Trey Thoelcke
6 min read
Quick Read
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Cramer called big tech “millstones” and named life sciences suppliers the “new techs” replacing data centers as the dominant investment theme, as the NASDAQ-100 fell 9% last month.
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Agilent leads the three stocks up 29% year to date, powered by 70%-plus GLP-1-related growth and a 20% rise in PFAS testing demand.
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Near-term data backs Cramer’s thesis, but over five years the benchmark gained 62% while Thermo Fisher, Agilent, and Waters returned only 9%, 11%, and 32%.
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“For the last few years we’ve been conditioned to think that tech will be led by an Alphabet or an Amazon, Nvidia, a Meta, a Microsoft. But those have almost been millstones around investors.” Jim Cramer made that call on Mad Money on November 3, 2026. He named a new set of leaders: the companies that sell instruments and supplies to drug developers and labs. The data mostly backs him up over the past year, with one longer-term caveat.
Why Cramer Is Holding Off on Tech
Cramer said he wants more confirmation before he goes back into the sector: “I like that the election will soon be behind us. That’s a positive. I would like to wait for the crescendo before I commit too much money back to tech because so many other areas are working.” On the election, he added, “Whatever ties up the government is good for stocks. Gridlock’s been good for the market.”
He also left room for hope. He pointed to strong quarters from Advanced Micro Devices (NASDAQ:AMD) and Arista Networks (NYSE:ANET), saying, “I want to believe that the non-magnificent tech can lead us.” Recent prices support his caution. The megacap-heavy NASDAQ-100 benchmark fell 9.3% over the past month.
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Meet Cramer’s “New Techs”
Cramer called life sciences suppliers the industry’s arms dealers: “They are the new techs, the ones that seem to be replacing the data center as the theme. If that’s the case, then I know they have a lot more room to run.” He said the FDA “seems to have gotten more interested in both encouraging innovation for new medicines and, probably most important, speeding up the new approval process.” The chief executive of Thermo Fisher Scientific (NYSE:TMO), speaking on Mad Money, said regulators “want to adapt to the technologies that exist today. That’s huge.”
