So we gotta do some checking.

我们开始吧。

Let's go.

现在生意很难做，非常难做。

It's tough, tough business right now.

我们连线比尔吧。

Let's go to Bill.

和比尔说的一样。

It matches Bill.

吉米，你推荐CrowdStripes真是明智。

Jimmy, nice call with CrowdStripes.

我们坚持看好乔治·库尔茨。

We stuck with George Kurtz.

库尔茨，库尔茨，他肯定是赢家。

Kurtz Kurtz be be the the winner.

赢家。

Winner.

乔治是赢家。

George is a winner.

我喜欢他。

I like him.

他就像我的勒芒车手。

He's like my LeMans guy.

他做LeMans，这是费城人对商场的说法，

He does LeMans which is the Philadelphia way of saying the malls,

商场。

the malls.

自三月份以来涨了超过100%。

Over a 100% since March.

自三月份以来涨了100%。

A 100 since March.

想想看。

Imagine that.

乔治就是这样的。

George is the case.

这样挺好的。

Good to be the case.

嘿，纯粹从投机角度看，

Hey as pure spec what do

你觉得火箭实验室怎么样？

you think about rocket labs.

纯投机。

Pure spec.

这就是问题所在。

That's the problem.

它就是个纯投机股。

It's a pure Speck.

我喜欢那个航海者。

I like that Voyager.

我们昨晚请了那位航海者上节目。

We had that fellow on last night Voyager.

我爸爸以前总是那样看。

That's how my dad would always look.

那位老兄怎么样？

How about that fella.

你为什么那样说话？

Why do you talk like that.

真是个有趣的人。

What a fella.

总之，我喜欢航海者号。

Anyway I like the Voyager.

我们去找莎伦，用我的口音说莎伦。

Let's go to Sharon and Sharon with my accent.

我在费城待过太多次了。

I was in Philadelphia now too many times.

我又回来说，嘿，莎伦怎么样？

I'm back saying, hey, how about Sharon?

田纳西的莎伦，莎伦。

Sharon in Tennessee, Sharon.

嘿，吉姆。

Hey, Jim.

在我之前

Before I'm

顺便问一下，你对Fortinet有什么看法？

by, what's your what's your opinion on Fortinet?

好的。

Okay.

我们刚才稍微讨论了一下。

We just had a little kind of a discussion.

顺便说，Fortinet不错。

Fortinet's good, by the way.

我们刚才讨论了一下Palo Alto和CrowdStrike。

We had a little discussion about, Palo Alto and about CrowdStrike.

市场空间很大。

There's room for many.

Fortinet也在其中，他们做得不错，我很喜欢。

And Fortinet's in there, and they're doing a good job, and I like it.

我们连线佛罗里达的安杰洛。

Let's go to Angelo in Florida.

安杰洛。

Angelo.

嗨，吉姆。

Booyah, Jim.

你今天怎么样？

How are you today?

说实话，我得了鼻窦炎。

I got a sinus infection, frankly.

我都不知道该怎么办了。

I can't figure out what the hell to do with it.

我不知道。

I don't know.

我试了所有别人推荐的方法，但都没用。

I tried all that stuff that everyone tells you none of it's working.

我真希望我能去FTC看看这到底是怎么回事，比我想的还要多。

I'm gonna I wish I would go to FTC and see what this deal is more that stuff I thought.

你有什么？

What do you got?

所以我是个非常开心的俱乐部会员，但我今天打电话的原因是，我在H这个股票上赚了30%。

So I'm a very happy club member, but the reason why I'm calling today is that I am up 30% on the ticker H

UBB哈勃。

UBB Hubble.

所以哈勃不错。

So the Hubble's good.

哈勃是个

Hubble's a

伟大的美国基础公司。

basic great American company.

你得拿住它。

You gotta hold on to it.

每次它下跌的时候，对莫丁制造也有同样的感觉。

Anytime it goes down, feel the same way about Modine manufacturing.

这是哈勃和莫丁的二合一。

It's a two for their Hubble and Modine.

莫丁。

Modine.

莫丁。

Modine.

还有，兰泽尔，谁是闪电回合？

And that, Lenzel, who are lightning round?

闪电回合由查尔斯·施瓦布赞助。

The lightning round is sponsored by Charles Schwab.

接下来，克拉默将重点介绍他最喜欢的芯片股，以表明在华尔街的一个领域里，可以有不止一个赢家。

Coming up, Cramer's highlighting his favorite chip stocks to show that there can be more than one winner in a space on Wall Street.

下一个。

Next.

吉姆·克莱默。

Jim Cramer.

我是第一次打电话来，也是个开心的俱乐部会员。

I'm a first time caller, a happy club member.

我想感谢你

I wanna thank you for

成为投资界的平民英雄。

being the people's champion of investment.

谢谢你帮我成了百万富翁。

Thank you for helping me become a millionaire.

今天早上我在《街头巷尾》节目里采访了AMD那位杰出的CEO丽莎·苏之后，我意识到在AI产业链的每一个环节，都有很多公司的发展空间。

After I spoke to Lisa Sue, the remarkable CEO of AMD on Squawk on the Street this morning, I realized that there's room for many companies in each step of the AI food chain.

这不是你死我活的事。

It's not kill or be killed.

华尔街的人往往把它描述成一场没有名次和表演的赛马。

People on Wall Street tend to describe it like a horse race where there's no place or show.

这种看法是错误的。

That is wrong.

就拿昨天来说，AMD在收盘后发布了财报。

Take yesterday when AMD reported after the close.

当公司没有足够提高预期时，股价受到了重创，然后当埃隆·马斯克宣布SpaceX将只从英伟达购买GPU，而不是AMD时，股价再次下跌。

The stock got hit hard when the company didn't raise its forecast enough, then it got hit again when Elon Musk declared that SpaceX would be buying its GPUs exclusively from NVIDIA, not AMD.

几乎立刻，市场就抛弃了AMD，转而追捧英伟达。

Almost immediately, Congress said eternal in AMD, piloted NVIDIA.

AMD股价当天收盘下跌了7%。

AMD shares finished the day down 7%.

英伟达最终上涨了超过3%。

NVIDIA ended up more than 3%.

哦，我理解一些这种分析。

Oh, I get some of this analysis.

埃隆·马斯克对价值有很好的眼光，他当然认为他能从英伟达的GPU中赚很多钱，这正是英伟达CEO黄仁勋所说的那样。

Elon Musk has a very good eye for value, and he certainly thinks he can make a lot of money from NVIDIA GPUs, which is exactly what CEO CEO Jensen Huang of NVIDIA said what happened.

我在节目开头就跟你说过这个。

I told you that at the top of the show.

但这并不意味着AMD就完了。

But that does not mean AMD's toast.

远非如此。

Far from it.

SUE是个非常出色的业务。

SUE is a phenomenal business.

这只股票表现非常亮眼。

This is a stock that's done spectacularly well.

今年迄今上涨了125%。

It's up 125% year to date.

即使出现回调，NVIDIA的股票也只上涨了17.5%。

Even if the series pullback, NVIDIA stocks only up 17.5%.

AMD拥有一个与NVIDIA竞争的独立GPU业务，以及一个与Intel竞争的出色CPU业务。

AMD's got a driven GPU franchise that competes with NVIDIA and an amazing CPU business that competes with Intel.

到2030年，CPU和GPU的需求可能会有数万亿美元。

There may be trillions of dollars in CPU and GPU demand by 2030.

如果你觉得英伟达能独自吞下所有这些，那得等到什么时候？

And if you think NVIDIA can capture all that by itself, how long is this?

你是在开玩笑吧？

Like, what what are you smoking?

这些公司中任何一家都忙不过来，业务多得很。

There's more business than any one of these companies can handle their own.

CPU领域是这样，GPU领域也是这样，即使谷歌和博通合作设计GPU，或者他们称之为GPU，而亚马逊和Marvell科技也这么做。

That's true in CPUs, and it's true in GPUs, even as Google co designs it in GPUs with Broadcom or GPUs as they call them, while Amazon does the same thing with Marvell Tech.

我觉得他们都有足够的空间。

I think there's enough room for all of them.

最终，这些业务都不是赢家通吃、输家一无所有的，因为没有人有足够的生产能力来满足所有需求。

In the end, none of these businesses are winner take all, loser take none because nobody has the production capacity to meet all the demand.

而华尔街却习惯性地把它当成赢家通吃的局面。

And it's reflexively treated as winner take all by Wall Street.