Transcripts For CNBC Mad Money 20240713

Stocks of companies with obviously great fundamentals but a Battle Ground with fire. And madness. Count me out too much effort. Sometimes though you have to take a stand and in a market like this one where the bullish animal spirits can bowl anybody over. Including today the dow inched up 30 points s p advanced and then some battlegrounds, even for me, too tempting to ignore thats why i have been taking a stand with tesla i might have gone back and forth, two of the biggest hornets nests of our time what separates the tesla a battleground stock that i feel compelled to champion from the netflix which i lost conviction in championing it for years at lower levels okay, all my career i have been fascinated by companies with vociferous bulls and ferocious bears if only because theyre so entertainling. Three things distinguished the stocks from regular run of the mill equities. First, theyre cult like the house of pleasure. People buy them because they love the product and the product transcends simple analysis you either drink the koolaid or you dont. Second characteristic of battleground stocks, potentially troubled financials. The real slugfest tend to have terrible Balance Sheets that cant be fixed, only by raising capital. Third, battlegrounds tend to have charismatic leaders i have had the privilege of meeting Reed Hastings the ceo of netflix. He is charismatic as all get out. The genuine item someone who is practically inside my head when he sends me what to watch on netflix at night. I think its coming directly to me however, nobody is more charismatic than elon musk for better or worse hes a one of a kind. Hes a walking charisma machine. Sometimes i think he gives me a run for the money as the most sincerely and sincere man in north america and other times hes a true believer he eviscerated me once at a dinner party it was different so lets put both tesla and netflix through the three prizms now well start with tesla because i need you to understand what converted me from the agnostic skeptic to an outright bull about three minutes ago my daughter drove a model 3 from oregon to san francisco. She sold her beat up used ford she is a noncar person and she felt trepidation about the battery and the 600 mile trip. But within the first 100 mile she called me to tell me how much she loved being behind the wheel. Shes never expressed a whit of interest about driving a tesla i had driven one years ago and loved it she had two words for me buy one. She talked about the features she liked, the wide screen and nothing mattered more to her than the flatulence button which she thought was hysterical two months later i found myself on the west coast with my wife and another fabulous wife and husband couple who couldnt wait to me in the gold wing model x. My wife lisa loves cars. She would be crazy and she was immediately smitten. Now i have to admit i love the whimsical nature, the gold wings were cool. The drive was fantastic. What did she love . The flatulence oh, but she like mother, like step daughter . But she dug the come hither button that inches the car towards you when some clown parks too close to your machine. I felt the tug then tesla introduced its pickup the cyber truck which i thought was ugly as all get out. The press conference, borderline disastrous but the companys lead designer threw a rock in the unbreakable window and it cracked. So much for the cyber truck, but then we saw the demand and then the deposits its off the charts. No accounting for taste. That stunned me. I decided then and there that was it, that was it, i cant fight anymore. I wanted the koolaid myself what about the financials . Oh, the bears were telling me you have to be careful because tesla has a hideous balance sheet. The house of pain. I checked in with one of the most skeptical cfos in the world and he told me that tesla can raise 2 billion in a heart beat they wont have trouble raising money and even the bears recognize that tesla is about to have an earnings breakout next year theyre the only car company with mojo. Tesla spent billions of acquiring the business from solarcity and it seemed like a terrible bet and then my wife sent me an article about how teslas roof tiles they look like normal roof tiles so she wants me to get them, so were getting them if you believe in the product youre not worried about the financials all thats left is the leadership question which brings me to the outsized personality of musk. I hated like he would tweet like a crazy person fortunately all that ended when musk agreed to stop the insendary tweeting, some weird settlement with the government even better he revealed the true wit without the sardonic quips hes a great ceo when hes getting out of his own way sound balance sheet, check charismaticed by leader, check, please if youre going to invest, tesla has the ingredients of a winner. Contrast that with netflix i watched the irishman it didnt click for me. While perusing netflix i stopped on the spy with Sacha Baron Cohen and i loved it how about the financials right now theyre just too many of the platforms and thats jacking up the cost of content the cost can keep escalating like sports and if that happens, netflix would be a good product not a good stock unlike musk, hastings doesnt have a long history of sabotage, but they have the charismatic leader check im concerned about the actual fundamentals in terms of the money they need because of the wave of the rising cost of content. Right now wall street is split on this one. Some see a slowdown or a decline and thats why its a Battle Ground i cant figure it out, i cant figure out whos right hey, this one is too hard for me the bottom line sometimes its worth getting involved in a Battle Ground stock but only when you have a truly staggering level of conviction. Thats why im now a zealous convert, a true believer in tesla. Thats why i cant commit in netflix. Buy, buy, buy, sell sell sell john in North Carolina caller jim, i always appreciate your comments and analysis and i want to thank you for taking a call from me for what is the eighth or the ninth time. Thank you there you go. Caller yes, jim, i thought boeing after the first 7 737 jet crash. But after a 6. 5 decline and a lot more than that this morning coupled with the grounding of the 737 max and what we heard in hearings and testimony yesterday, impossible to tell when the 737 will be recertified to resume flights should i sell or hold on to the shares i think you can hold on, but it will be rocky and we keep getting this delay, delay delay delay. Who wants to check off on it im not saying its a nothing burger but im saying that youll be i think youll be in a Holding Pattern for long time then you have to see how much they owe, worry about the cash flow. I think theyre better there are better ways to invest in aerospace but i wont tell you to sell it it will come back. Its just going to take some time how about isaac in ohio, please. Isaac. Caller booyah, jim i always wanted to say that live on the show. Thanks for taking my call. People say it all the time. What piece going on . Caller im an owner in crowdstrike, but im confused why its dropped about 15 since the report. Too many players taking trying to take share from each other. Too much money being spent to get customers. It has become crowded at crowdstrike. I agree with you, but everybody wants it and thats eviscerating the potential markets. Right now im fascinated with companies with ferocious bulls and angry bears. And i am now bullish on one Battle Ground stock Tesla Netflix call me as will frost says its been a volatile year for Palo Alto Networks what does 2020 have in store . And then millennials might be hard for wall street and i spotted the key trends in the unlikeliest of places and i told you the most bankable themes was 5g and tonight im sitting down with the company that might bank on the trend dont miss my exclusive with vmware so stay with cramer announcer dont miss a second of mad money. Follow jimcramer on twitter have a question . Tweet cramer, madtweets send jim an email to madmoney cnbc. Com or give us a call at 1800743cnbc miss something head to madmoney. Cnbc. Com. vo the moth without hope, struggles in the spiders web. With every attempt to free itself, it only becomes more entangled. Unaware that an exhilarating escape is just within reach. Defy the laws of human nature. At the season of audi sales event. Im part of a community of problem solvers. We make ideas grow. From an everyday solution. To one that can take on a bigger challenge. We are solving problems that improve lives. What do you when a company is riding a powerful long term theme confounds wall street . Thats a question i keep asking myself about vmware. They reported a solidly better than expected quarter a few weeks ago and then the forecast was widely speculated to be tepid. The problem management guided for 1. 11 and wall street was looking for 1. 30 but however, they said the numbers were misunderstood by me. They said theyre acquiring a company for 150 million and the cost of the deal is included in the numbers which means the numbers are not comparable to wall street. I wanted to hear the other side is of the story. So lets take a closer look with nikesh arora, the ceo of Palo Alto Networks. So thank you for joining me. So before we get to the nittygritty, you were recruited to join Palo Alto Networks a year and a half ago. Give us an overview of palo alto then and palo alto then . Well, i remember sitting in the same seat and talking about the phenomenal opportunity i had as far as being able to build the Cyber Security platform. Im delighted to report that in what we have done in the last 18 months it even surpassed my expectations we have taken a company which was a Single Product Company who did a great job at building and selling firewalls and making them part of the data center to having built three phenomenally good platforms as you know in the enterprise space, every Successful Company is a platform player and you talk about them on the shows they become the fabric of the future enterprises and what we have done in 18 months is we have built a Cloud Security platform, we have built a we have enhanced the firewall platform. So i couldnt be happier with the progress we have made on the product side now the opportunity is to take that product capability of building in the 18 months and going out and sell an execute on the Global Market side. You talk about it on wall street, you have to incent the salespeople to sell the higher margin equipment how is that going . Well, jim, i have been studying the Enterprise Companies and the growth margins are similar. The true leverage is reducing the costs over the long terms. Large Successful Companies have done that and to do that you have to figure out how do you take the salesforce and have it sell multiple products in a consistent fashion so we got our salespeople who sold firewalls get them really excited about selling the next generation Security Products and im excited to report that they understand it, theyre smart we paid them a lot of money to sell next generation stuff and they did they sold 140 million in q4, sold 173 million in q1. Which far surpassed our open expectations when they did that, they didnt sell the firewalls as much because they were trying to sell all the good stuff which is phenomenal because thats the behavior we expected thats the behavior we incented. Now its just a simple matter of striking the right business and selling the core firewalls and next generation stuff. Is that why wall street misinterpret im talking about the 250 decline. Youre selling the good stuff but you left the other stuff you didnt make enough money in the over stuff is that a correct depiction or is wall street wrong i think wall street is focussed on the short term outcomes you see this on the Enterprise Companies from the sass perspective. We sold more long term revenue which we can book every month. And we sold less short term revenue like on the instant gratification. We had a 30 million shift and we sold more long term stuff than short term stuff. We meet our number of 870 million so from my perspective its nothing systematic all we saw is our people selling better for what we wanted to achieve in the long term and taking our eye off the ball for the short tell id take that trade every day. I want to do both very well. And we made changes to be able to do that we have not changed our guidance for the full year or for the threeyear forecasts we put out for the analysts we have raised the guidance for the year. All right so i have said good things about cyber arc. I have followed the path of z scale and crowdstrike. You directly have been taking on z and you have been taking on crowd strike tell me where i maybe shortsighted in thinking say the cyber are the ones to invest in. Look, i think jim, it all depends on your perspective on Cyber Security when i came to Palo Alto Networks the first thing i was faced with firewalls are dead but you know what, firewalls are not dead you will inspect it with a software form factor or a cloud delivered firewall guess what one company in the universe that has all three networks is Palo Alto Networks. We can give you a cloud delivered firewall, and we have all the products that are needed 18 months ago we didnt have a competitive product. We didnt have a competitive product against crowdstrike and today we see them head to head in many deals. We have gone from one product in the top right quadrant of gardner to having five products competing with some of the most innovative forward leaning Cyber Security startups from that perspective i think were just getting started. One last question you have schooled me into knowing its 140 billion industry you have only 2. 5 to 3 market share. Maybe im wrong to think theres a couple of companies and theres a big Battle Royale among you. The consumer interplay, i want to go from 2. 5 to 10 and we are already the single largest pure play sign Cyber Security company in the world. We keep building on the strength of the five product categories we build keep executing flawlessly and creating leverage from the team and salesforce to be a large player. Excellent im so glad you came on. It is great to hear from you thats nikesh arora, the chairman and ceo of Palo Alto Networks perhaps that decline may have been mistaken. Stick with cramer. One of the products i helped develop at 3m was a more secure diaper closure. There were babies involved. And they werent saying much. Thats what we do at 3m, we listen to people, even those who dont have a voice. We are people helping people. Were committed to making college more affordable. , thats why were keeping our tuition the same through the year 2021. [woman] i knew snhu was the place for me when i saw how affordable it was. [narrator] find your degree at snhu. Edu. And when you open a new brokerage account, your cash is automatically invested at a great rate. Thats why fidelity leads the industry in value while our competition continues to talk. Talk, talk two things are more difficult than figuring out what the heck millennials are doing with their money we know millennial consumers seem fickle. They sample, try something they stick with it for a while then they move on to Something Else for a while it seemed like they loved taking cruises for the value. But then the value got erased by price increases and then they stopped going to cruises en masse. They liked camping and then jumped to other pursuits then they put on makeup and thing they turned against it for looking too fake and then the two new cell phones from apple, who does know . Theres no cohort of dedicated millennial analysts on wall street you have to break down individual industries to figure out what this generation is doing with the money well, millennials overtook the baby boomers an becoming the largest segment of the population they have more trepidation about spending money than their parents thanks to the Great Depression you can get some insight into what theyre up. I want to go over the call from the Toll Brothers. The thrust of the quarter, ten years after we started coming out of the great recession, the millennials are moving out of their parents basements and their own homes. Doug yearly referred to quote a growing number of millennials who are older, more affluent and more discerning when they buy their first home they want, quote, affordable luxury, wow. And there are a lot of them. Over 20 of all closings this quarter have one purchase of 35 years old or under Toll Brothers is seeing them pop up in boise, denver, orlando, new jersey, massachusetts, new york, las vegas, reno, phoenix, columbus, jacksonville, many were supposed to get hammered by tax reform and that hasnt happened people who are confident in the future are taking advantage of the comfort. Everything is so politicized its hard to get a good read on how the economy is doing which is why so many miss the forest for the trees. Doug yearly gives it the unfiltered view and if your decade of cocooning, the Millennials Want to get homes with value the delay in Home Building buying its over spending is just beginning i think housing prices will remain reasonable and the feds said they wont Interest Rates next year. At least we dont think. Once they buy the homes millennials will go to amazon, costco, target and walmart to personalize the new abodes they will go to home depot despite the not so hot outlook today. They have come around to my view that they should be doing better whatever anyway, oh, i think that the millennials will also use the cell phones to order the things that i cant pick up themselves. Millennials are changing the landscape, people, and theyre doing it in a positive way youd never know about the surge in young buyers if you read the newspapers or watched tv you have to go straight to Toll Brothers listen in on the Conference Calls, they tell the real story. Marcus in utah, marcus caller big booyah, jim, from park city. First time long time i appreciate all you do and how you do it. Thank you. My stock is square. I purchased it near the top and i have been in the house of paper since. Third quarter was pretty good. Analysts are split dorsey is now on the way to africa buy, sell or hold . You have to buy it. I mean, square i think that people are frustrated by the leadership it was a good quarter. And im not backing away from that twitter was not a good quarter but square was a good quarter. I mentioned that because theyre both jack dorsey companies and, well, i think that jack should relinquish one but thats up to him. Ronald in new york, please, ronald caller thank you for taking my call. Of course caller my question is row coe. I got in about 14 months, im doing well with it but i dont know what year crystal ball says about it. Dont be too greedy i say caching caching on at least some of it Understanding Millennials isnt easy for wall street but the Toll Brothers has a good grasp on them. Read the Conference Call much more mad money ahead including the ceo of vmware. What does he say about the state of tech and cloud . Then trade desk expects china to be a top three market for the company, but is it still the case ill talk to the ceo and then all your calls in tonights edition of lightning round so stay with cramer apps are used everywhere. Except work. Why is that . Is it because people love filling out forms . Maybe they like checking with their supervisor to see how much Vacation Time they have. Or sending corporate their expense reports. Ill let you in on a little secret. They dont. By empowering employees to manage their own tasks, paycom frees you to focus on the business of business. Music its how we care for our Cancer Patients like job. When he was diagnosed with cancer, his team at ctca created a Personalized Care plan to treat his cancer and side effects. So job could continue to work and stay strong for his family. This is how we inspire hope. This is how we heal. We love you, daddy. Good night. I love you guys. Cancer Treatment Centers of america. Appointments available now. Some of my favorite cloud stocks have gotten complicated here take vmware. They run Virtual Machines on is a single server and wall street had gotten skeptical of them in august then the cloud stocks went out of style on the wall street no matter what they did. But people didnt have much reason to worry about the fundamentals until two weeks ago when vmware reported a robust quarter. And then the stock surged in the news for giving up all the gains, closing down 2 for the day. Since then its been going down to the point this has been overly punished. Lets check in with sanjay poonen, welcome back to mad money. Good to see you. Thank you happy holidays great to be on the show. One of the most confusing moments i have seen because even as you said yesterday in a Conference Call at Raymond James you wanted to talk about networking look, kind of a slower year for the hardware folks in networking but geez, its been great for you. I dont think people can have a great year without the hardware folks and thats not true. The networking business is on fire we have been in the business for seven years. We had a solid quarter, 12 growth but the networking grew 50 . What were trying to do is in networking is differentiating. We go from fire walls to load balancers to the branch offices. We accumulated now a set of customers, were kind of like the tesla of networking. Were approaching this from a Software Defined fashion our customers tell us its only two Big Companies at scale that matter in networking vm and cisco were approaching from the software down and theyre approaching it from the hardware up but today they announced theyre going further down the hardware. I think if we continue to surface serve our customers well, look at the largest customers well be the indispensable nervous system for them in the data center to the edge and up all through their applications. I think that you have made two acquisitions what the customers wanted so i was confused why the market seemed a little muted given the fact that carbon black and pivotal you have to provide those. Listen, everything that we do is for the long term and what we did since the acquisitions is explain that to the customers. We dont get perturbed by the ups and downs of the stock price. We believe that containers is a logical move for a company thats established 70 million Virtual Machines when i was last on your show i described them like ships in the containers in the 1950s as a good analogy and security is a lateral move we mentioned it in our Conference Call we have 1 billion in security already and were not that well known of a brand. So we can build on top of that in Network Security, end Point Security that a lot of change is going on in the industry as you know from a lot of the players going through different forms of the future theres no Network Security that has end Point Security and no end Point Security and to vmware we do something to differentiate it as we talked about both containers and security, they love our vision. Weve keep executing and make the customers happy. Maybe we have to spend a few minutes on the state of the cloud. I think people are confused about the state of the cloud where we are let me make it sesame street simple i came back from amazon reinvent if you talk to the customers who went there and vm world we had 100,000 customers come to all of them there are two key words that customers are telling me they want to understand migrate and modernize. The m ms. Its what customers want to understand we are in that de facto standards, large customers like freddie mac, talked about how to migrate to the cloud. Hundreds of their applications in record time if you were to do this with other conventional methods it would take you years upon years. We could do this now in months we could do it 30 to 50 significantly cheaper. We think this is the migrate and the modernize part comes with the Container Technologies that were acquiring. These are the twoer haven two verbs that people will like. And then talking about the idea about dell making the acquisitions and that can pressure vmware but theres no reason for michael dell to pressure vm shares well, abstracts are coming from the hardware economy so depending on how the hardware players we are a Software Defined company. You need us in good or bad times. I said a dollar invested in vmware has returned a dollar of economic value i said whats good for vmware is good for dell. If you think of the migration to the cloud, and modernization, were excited about the partnership and some of the areas like hyper convergence and its thanks to the partnership with dell. Well do more of that in terms of the digital workspace and now in security. Dell has announced the preferred end Point Security solution is common play. It couldnt be ever better. I do find we had nutanix on earlier this week and i know you watch the show you never said a word negative you dont do that. I think you have kind of you kind of view everybody as potential partners, always been the way. But how about something thats significant that could be impacting your business to where you cant make partners in the trade war. Where are we listen, i think long term we expect and hope that peaceful things will but we have to do things that first make sure that were abiding by the laws of the land if were asked to not do business, well abide by the laws of the land and our China Business was increasing this shows the indispensable aspect of what vmware can bring to customers in every part of the globe. Across every vertical and every country and the u. S. Government is an important customer of ours and well continue to do that in terms of making our business successful across all industries and all geos. One last thing to know, how leaders can become better teachers we have to teach the general next generation which is adrift. Well, huffington had that article, and listen, it was a piece of work that affect midlife. I was taught that by a professor from the Michigan School of business i think the greatest leaders, jack welsh, other than the people i worked for, bob iger and dimon theyre incredible people i have had people say how have you been successful and its my job to lead. I recently had the privilege of doing this for a bunch of vets they said, listen, will you teach us and thats one of the most impactful days of my life i was in tears listening to their stories and sharing a small part of my life. I think its much more blessed to given that to receive and we have an obligation to teach the next generation. This is so important. Esg, leadership, undervalued on wall street. But not with you thats sanjay poonen, from vmware i hope you theres factors that make no sense of where the stock is because its better than where the stock is mad money is back after the break. Fun fact 1 in 4 of us millennials have debt we might die with. And most of that debt is actually from credit cards. Its just not right. But with sofi, you can get your credit cards right by consolidating your Credit Card Debt into one monthly payment. Including your Interest Rate right by locking in a fixed low rate today. And you can get your money right with sofi. Check your rate in two minutes or less. Get a nofee personal loan up to 100k. I need all the breaks getas athat i can get. Or, personal loan at liberty butchemel. Cut. Liberty mu. Line . Cut. Liberty mutual customizes your Car Insurance so you only pay for what you need. Cut. Liberty m. Am i allowed to riff . What if i come out of the water . Liberty biberty. Cut. Well dub it. Liberty mutual customizes your Car Insurance so you only pay for what you need. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Announcer lightning round is sponsored by Td Ameritrade it is time. It is time for the lightning round. And then the lightning round is over are you ready, skeedaddy start with louis in ohio louis. Caller how about synopsis . Man, we havent had them on what ever happened to synopsis doing okay that was the Design Automation company that i like. Thats a buy theyre doing better than the stock indicates. Lets go to julia in new york. Julia. Caller hey, jim, i love your show thank you caller my question youre welcome. My question is about lockheed martin. Inexpensive stock, great cash flow, buy buy buy. Derrick in california. Caller hey, cramer, how are you doing . Not bad, how about you . Caller go team usa my question is senior housing. No, not after what happened with ventos larry in florida larry. Caller hey, jim. Im here in boca raton and i just wanted to ask you about the therapeutic oh, that data was bad you fell all the way down in borr boca raton let me go to arthur in pennsylvania caller booyah from pocono pines, pennsylvania. My old stomping grounds caller cisco in 2016, they purchased an israeli chip designer labor for 320 million and recently also purchased acaisha communications one of the Fastest Growing companies in america and plus a device maker. Right caller it appears theyre shifting their Business Model to sell a new type of semiconductor which they claim will change the internet of the future. I agree i mean theyre going up against broadcom i thought the presentation they did was very, very good and also right up against a net doing a soup to nuts plan not available for six or seven months but theyre ready people, i urge people look at the video. I think the cisco presentation that Chuck Robbins gave today makes me think buy buy buy ohere in minnesota caller hi, jim thank you. Ets hedge do you think i should buy more . No, im going to overrule and go with accenture. Be careful lets go to gregory in florida gregory. Caller jimbo, another booyah from miami thank you for all your hard work, my friend. Thank you caller the company im calling about tonight is called its currently being reviewed by the fda. If approved it would be the first treatment for a food allergy, like peanuts. Ticker is amt we have liked it from the beginning because we think the Food Allergies are far worse than people realize and that, ladies and gentlemen is the conclusion of the lightning round. Announcer lightning round is sponsored by Td Ameritrade phone ringing a phones offers big button,ecialized phones. And volumeenhanced phones. , get details on this state program. Call or visit and accessoriesphones for your mobile phone. Like this device to increase volume on your cell phone. phone ringing get details on this state program call or visit i love it when a company is harnessing one powerful team starts to harness a second one consider the trade desk which helps the customers to manage the data driven campaigns but earlier they inserted thementsds into the streaming space helping them advertise on the new streaming services and theyre doing audio which is growing astoundingly fast and thats why the trade desk is a fantastic performer. Lets dig deeper with jeff green. He had a better sense of the companys posture. Welcome back to mad money. Good to see you, sir jeff, i usually dont do this. Your company is on fire. Youre doing many things and yet even though you have amazing Revenue Growth youre also profitable. Thats right. And most companies cant say that why is it such a why can you do it and most of the companies say, hey, were growing really fast but were losing money. Whats the difference between you and then we said from the very beginning that we have to make money. We race to go make money first once we got profitable we took every dollar we made and reinvested in the company. So our dna was to get to profitable and then invest every dollar that we could and thats been a part of the ethos from the beginning. How what a refreshing breath of fresh air. I was going over with ben soto today with head of research, we are sick and tired of playing with roku, they shown with trade desk, but youre not visible to the people seeing your stuff. Thats right. Roku is one way that the investors can play the connected tv trend but in our case what were what were offering is something thats very different. Which is that were an objective player we dont own any media unlike roku, unlike google or facebook we dont own any media we go to the biggest advertisers and say, you need to figure out which ads to buy sometimes its tv, display ads, could be on your phone or anything but were trying to help them decide what to buy because we dont own any media all the Biggest Companies in the world are partnering with us first to ask them to help bring advertising demand. Okay, so im Procter Gamble, look, im tired of reaching the same person who is my customer, i keep reaching them, can you help me find customers who would love my product, is that what you do thats right. We work closely with Procter Gamble and thats what we help them do. We take the data and insights about who the customers who they should be. And look similar to the ones that they have and go find them on the rest of the internet. We are a play on the open internet which is connected tv but its also Everything Else that is essentially not google and facebook in terms of inventory. Now, sometimes we laugh at customers, the companies seem to know who we are. And their ads follow us around and stuff. What have you advised us in those situations well, one, were not following anybody around. Youre the opposite of that and people might be turned off by that. Yeah. Yeah so right now, the internet is going through a very important discussion which is we have to respect privacy and we also have to show relevant ads. Right. And figuring out how to do both of those is something that everybody is try doing instead of just having a philosophical debate we tried to enable that with technology and by never touching the personally identifiable information, we never cross the line of showing ads that are creepy or doing anything that we shouldnt be doing. So we certainly make certain that were showing relevant ads but were of course trying to respect privacy and by playing in the really benign data that can give insight and show relevance. But isnt going into anything. Well, memo to those who do. The trade desk makes a lot of money without violating the principles maybe they should watch you and do more what you do. Its hard to figure out how to navigate if youre looking at the regulations but if you say how do we do the right thing, how do do that if we were consumers. You do that every time. Everyone is running from china, they need trade desk in china. Thats right. So we may be the only company in the world thats partnered with google and amazon, facebook, badu, alibaba, tencent but our partnerships in china have been really, really strong this year. We reported in our last earnings that we partnered with blue focus. They do billions of dollars on the rest of the internet through partners like google and facebook. Right. And were partnering across china and were doing something really unique to china which is unlike going into china like an uber or something going in and trying to offer an american alternative to a chinese equivalent were instead going in just writing checks on behalf of multinational companies, buying media inside of china for them as theyre trying to tap into the Chinese Consumer in particular and helping to manufacture those in china find a place on the open internet. I want to circle back again, amazon publisher servicers, disney, sports, overtime sports, right . Overtime, thats you. Thats right. One of the biggest opportunities right now in tv is sports isnt i think optimally built for Linear Television. Because you dont really know when its a blowout game or when its going into the extra innings. When it goes into extra innings on Linear Television the broadcasters are comping the ads for the advertisers its free. That extra inning its free. Instead of doing that you can essentially tap into new demand. Show an ad you havent shown already. And then be more deliberate about what you show and of course make more money as a result of it everybody is better off. People are saying, jim, how can you be excited about this company . I Like Companies that are profitable and i like jeff green and you dont follow us around, youre not creepy. Thank you so much okay. Thats the founder and ceo of the trade desk, stick with cramer they never stray from their predetermined path. But this season, a more thrilling journey is calling. Defy the laws of human nature. At the season of audi sales event. I told you it would be hot, 5g marvell, skyworks solution, micron is doing bother i like to say theres a bull market somewhere i promise to find it for you im jim cramer see you tomorrow narrator its been 10 years since shark tank ignited americas entrepreneurial spirit, and we are still blazing a trail. For those who take their fate into their own hands by working hard. Introducing your infinite closet. Oh, my god. Wow narrator . By working smart. Help us teach america. Mmm. Both . A new way to waffle. This is sick. Narrator . By thinking big. Sharks, you guys ready to cool off . Together yeah. Narrator . And chasing their dreams. There is a tenacity that i have, and i am going to break through any obstacle ever. Your revenue is what . 7,000. Oleary oh this is a very special business. Are you crazy . i dont want to have to put you in timeout. You lied to us. Captions by vitac