00:00The consumer cavalry got here just in time to give us what looks to be the beginning of a Santa Claus rally.
00:06That's the only way to describe what worked today.
00:08Everything involving consumer spending couldn't come at a better time because tech's been faltered.
00:13We needed something big to replace it.
00:16Even as you couldn't tell from the averages, the elevating 66 points has to be jumping 0.79%,
00:20but the tech-laden Nasdaq surging 1.38%.
00:24Let me set the scene.
00:25For most of the year, we've had a woe is the narrative consumer, right?
00:30I mean, oh, consumer doing so poorly.
00:32Higher unemployment, true.
00:34Inflation kept the consumer on the sidelines.
00:37We kept thinking that they were just decelerating.
00:39Retail was pretty awful, except for Walmart, which powered through everything
00:44as CEO Doug McMillan moved to keep prices low.
00:46His own one-man war against inflation.
00:50A war I think he may have won before he's retired.
00:53We didn't see the weakness in the averages, though, even though the consumer represents
00:57two-thirds of the economy, because it was masked by the incredible run in technology,
01:01led by NVIDIA, but followed by Apple, Microsoft, Meta, Tesla, and most importantly, Alphabet.
01:06Behind the scenes lurched OpenAI, the creative chat GBT, which along with Oracle have been
01:11huge drivers of the burgeoning tech spin.
01:14For most of 2025, those are the stocks that drove the market higher.
01:17And that was the narrative we love.
01:19Lately, though, skeptics have begun to challenge the notion of unlimited data spending.
01:24Oracle raised a huge amount of money in the bond market, $18 billion, but there's now a
01:28belief in the market that Oracle may not somehow be money good for the financing of this massive
01:33data center build-out, something it's doing largely on behalf of OpenAI.
01:37That's the private company.
01:39You can tell because people have been buying credit default swaps on Oracle's debt like crazy.
01:43Now, I do find that somewhat worrisome.
01:45I admit it.
01:46Don't miss a second of Mad Money.
01:49Follow at Jim Cramer on X.
01:51Have a question?
01:52Tweet Cramer.
01:53Hashtag Mad Mentions.
01:55Send Jim an email to madmoneyatcnbc.com or give us a call at 1-800-743-CNBC.
02:02Miss something?
02:03Head to madmoney.cnbc.com.
02:06We'll see you next time.
02:12We'll see you next time.
02:13We'll see you next time.
02:14We'll see you next time.
02:16We'll see you next time.
02:16We'll see you next time.
02:16We'll see you next time.
02:17We'll see you next time.
02:18We'll see you next time.
02:19We'll see you next time.
02:19We'll see you next time.
02:20We'll see you next time.
02:21We'll see you next time.
02:22We'll see you next time.
02:23We'll see you next time.
02:23We'll see you next time.
02:24We'll see you next time.
02:25We'll see you next time.
02:27We'll see you next time.
02:28We'll see you next time.
02:29We'll see you next time.
02:30We'll see you next time.
02:31We'll see you next time.
02:32We'll see you next time.
Comments