Cramer's Morning Take: Home Depot & Nvidia 3/20/25

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Jim Cramer (1:19)

Jim Cramer here to share with you a sample of my take on the market from today's CNBC Investing Club morning meeting. I do want to say that when I spoke to executives offline, most of them have actually met with the president, and the president is far more bullish during this period, and is kind of, I think, resetting expectations to say, look, this transitory may be one of those things where don't bet against the stock market because there are many companies that are going to be doing quite well through this. That's been our position. Witness the Home Depot up $6. Here it is at $3.59. It sells at 23 times earnings. I think we're going to have a really good gardening season. Rates are very low, but people are worried about tariffs, and I think the worries are getting overdone, and I think that's really important because if things were really inflationary, interest rates would be going the other way. Interest rates are saying not to worry as much as you are about tariffs, and I'm going to go with interest rates. I think they do more than just, than what the Federal Reserve guys do when they're talking. So I'm being a little more bullish today because of what happened when I was at Jensen World, and I continue to think that Jensen World is probably the most important part of the US economy, because you're talking about $3 trillion worth of new replacement work that has to be done. That's bigger than housing. Housing can punch its weight, but $3 trillion with the next two years, Jeff, that's just gigantic.

Jeff Marks (2:48)

Sure, and you mentioned meeting with the president. This wasn't my main takeaway from that great three-part interview you did have with Jensen yesterday. But he had a great conversation with the president, liked his directness. I just found that was fascinating. You know, I also think his comments around DeepSeek, the R1 model, and how it is fantastic, but the conclusion that the market had, he thinks was wrong, because it's only going to increase the need for compute. In the robotics conversation as well, maybe 20 years from now, you guys were kind of joking.

It might be silly to think that we'd ever use a manually loaded dishwasher.

Jim Cramer (3:30)

When you speak with the people involved with robots for Jensen, we're talking about renting a robot. We're also talking about robots that could be designed by Disney at the Disney theme parks. You're going to see those. It makes me like the Disney stock even more. Bob Iger would confer with that, the CEO. In videos, I'd say the emphasis on robots is probably the number one emphasis after the data center. It's going to be, we'll all rent robots within the next three or four years. I think Jensen would say if we want them, they'll be able to be programmed to do the things that we want them around the house.

They do all the dull jobs. They do the dirty jobs. That's what we have to think about. And at the workplace, they do the dangerous jobs, the 3Ds. I think we have to be much more optimistic than we are, Joe. Join the CNBC Investing Club with Jim Cramer to catch my member exclusive morning minis every day at 1020 AM. Visit cnbc.com/morningtake to become a member today. That's one word, morning take.

SPEAKER_5 (4:33)

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