Cramer's Conviction: Why Nokia is a 'Buy Right Here' and BWX Technologies Gets a Pass

Alright, folks, when Jim Cramer speaks, especially during his rapid-fire 'Lightning Round' on CNBC's Mad Money, people tend to listen, don't they? And just recently, on September 16, 2026, he certainly got the market buzzing with some rather emphatic takes on two very different companies: Nokia and BWX Technologies.

Let's kick things off with Nokia, because, quite frankly, Cramer was practically beaming with enthusiasm. He didn't mince words, declaring, "I like Nokia very much...I would be a buyer right here, right now." That's a pretty strong signal from the Mad Money host, if you ask me! What’s driving this newfound affection for the Finnish telecom giant, you wonder? Well, it boils down to two magic letters: AI. Cramer highlighted Nokia's impressive doubling of AI and Cloud revenue, alongside significant wins in the data center space. It seems the company, once known primarily for its phones, is making some serious waves in the digital infrastructure arena.

And when you dig a little deeper into the numbers, you can absolutely see why Cramer is so bullish. Their latest figures from Q2 2026? Absolutely staggering – AI and cloud customer sales shot up a whopping 105% year-over-year, hitting a cool €446 million. Network Infrastructure revenue also saw a healthy 12% climb on a constant-currency basis. While they did report an operating loss, their CEO, Justin Hotard, painted a very optimistic picture, noting that AI and cloud order intake reached a hefty €2.8 billion in Q2 2026. A good chunk of that, about half, is expected to turn into revenue over the next year. This isn't just talk, either; Nokia's been busy forging crucial partnerships with tech giants like NVIDIA and Google for networking, data center buildouts, and even AI defense systems. They're even teaming up with Microsoft Fabric to weave AI into applications for telecom providers. It's truly an exciting time for them.

The innovation doesn't stop there. Nokia is actively involved in AI-RAN trials, pushing the boundaries with operators across North America, Europe, Asia-Pacific, and the Middle East. They're leveraging NVIDIA's Aerial RAN Computer, and early results are showing over 20% improvements in spectral efficiency – that's a big deal for network performance. And they're not done yet, aiming for even more software-driven gains in 2027 and 2028. All this hard work is clearly resonating with investors, as Nokia's stock has surged, climbing nearly 70% in 2026 alone, reaching about $10.61 per share. Analysts like Kepler Cheuvreux are also on board, seeing a clear path to improved margins and stable cash flow in the coming years. Truly, a compelling turnaround story.

Now, it wasn't all sunshine and roses on the 'Lightning Round' that day. Cramer also took a look at BWX Technologies, and while he admitted it was a "great company" – you heard him right, "great company" – he ultimately gave it a pass. The sticking point for him? Its "30 times" price-to-earnings multiple. For Cramer, that valuation was simply too rich for his blood. It's a classic Cramer move, really: acknowledge the quality but balk at the price. Despite the valuation concern, BWX Technologies certainly isn't a slouch. They've got an impressive $8.4 billion backlog, which grew a substantial 40% year-over-year. But even with Guggenheim initiating coverage with a 'Buy' rating and a $192 price target, Cramer's focus on that P/E ratio held him back. Their stock, incidentally, has been down about 15.37% year-to-date through mid-September, presenting a bit of a mixed picture for investors.

So, there you have it: two distinct calls from Jim Cramer, reflecting his deep dive into company fundamentals and market valuations. On one hand, Nokia, riding the AI wave with impressive growth and strategic partnerships, earning a resounding "buy." On the other, BWX Technologies, a solid company with strong prospects, but ultimately sidelined by a valuation that Cramer deemed too high. It's a fascinating snapshot of how even great companies can be viewed differently through the lens of a seasoned market commentator.