MADMONEY 文字起こし　　　　Johnson & Johnson CEO, Nvidia CEO & Salesforce Co-CEO 9/20/22

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0:00
CNBC is workforce Executive Council is a premier group of C suite Human Resources executives from leading companies across the country. It offers a members only portal and chat plus exclusive industry content. With access to Breaking News calls and digital networking experiences, the network and resources HR leaders need now applying to the workforce executive council at CNBC councils.com/wec

0:31
My mission is simple to make you money. I'm here to level the playing field for all investors. There's always a bull market summer and I promised to help you find mad money starts now. Hey, I'm Kramer Welcome to Mad Money. Welcome to Kramer America from San Francisco. I'd be willing to make friends I'm just trying to make you some money my job not just to entertain but to educate, teach. Put all this perspective. Call me one 800 743 70 or tweet me at Jim Cramer. So let's Land O Lakes butter, six and a quarter that was about five bucks last year. Scott salmon 16 bucks up from 12 a year ago. Did that Philly cream she's actually just double homes up 19% to zero. Did I just pay $4 this year for tie the Crosby heroes use cars talking about 8% gain in two years. Don't even get me started on the price of flank steak or stone crab claws you're lucky to find them. And of course then again there's there's that stock market curiously go s&p 500 traded is 3020 now 655 And that's after a rough day with the Dow shipbuilding 13 points s&p tumbled 1.13% and the NASDAQ was point nine 5%. Hey, why don't we just throw in cryptocurrency. Two or two years ago Bitcoin stood at 10,060 While Ethereum was at 370. Now they're at 19,001 1350 respectively. You're still up wait too much for something that may just turn out to be fun. I know that's a crazy amalgam of shopping list a group of items that makes absolutely no sense to put together unless that issue feci. If you're running the Federal Reserve, you want those prices back to where they were. You don't care that Bitcoin ran all the way up to 69,000 last year, now it's been more than cutting up much more. You'll care that the average tech stocks down nearly 40% That I fall hit we have Nvidia and salesforce.com once right, invidious plunged from 346 to 131, Salesforce from 33 and 11 to under 150. I know that is just merciless, but the Fed doesn't care. The Stax tech stocks, tech stocks are just like packages of cream cheese or crates of eggs, or a new shingled roof. What do they all have in common? They're all assets assets that are still too high on the eve of one of the most important fed minis living memory, a meeting where it seems that the Fed chief Jay Powell has absolutely had it. He will not tolerate another day when we get surprised by ever rising prices that a Walmart or Home Depot or albums or auto nation or Toll Brothers development, or even Yes, the New York Stock Exchange. doesn't want to hear that Ford just paid a billion dollars more in cost for supplies. He's not gratified the stock lost money today, but he's not bothered by it either. He doesn't want to hear that eggs are up 30% your butter is up 25%. So what a foreign stock fell 12% Today used to be the single digits. Pals done, he thinks has been a patsy. He has been but he thinks he has. He's done being beaten by higher prices wherever ever he looks where a sick of endless wage increases, they can't keep up with prices anyway. So you got to bring the prices down. I know it's not an encouraging story for the stock market. But the Federal Reserve is dual mandate. They need to balance price stability versus employment given that we have historically low unemployment struggling high inflation, Powell is going to bring a pain. It's a no brainer for him. I know a lot of people feel that stocks are collateral damage. The fifth word inflation that is just not true. There's nothing collateral about it stocks represent purchasing power. You can sell them and use that money to buy stuff. The Fed needs people to have less purchasing power and orders can't but inflation. They don't want you buying a boat or fixing up your home with better appliances. I don't know maybe they don't want you to go out for expensive man. They want people to defer these purchases, let the supply chain rebuild itself and maybe even for some retirees back into the workforce. That'll help fix the labor shortage, get wages lower power wants people to think that their homes are going down because of too many homes. And not just because the Feds Feds choking off credit and they want you to hold the line on crypto prices because so many people have gotten burned by speculating and speculating itself involves the creation of money to bet with again, the opposite of what he wants. He wants crypto down below 12,000 even went to theory and 300 again

4:54
now was true the commodity prices would come down from their highs and that's definitely much like stocks That doesn't mean a thing to Powell right now. Because they can pop back up in a heartbeat. If he doesn't get that wage inflation, inflation down. That's killing it. That's the final frontier. And the Fed will keep hitting the brakes on the economy until Labor labor market cools down. Every business person I know wants to find out where the heck their former workers have gone. Powell doesn't have that luxury. He's on a mission to force you wherever you are, to get back into the office, or at least sign up. I know that sounds terrible, sounds horrible. But it's his job to beat every kind of inflation, especially wage inflation. And that's the only way to do it. can't create more people. That's what he means when he says pain ahead. All right. Now, some good news. When you look at all those prices, I mean, a basket of everything. Stocks are going down more than most of the assets we're talking about. Bad news. Pretty simple. When the Fed wants all assets down when they create a tsunami that wrecks everything, stocks are going to lose value even from here even the best stocks, they can't stamp out inflation by having stock prices go up. I know this is a controversial view that I've been offering for the last couple of weeks. Most people hope that the Fed can spare the price of Salesforce from video when they drive down the cost of a soda. Lots of holders of Bitcoin can't leave the house playing Grim Reaper with their assets. And without even realizing the wonders of the blockchain, or the glory of crypto doesn't he see what he's doing? I have news for you, your losses pals game. Well, he may be further along than we think he wants assets to go down more. Sometimes you don't need to know the price in doubt. You just need to know the price of Kerrygold butter or oil in our three bedroom. If they come down, not just versus last year, but versus two years ago or three years ago, then your stocks can maintain if not go higher. Until then, we get sporadic rallies tend to fail, right? Or we get stocks with positive catalysts. But the bottom line is these gains will be muted until Cheerios are BOGO. Buy one get one and homes and cars lose value. The moment you buy them, let's say calls. It's good to Niko in Illinois, Nico.

7:06
Jimmy, Jimmy, we got a big booya for you. Here in Chicago. How are you today?

7:11
I love that. I'm leaving Chicago in October. I can't wait one of my favorite cities on earth. How can I help you?

7:17
Well, I'm wondering about Bristol Myers Squibb. I'm thinking of lowering my cost average basis a little bit. What's your take on the compiler like

7:30
69 versus a mais contract and 67 at 67? That's the level that I've been looking at. I think it's a good one. How about Jeremy and Pennsylvania? Jeremy

7:40
Lujah. Jim Jeremy from Mars, Pennsylvania. Quick shout out to my friends at glade run church doing missionary work in the US and abroad. My day is about ups with FedEx is recent guidance that sank multiple industries from shipping to paper, but UPS still says their guidance is good for this year. But they have union contracts expiring at the end of this year. love them or hate them. The railroads have recently reminded all of us that unions are big and strong, with the union fighting for raises due to inflation and UPS fighting to prepare for market stagflation. These will not be pretty negotiations. Where do we

8:18
see? Jeremy? I think the Jeremy's guided horse since I am concerned about UPS has come down a great deal in conjunction with our interview with FedEx, but at the same time, I know it can fall further. Let's go to Chris in Florida, Chris.

8:34
Yes, boy. You Jim, how are you?

8:36
Oh, yeah, Chris. I am well, how are you?

8:38
Great. First off, thank you for making us all better investors in this crazy bananas market. Thank you. My stock is Disney. The poster.

8:50
Child trusting boy I still love the club man more than ever, because this is the kind of thing where the club gets tough. But I think that Disney can go down a little more when I talk with Jeff marks. We're thinking our next buys gotta be under 100 Even though I hope it doesn't get there. Right. Bless your loss. Right at this moment. Maybe soon. No, but right now is passkey will make money tonight, fresh off the company's GTC conference. I'm learning more about what's happening ahead for Nvidia with the modern day dementia Jensen wall. Ben Johnson Johnson's new CEO joins me for his first interview from the company's brand new cut the ribbon Innovation Center, and Dreamforce kicked off today. So we're heading down the street to Gen Chem co founder and CO CEO Marc Benioff for more about their most sustainable conference ever. So stay with Kramer.

9:46
Don't miss a second of Mad Money. Follow at Jim Cramer on Twitter. Have a question? Tweet, Cramer hashtag mad tweets. Send Jim an email to Mad money@cnbc.com or Give us a call at one 807 43 CNBC miss something head to Mad money.cnbc.com CNBC is workforce Executive Council is a premier group of C suite Human Resources executives from leading companies across the country. It offers a members only portal and chat plus exclusive industry contact with access to Breaking News calls and digital networking experiences. The network and resources HR leaders need now applied to the workforce executive council at CMBC councils.com/wec.

10:50
Innovation is not exclusive to the tech sector. Or today Johnson jobs the 136 year old healthcare Colossus opened a new campus in San Francisco, bringing together their drug r&d unit and some corporate innovation technology divisions. Since we're out here, we got a chance to attend the opening. Yes, opening day and speak with Joaquin Watteau, he's the new CEO of Johnson Johnson, take a look. Back in first, congratulations to be the eighth CEO of iconic company, it must feel great,

11:22
thank you. It feels good to be the eighth CEO of Johnson and Johnson, the first one who is not us born. And it's a great accomplishment after working in the company for more than 30 years is a privilege to be able to lead such an iconic company with such a group of dedicated employees.

11:38
Excellent. And we're where are we now I know, geographically we are. But this is a new place for j&j.

11:45
Absolutely. And welcome to this new r&d Center. This is the today's the opening of our new r&d Center here in San Francisco. We have about 400 people here in this building. And the unique thing about this building is that we are co locating experts in biology, chemistry and medicine, with experts in technology in data science, in artificial intelligence, and machine learning all of them working together in precision medicine, in combinations of dragon medical devices, in cutting edge cell and gene therapy. It's really, Jim, the future of medicine. This is the future of medicine, this combination of science and technology, it's going to help us advance medicine more in this decade, that we have done in the last 100 years. So it's an exciting moment for Johnson and Johnson, and thank you for being here.

12:37
But that's a It's a bold claim, what is going on here that makes you so confident that there can be so much happening so fast. Two ways.

12:45
One is what we are doing in the way we are developing and discovering new medicine. And the other one is the way we are incorporating technology into medical devices. As a matter of fact, now we instead of calling medical devices, we call it medical technology medtech. So when it comes to developing new medicines are what ability to process hundreds of millions of data points make us much smarter and faster when it comes to identifying the right targets for our medicines, when we are designing our molecules to affect those targets. And when we are planning our clinical development, all that makes us much more productive. And it helps us in shortening the discovery and the early development times. On the med tech side, all the medical devices, everything from an endo Carter to Trokar, all of them are going to become smarter, they're gonna be able to have sensors, they have visualization, they're gonna be able to upload data and to provide information in real time to the surgeon in the operating room to improve surgical outcomes. So I'm convinced that technology together with science and engineering, it's going to make advance medicine and surgery in a very meaningful way in this day.

14:01
Well then I'm looking at the company to fashion when you announced the split, and I liked the split because I think consumer products as much as it terrific brands doesn't grow as fast. And then I said well, why didn't this put up med tech because it's nice. It's simple. And then and then do former it sounds like that what you're doing is making it so that look out med tech med techs integrated with pharma and it's not going to be a pro sack anymore. Absolutely. First, I'm

14:27
so excited about being able to create two new Global Champions one is our consumer health company with the iconic brands that you have come to known. Tylenol Neutrogena, Listerine, bandaid, globally scale, and we are on our way to be able to create these new global consumer champion. We have appointed the CEO, the chairman. We are about to unveil the name before the end. Right here. You

14:52
shouldn't fail. No, no, no, yeah. You're trying to get a scoop.

14:56
And then next year, by the end of the year, we'll have a public market exceed so everything is going right in creating this new global consumer champion. But as important, we are working to create the new Johnson and Johnson more competitive, faster, leaner based on mid tech, and and pharmaceuticals, medical pharmaceutical share the same diseases, right. And you think about oncology normally does have a surgical and pharmaceutical intervention, cardiovascular, surgical and pharmaceutical intervention. So the future of medicine, it's going to be a combination of biopharmaceutical and surgical interventions. And that's where Johnson and Johnson is going to play in that intersection. That's why it makes sense to keep medtech and pharmaceuticals together. Let me give you a simple example. For example, you know that we are market leading in contact lenses, right Acuvue. So we are now launching an anti histamine and anti allergy coated contact lens. So if you're a contact lens user, and you have allergy, you can use these drug coded contact lenses in order to be able to address your problem, I cannot

15:59
get them yet because you know, I take Zyrtec and I have your contact lenses. Till now, I think that what I do have to cover this issue that was yesterday, there was a good argument in front of court about taxes. I had spoken about this extensively with your predecessor, Mr. Gorsky. And I know that there was a very important ruling from New Jersey by Judge Kaplan, which said that the system you want to do in order to be able to make it so that your company continues to thrive because there's so many people, and yet people get the lottery game ends, I thought was a very smart decision. But then again, I'm biased because my chapel Trust has a very big position j&j, is this something that that you feel can hold up, given the fact that the system right now is broken?

16:46
We when it comes to these legal situations, we try to consider the facts and circumstances of every case, right. And like, in this case, we are trying to look for a fair and equitable solution for all parties. So we think that the path we are in, it's gonna provide a fair and equitable solutions for all parties. And most importantly, Jim, instead of talking legal, then we can talk more about what we do better, which is what you're, you know, developing medical devices and pharmaceuticals, that what we know how to do. And that's where I want to dedicate my time as

17:17
I think you shouldn't be. It's not your issue. At the same time, your great American companies, we want great American companies to do the right thing. Now, let me ask you about something that you have developed, because your company is not a hype artist. Can you please talk about the pill for prostate cancer, because this is breakthrough and a lot of people

17:37
don't know about prostate cancer. I mean, that's one of our core is one of our core areas of research. And within oncology prostate cancer is a key area of research for us. So we've worked with different medicines that suppress the production of androgens or block androgens in order to launch to breakthrough medicines in this area when it's called sitea. And the other one is a leader. Our initial indications were in advanced forms of prostate cancer. Now we are moving upstream into earliest stages of prostate cancer in if we are able to impact the disease at an earlier stage, then we are going to increase the prognosis of the patient. Do you think people know about this? They should be they should be because I think neurologists and oncologists are aware of that. And the more people test, the more people control the PSA, the more a diagnosis and every diagnosis we're going to have and the better prognosis we're going to have but we are not stopping with these pills. We are also applying new treatment modalities like cell therapy or radical ligands to be able to come up with new therapies for prostate cancer that are now in development. So prostate cancer for us. Our goal Jim there is to make prostate cancer treatable

18:48
and make you much closer. I think it's really incredible what you're doing and you don't take credit. You have some changes. And that's one of the reasons why we love jet. I am so proud that you got this job and that you let me interview you right up front, while Keynes Watteau, who is the new CEO, the aid of Johnson and Johnson, thank you so much. Thank

19:07
you, Dean. My pleasure to be with you here where the future of medicine lifestyle here

19:11
coming up? What's the plan to get Nvidia back in shipshape? Kramer gets a clearer look at this company's vision for the future. Next.

19:31
What do we do with something like the stock of Nvidia down more than 60% from its high list of ember? Now you know that NVIDIA has long been one of my favorite chip makers because they designed the best graphics cards on Earth. And those chips power everything from artificial intelligence to autonomous driving, but it is also got a ton of exposure to a game which is experiencing a big slowdown and Ethereum cryptocurrency mining, which is now going away. Even their data center business shows signs of slowing, especially of course in China doesn't help the federal government at all. longer let them sell their most powerful chips used for AI to the Chinese. Now I am still a big believer in video long term because this country is a powerhouse when it comes to innovation. But the short term seems rough, especially with the stock still trading at nearly 40 times earnings. I mean, all stocks do in the end have some valuation issues. If they haven't come down from where they were a couple years ago. Today Nvidia held their GTC Developer Conference, which came with a slew of new product announcements. I think they can tell a long term story better than I can. So let's check in with Jensen Wong. He's the founder and visionary CEO of Nvidia. Jetson, welcome back to Mad Money.

20:36
Jim credit here. Okay,

20:39
so you unveiled some devices today that I think could re ignite gaming, which we know has kind of gotten an A LOL, can you explain how that's possible? And what we will see when we get to use these chips.

20:55
Sir, several things. First, the gaming market, the end market is actually still good. The last couple of quarters because we had so much inventory, we decided to reduce the sell end to the channel of our existing products, so that we could allow channel inventory to normalize. Before we launch our new generation, a product called Ada Ada Lovelace named after the computer programmer. And today we announced Ada Lovelace. It is a brand new architecture. And it introduces artificial intelligence into the computer graphics pipeline. And as a result, for just beautiful imagery and the next generation of amazing graphics, we're going to deliver two to four times more performance and data. And so this is going to be just a just a marvelous launch. And it's the largest step up we've ever had generationally. So I'm delighted to see that.

21:58
Well, I know you're also working on some breakthrough it with auto high performance computing. But I'm also kind of intrigued by the fact that you and I saw what the omniverse look like. And you've got a great company like Lowe's, that is actually applying that real time in real life. And I think it's worth people knowing exactly how companies are using.

22:21
Well, you know, everybody wants to bring more automation into their business, they want to bring automation into the way they work. So that the company could be faster, more agile, do amazing things. They would like to bring automation, artificial intelligence into their products and services. On diverse Omniverse was designed so that companies whose products and services, touch the physical world, have a tool, have a virtual world where they could try their software, try their design test, there's engineering before they deploy it into the physical world. Lowe's, BMW, Mercedes, gosh, Siemens, so many companies around the world have jumped onto the omniverse for this very reason, because they want to be aI driven. They want to be more software defined. And in order for them to deliver physical products, and services that interact with the physical world where whether it's a car or it could be a fleet of delivery vehicles or autonomous robots in a warehouse or the entire warehouse and factory is bunch of people and robots working together. In order for them to build these types of systems and operate them at scale. They're going to need a new type of software platform to try their artificial intelligence software before they do that. That's essentially on numbers.

23:45
Right now. I want to tie all these things together and gain new got a new new platform. A lot of people going to write on it. We obviously talking about the really tricky things in the metaverse. Unfortunately, there were some people who were using your chips for something you told me point blank with theory of mind, that's going to go away. We do have this problem of inventory in the channel that's reduced. It makes me think, as someone who know my challenges owns the stock, what do we do? What do people not see here? Jensen, it is that allows for people to still sell it down 60% And I'm not asking to speculate on the stock. I am asking to speculate on the future and what people seem to be missing.

24:26
Well, the gaming market is great. And the gaming market is larger than ever. In fact, the overall gaming market grew 70% today relative to the before the pandemic and so over the course of last two and a half years the market has grown some 70% We've grown the overall gaming market we've grown 70% And so I think the the market for gaming is fundamentally sound. We had too much inventory. As you recall coming into the coming into the year. The whole market was really really vibrant. It was super high, and the supply chain was super long. And so we have a lot of inventory in the pipeline, we are going to take two quarters, two and a half or so q2, q3 a little bit of q4 to normalize our channel. And the way to do that is to sell less into the channel than what is being sold out. What has been sold out into the market is good. The gaming market is solid, the world's gaming market continues to be vibrant. And we have we have absolutely no doubt that when Ada gets into the marketplace, there's going to be lots of excited gamers waiting for it. But with respect to 30 you Yep.

25:41
Well, we didn't you did what? Warren twice. And I want very much to tell people Look, don't worry about the near term, where do you see what's going to happen in 2020 3am, I being too aggressive, you can stop me right here by just saying, Jim, let's see what happens as opposed to Jim, you're really too fired up about what we have.

26:02
I'm excited about what's going to happen going leaving 20 This year, and going into next year, I'm really excited about that. The action, the actions we're taking right now, to clear the inventory in the channel to normalize the inventory in the channel is a good action. I'm glad we're taking it. And and you know, of course that resulted in q2 and q3 being a lot lower than we originally anticipated. But the overall gaming market remained solid with respect to Aetherium. I'm delighted by that I'm happy that Aetherium is now proof of stake. And the reason for that is because we built these GPUs for gamers. And if you look at our overall graphics business, our overall graphics business used to be fundamentally about PCs, desktop PCs, we've added several more pillars to it, the notebook piece the notebook gaming marketplace is is so large now. And as you know, that segment is not affected by Aetherium. At all. We have cloud computer graphics, more and more of the clouds are able to serve PCs and serve workstations and even stream games from the cloud. And so that's another pillar. And a brand new pillar of ours that's now in full production is the omniverse computer we call the OVS is a servers that's designed to simulate virtual worlds simulate virtual warehouses, like what Amazon is doing with their warehouse. Simulate virtual factories like what BMW is doing. Simulate virtual retail stores like what Lowe's is doing, you can just take all of these places that I just gave you three examples. And in those just three, three examples, there 50 companies around the world in each one of those segments that are going to probably we really believe they're gonna do the same. And so the omniverse computer that we're building called Oh, VX is ramping into production now. And it's racing to to reach the customers that are demanding it. Better profits.

27:58
I just think the what you've got in the pipeline sounds tremendous. But you know, as someone who is a huge supporter of your company and your stock it's been a little tough, you know that but it sounds like what you're giving us is going to make it let's say baby like the old stock but we can't promise everything but it does sound like you've got the this stuff in the arsenal and it's gonna make it so people get excited again. I really feel that way, gents.

28:22
It's been a gem. It's been a little tough, but we're coming back. All right, let's leave it coming. So I'm excited about pot.

28:29
That's what we need invidious battery CEO. Thank you so great keynote. Everybody can look at it. Thank you for coming on the show.

28:37
Thanks a lot, Jeff.

28:39
Okay, Nick monies back after the break.

28:41
Coming up. Dreamforce returns to San Francisco. Lead. Cramer is not sleeping on what investors need next.

29:00
Give me this happy Rebecca at Dreamforce the annual festival of technology hosted by Salesforce. Okay, maybe the vibes are a little more downbeat. Mike has been through a meat grinder. But even though Wall Street's turned against the group, the fundamental dynamics in the enterprise software space really haven't changed that much. I say we check it right now. Marc Benioff, he's the co founder, chairman, CEO of Salesforce to get a glimpse of the future which actually exists right behind me. Mr. Pena, Bagram back to man money.

29:27
Jim, this is exciting. Welcome to Dreamforce we're so excited to have you. This is like Mad Money Between Two Ferns edition. It's very cool.

29:36
I can't believe it's out. I mean, I know supposed to stick to squid and ask you about okay, how many people just have been against this say there's something very unreal after this pandemic that this could be like it was a couple years ago.

29:49
This is bigger than it's ever been. We're totally sold out. You can see winds around the block and everything is every session is completely filled and beyond my expectation. I think it's really evidence that the tech market certainly is alive and well and very healthy.

30:04
No, I always tell people that this is a remarkable time for Salesforce in terms of their business, that you see people and you do deals. I mean, I saw a really interesting deal. I saw WhatsApp down there, from from Facebook, anything can happen.

30:18
Anything that happened at Dreamforce, usually. And it's very cool. I just walked through the whole show myself to kind of assess how many people are here and you want to know my biggest surprise. These are a lot of new people. You know, because Salesforce has done three huge acquisitions in the last few years, mule saw Tableau, Slack, a lot of these people have never been to a Dreamforce is a family reunion. They're all seeing each other. Hey, great to have you here. But a lot of people are like, oh, whoa, Dreamforce. This is big. And, you know, this is really the software industry and probably Tech's very biggest conference,

30:50
oh my God, nothing near now we're going to be your co CEO, Brent Taylor, the and he will be talking about the integration of all these different ones. And I think that we saw Adam slip ski last week at it when we were out of Amazon Web Services. But these have been a little different. We'll saw still a little different from from slack, it looks like now you've got some a platform that works for all, well,

31:12
everything's getting integrated into customer 360. And our big customers who are here, you know, they're wanting to connect with their customers in a whole new way. It could be sales, it could be service, it could be marketing, it could be commerce, it could be it could be Tableau, it could be slack, I can see like, it feels good. It feels like we're in a store. In particular. I think we're in Thunder Mountain and

31:35
I like this and they should be doing more work with you than view of customer 360.

31:39
This new store runs on Salesforce and a lot of Disney.

31:44
Slack. Slack is not doing it every stock got a slack when you bought it, it's very different slack now, and slack is pretty much everywhere. Now a lot of that just always in the pipe and you knew when you bought it are you just discovering amazing things that

31:59
were growing slack or investing in and we're innovating. And you see that we're integrated into our customer 360. So that becomes a front end all of our platform services. And here what you're seeing as to two or three exciting things. One is now you're in a Slack channel, boom, all of your audio and video is instantly inside Slack to is quip which used to be a separate product for Salesforce or does office productivity is integrated into Slack and three, Slack has become the front end to customer 360. And so our customers, a lot of them have never really been seen slack before this will be the first time for them to really see how Slack works with Salesforce.

32:35
So I saw someone the other day somebody you know what the start the company is slowing. That's why the stock is down. And I and I said well, actually no stock market is down. Right? Because there isn't anything about your business that I find

32:47
is we did 26 billion last year. And I think we're doing 31 billion this year. So that's significant growth at scale horse

32:54
right now the Jay Powell wants asset class, there's so many

32:57
things happening in the market between currencies and, and the recession or the senior for what we just put her the pandemic, you know, all of these things that you're kind of navigating many forces, even genie in the the chief are very excited to have an incredible new platform, which is Salesforce Genie. And that is real time and Salesforce for the first time, intelligence first time, and also this incredible automation. And this is what customers want to build. They want to be these next generation applications that integrate all these services. It's

33:30
exciting, Mark. You know, it's exciting. I'm kind of sick of hearing about the market. It's

33:34
Greg bass. My sense is that we're back

33:38
to rejoice over the fact that we can had right yes, this is weird. Yeah. All right. Sure. But this is where we

33:45
are. We never really talked about the stock anyway. Well, we should be talking about is the market and looking at people in the level of buying interest and how excited they are and what they're doing with the products and the competitiveness to the right away. I think because we focused on customer success for almost a quarter century now. You probably saw this quarter we did about 7.7 billion. You know, I have a lot of esteem for SAP, you know that they did about 7.5 billion. We're now the largest enterprise apps company in the world. That's amazing. That's not where we were when we met you in 2000.

34:15
Oh, I always had to see a little chart SCPs like this, but you're gonna be like dads and maybe like that. Here's one that I well, I wouldn't be involved with a netzero marketplace.

34:23
This is looking at this is very important to us. We're trying to make get the whole world to be net zero. We're emitting too much too many omissions. Number two is we also need to reforest we need to regenerate our planet we need to be nature positive and we need to fuel yes and we need to fuel an eco printer revolution 123 These three things are really critical and at Salesforce we take that very seriously. That's why we are netzero today. That is why we started 1 trillion trees you've spoken about your birthday. And number three Jamie trees for my birthday.

34:58
Let me give me a 25 year bar Oh, scotch, even 20,000 trees.

35:02
I appreciate the scotch. But I also appreciate it all the trees. So thank you for that. And number three is ecopreneurs all these amazing entrepreneurs like me, but who are going into all these environmental businesses. And I think these things are very exciting that we're seeing growth and action and intensity in this world. And we all need to be doing something here at the show, we're introducing our net zero cloud, but also our net zero marketplace, and even time which you know, that I own. We're introducing co2 dot com, which is the easy button for small and medium businesses to go net zero now boom,

35:38
where's that connected as you can get to intuit is connected to your primary have to be connected, everything you're gonna have that you caters for, you don't have the money to do it, if you're a small business. For small

35:49
businesses, they're going to need tools that have the intelligence to assess exactly where they are in emissions and help them to have relationships with everybody from technology to well, the kind of restoration that we need on the planet to be able to go Net Zero sequestration is a key part of the story.

36:05
time left. Is it China slowing? It's bad? Is it the incredibly horrible war that Putin is doing in Ukraine? Is it the Federal Reserve? Who was making it so everything's not as good as it was?

36:16
Well, I like to say it's not one thing, it's always your mother, but I have my mother was here today, the keynote. And I think they would what she would say is you got to keep moving, you got to keep going. You have to keep keeping positive and focused because the world has challenges and we're coming out of pandemic pandemic screed challenges. You know, especially I've been reading the work and have not have Neil Ferguson and kind of how he lays it all out. And you know what, I agree we have to keep going forward and build these markets, get people back together, build technologies, do what is right, connect with your customer, be customer first this is what matters

36:51
next year be better. This is Washington this year. I think so. Dollar God,

36:56
I'm looking into the eyes of the people behind us. I'm more inspired than ever, I think that the business is more exciting than ever. We need to do these like this is it still you're still man generation, we need to do demand generation we need to have and look at enterprise software is a lot of very much hand to hand combat where you have to go see the customer. And they have to talk to each other to reinforce the your products worth. It's two things. It's not just one. And that is a key part of our selling strategy for 25 years. The second part has not been as easy. We're just getting this back now and

37:30
it will say this. This is the best you have looked and talked in

37:34
two years. I've never seen anything like this. This is the most excited I've ever been because number one, I'm happy to be back here. But number two is I'm looking into the eyes and hearts and souls of the people who are here. And I'm like, wow, this is all working. This is incredible. Marc

37:52
Benioff of Salesforce co founder chair and CO CEO. MARK It's great to be back with a dream for boom. Everybody's back into

38:02
coming on. Kramer takes your calls. And the sky is the limit. It's a pacifier lightning round next.

38:27
And then the lady rose over Are you ready to level up with Joey in your joing

38:33
Hey, Jim, good evening. Thanks for taking my call.

38:35
Of course what's going on man? Yeah,

38:38
I'm calling tonight about biostimulation software companies preterit ticker CR t. So I've been following the company since its IPO almost two years ago. So far. They're kind of a mixed bag stock not too

38:51
bad. They're not bad they actually don't lose money and they have a kind of interesting plot of portfolio. I think it's a great spec and I usually don't say that at this point at this point. After this brutal hammering in this market. How about Adrian in Florida Adrian,

39:04
who is investing for college and has a question for you sure want to invest in cryptocurrency, but I don't understand it. What do you think about me investing into Coinbase?

39:15
Well, I don't understand. So I got to say no, I think that you want to do is you want to find a cubby that has got some good growth that is not comparable. And you can google our Okay, let's go to Ken in Minnesota, Ken.

39:30
Hello, Jim. How are you today?

39:32
I am doing just fine. Can't have a you.

39:36
Fantastic. Hey, thanks for having me on the lightning round. Talk I'm interested in is Melco crown M L oh

39:44
man. Okay, you get what you paid for the $6 back in so nice back on the idea that COVID is going to be beaten. But I do not like the gambling group that this man has been a House of Pain for members of the Investing Club. Let's go to John in New Jersey. My home state John Knowing that nothing ever you.

40:06
Good, thank you. I just want you to tell me what you think about the spin off of GSA.

40:14
I mean, the spin offs are awful. And he did a terrible job. And now both pieces are bad. And frankly, that company needs commercial advice. That's something I like to say when I don't like. Let's go to Peter in Pennsylvania, Peter.

40:30
Jim, first I want to thank you for helping me fund my grandchildren 529

40:35
That's what I'm trying to do try and keep our heads in a game so things get better. What's up?

40:40
That's right, Jim, I've seen commercial for Skechers SK x, where people can slip into shoes without bending. This looks really good for people with back problems.

40:51
Well, it is when you know what it's not enough. It's not enough to change the direction the stock is what I call your Radek and has been for quite some time. I sent me good or Nick in New Jersey neck booya. Jim, Nick, thanks for having me on. My pleasure. What's going on? Well,

41:09
I'm calling about cricket,

41:10
egg ticker C or CT CTE 14 consecutive quarters of profitable growth. 230 million in cash, zero debt. Steady, Eddie loves it. I love it. What do you think? I think it's still too high on a price to earnings basis, those stocks tend to be about 10. And that will put the stock down even lower. But for eight bucks. I'll take the speculation and that lead gem is the inclusion of the lightning.

41:39
Lightning Round is sponsored by TD Ameritrade coming up, Cramer's at the seat of innovation. So why is he hungry to talk about the two year Treasury word is bond next.

42:07
We're out here in San Francisco interviewing some of the smartest CEOs in the world. But as great as they are, they're not in control of their own destiny right now. And I can't get an interview with the thing it sees the wheel. And that's the two year treasury. I want to ask the to your what's the deal, why don't keep going down in price it up in yield to the point where your rates per putting every other asset to shape. Even though the two year treasury note is not a public company, and it doesn't have a CEO. It's defining what the actions are every bit of the market's direction, we will feel helpless as we're totally hostage to a Treasury note that simply won't stop going down in value. Now remember, when bonds go down in price, it's like when dividend stocks go down, the yield gets bigger. The difference is that when you buy a stock and it goes down pushing your higher, you'll probably lose a lot of money, especially if the dividend only gets cut like that of 82. Treasuries down pushing the yields higher, you're gonna be made whole because you get all your money back when the bond comes due. And that's cam key by the full faith and credit of the US government, which still means something. So why the heck do I want to interview the two year kibble? It's metaphorical. I want to know why so many people are buying his piece of paper, one of the least speculative assets out there, rather than picking stocks that have come down from huge from their highs. Aren't we supposed to be drawn to bargains? Isn't that what we're taught? Don't stocks get cheap when they go down? I think the preference for treasuries might be based on fear. Anyone who's bought stocks this year, or at this point last year, she said false so much has been burned repeatedly. And now they're afraid to touch the whole asset class. Plus, with a two year two year yielding nearly 4%. That is a decent term considering the money back guarantee. So then what else is worth asking about? I want to know about the sellers. If the t are so darn attractive, you're like I just said, why do people keep selling it, causing it to sink in price? There's nothing else that gives you such a safe 4% yield? Why sell it then? here's the rub. You'd sell the two year. If you think the Feds going to keep raising rates and raising rates and raising rates. Well, you'll regret locking in such low level the 4% yield for two years, because if you wait a little bit longer, maybe you'll get 5% just from having cash, maybe even 8% if Jay Powell ends up having to go nuclear to beat inflation. In other words, people keep selling the two year because you're a sucker for taking 4% When yields could be headed much higher, much much higher. I think it's crazy. When I got into this business inflation was raging double digits and you could lock in 14% for 30 year treasury. By the way, buying the 30 year in the early 80s ended up being one of the best investments of our lifetimes. Will it happen again are the sellers gonna be right at this moment? I think the bond sellers are betting the Fed will hit us with a 75 basis point rate hike tomorrow with promises of even larger hikes if inflation remained stubborn, and that would be real ugly, but in Unfortunately sellers now have a good track record. Certainly better than the buyers. I like to say there's always been market summer and promised bank just for you right here on Mad Money. I'm Jim Cramer See you tomorrow. The news was Shepard Smith starts now.