To counter the rising interest in exchange-traded funds, or ETFs, Cramer wanted to explain why individual companies do still matter to these funds and the overall market.

“What was behind the incredible rally in non-FANG tech yesterday?” the “Mad Money” host asked on Thursday.

Cramer argued that it wasn’t Warren Buffett’s endorsement of Apple or the small jump in shares of Netflix.

“No, it was all about a little company called Analog Devices,” Cramer said. “Of course, it’s not really little anymore. It’s a $30 billion semiconductor company, and it reported a terrific quarter and held a brilliant conference call.”

Then, Cramer spoke with Anil Chakravarthy, the CEO of privately-held data management company Informatica.

Chakravarthy told Cramer on Thursday that even though Informatica helps integrate and bring data to companies including Amazon, Salesforce and Microsoft, it isn’t affected by competition.

“We partner very well with Salesforce, with Amazon, with Azure, with Google, so we partner really well with anybody who is in the analytics space. We don’t do that. We bring data to them,” the CEO said. “We like to call ourselves ‘from mainframe to the internet of things and everything in between,’ and that’s how agnostic we are.”

And as Amazon develops artificial intelligence for its voice-enabled devices, Informatica is working on a slightly different AI application of its own, Chakravarthy said.

“We use artificial intelligence to find what data you have where,” he told Cramer. “A lot of customers deal with so much data. They don’t even know basic answers to basic questions, like how many databases do I have? Where do I have customer data? What data is secure? And this is all over the place, in their own enterprises, in the cloud, and it’s growing every day. And AI is a great way of answering those basic questions.”

Finally, Cramer turned to FMC Corporation, a diversified chemical company with a stock that has climbed almost 50 percent since the “Mad Money” host recommended it in January.

“From the beginning, ever since I started recommending FMC, I’ve argued that this is an overlooked company with a stock that simply doesn’t get the respect it deserves from Wall Street. Even after its recent run, that’s still true,” Cramer said.

From its fast-growing lithium business to its deal with DuPont for that company’s crop protection business, FMC has a lot going for it, Cramer contended.

“Just because FMC’s stock has climbed relentlessly higher, that doesn’t mean you’ve missed a thing. I’m not kidding,” he said. “[There’s] a lot of value creation still to come. If you don’t already own FMC, I suggest waiting for the next big market-wide pullback, and then do some buying.”

In Cramer’s lightning round, he flew through his take on some callers’ favorite stocks:

Under Armour Inc.: “I struggle. I struggle. I struggle. Because I was on the Foot Locker call, and then I’ve done a lot of work in this group, whether it be Finish Line, whether it be what’s going on with the Hibbetts of the world, and, of course, Dick’s, and I have to come back and say no thank you. I don’t want to touch that stock.”

Chesapeake Energy Corporation: “No, you know, look. With that, you’ve got to hope for a cold winter. We did not get the summer that they needed to be able to get the thermostat going so that people would buy it. And don’t forget, the oil patch is no place to be right now.”

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