Following is the unofficial transcript of Apple CEO Tim Cook on CNBC's "Mad Money w/ Jim Cramer" 10th Anniversary special tonight at 6PM ET.
Following is a link to the video of the interview:
All references must be sourced to CNBC.
JIM CRAMER: Let's take a call, go to Tim in California, Tim.
TIM COOK: Hey, Jim. I'm calling from Cupertino, California, to be exact. This is Tim Cook, at Apple. And I want to congratulate you on ten great years of "Mad Money." (APPLAUSE)
JIM CRAMER: Whoa! Wow! That's a good call! I want to congratulate you for running the greatest company on earth, and for creating such amazing wealth, and the best products on earth for everybody. You have done a remarkable job, Tim. I am honored that you're calling in.
TIM COOK: Ah, it's the great team here that does it. Jim, you've been a champion for American innovation. And-- of course, Apple feels the same way. And we love the fact that you highlight innovation as a centerpiece of your show.
JIM CRAMER: Well, you know what? You make us proud, and you do such incredible, incredible-- innovation yourself every time. You know I am totally involved with what you're doing for this-- for the phone. But, of course, for the watch. And for the research kit. I basically am looking at your company as being the health company of the future. I'm looking at you as being the credit card company of the future. There really are the great growth areas you are in charge of right now, Tim.
TIM COOK: You know, it-- it's really incredible. Since-- you-- in the first 24 hours of research kit we've had 11,000 people sign up for a study in cardiovascular disease through Stanford University's app. And, to put that in perspective-- Stanford has told us that it would have taken normally 50 medical centers an entire year to sign up that many participants. So, this is-- research kit is an absolute game changer.
JIM CRAMER: Well, I think that this is the most-- but people don't understand why you absolutely have to have this device, which is why I can't-- I can't wait 'til it comes out. I also am focused on the fact, Tim, that your products for retail-- with Apple Pay, is, by far, the best. I have to believe that given the banks, given VISA given MasterCard it is perfectly realistic to believe that the customers will demand it from every major retailer across the world. Do you think I am right?
TIM COOK: I totally think you are right. You said last year I think when it first came out that it would take the country by storm and it is doing it. We've already got 700,000 locations accepting Apple Pay and by the way we really want to add your bar San Miguel to that list.
JIM CRAMER: Done! Done!
TIM COOK: If you do that I am joining you there for dinner.
JIM CRAMER: You are too much. Tim, I have got to ask you Tim we always hear that the company is so big whatever. I mean, I think you're-- I look at your company and I think, "It's not that expensive. You've got the best balance sheet in the world. Country, company, doesn't matter." You know my mantra, people should own Apple, not trade it. Do you think that eventually people will understand what I'm talking about?
TIM COOK: I think eventually they will. Yes. I mean, you know, for people that have owned the stock for ten years or so, our stock price-- ten years ago, when you started "Mad Money" was less than $6 on a split adjusted bank. And so you can-- you can bet those people are extremely happy right now.
JIM CRAMER: Well, everyone's thrilled with what you've done. When you come to work every day, I know you come in hungry. The competition, are you feeling like that you've kind of left it behind? Or you just-- every day do you come in and say, "Someone might have a better mouse trap."
TIM COOK: We're always paranoid. We live paranoid. And-- we always want the very best product. And so if we're not beating someone else we're trying to beat the thing that we have currently shipping.
JIM CRAMER: Do you--
TIM COOK: Everybody here lives on edge.
JIM CRAMER: Well, do you think that-- Tim, are people worried about the world. People are worried about Europe. People worried about currency. Are we being-- are those just the kind of things that are-- that Wall Street worries about? And if you're at home, or you're watching, you own 100 shares of Apple, you should just be thinking that Tim Cook and the team are ready for pretty much anything that the world might throw at us.
TIM COOK: Currency's clearly a problem, but frankly the best companies will figure out a way to manage it.
JIM CRAMER: And I regard your company with the highest ideals and the greatest manufacturing. I know every day when you come to work, I feel you must think that you have the stewardship that you've got to fulfill 'cause of Steve Jobs. I want you to know that we-- that you have far exceeded what ever, anyone I think could have-- could have done. But you still walk in-- in his footsteps. How do you feel about the legacy?
TIM COOK: You know, there's not a day that goes by that I don't think about Steve. And-- he is still the-- core part of Apple. His DNA is deep in the company. And-- his office is still next to mine, with his name on the door. And-- the values that he placed in here, and sort of the spirit that we are here to make the very best products in the world that enrich peoples' lives, that is still the centerpiece of this company.
JIM CRAMER: And do you think that there are-- I know that-- that from Walter Isaacson's book, that there really-- that the pipeline that you're using really is-- while it was-- definitely had good things in it from Steve, a lot of these devices are yours, and your teams aren't they?
TIM COOK: Oh, absolutely. Yes. I mean, we're now-- you know, quite a ways away from, unfortunately, his passing. And so there's a-- been a lot of things that had started in creation-- after his passing.
JIM CRAMER: And—let me ask you about where you think-- are going-- I know that the car, the home, do you think of them as connectivity? Social/mobile cloud connectivity? Do you feel like these are the next frontiers? Or is there a frontier that I'm missing? I'm not thinking big enough?
TIM COOK: Well, I think those are two big ones that you talked about. I think health may be the biggest one of all. Because for years-- people have depended on strictly somebody else to determine their health. And now these devices in essence, empower people to manage and track their own health and fitness. And so I think that market is probably significantly underestimated.
JIM CRAMER: Well, let's go there, because I know my cardiologist-- well-- he's working on the Stanford project. Knows about it, and told me that it's within our lifetime that we will have your watch. And your watch will show whether my blood pressure spiked, which it did, by the way, when you called.
'Cause I had no idea you were calling. But we will have-- from your watch-- diabetes, maybe blood pressure, maybe even cancer-- detection, because of the great app system you have. And 'cause of the health kit. Do you think this is within the realm of our lifetime?
TIM COOK: Oh, I absolutely do. I absolutely do. And-- you know, if-- discovering, and-- curing some of these diseases will push our life expectancy much longer than it currently is. And so we'll be able to enjoy "Mad Money" 50 years from now.
JIM CRAMER: Oh! Tim! Tim, I've got to tell you, I am deeply honored that you called in. I think you're the best we have. Maybe the best that's ever been. Thank you so much, Tim Cook.
TIM COOK: I really appreciate that. You know, Jim-- you say that some people want to make friends, I just want to make money. But let me tell you, you've made at least one friend in me. And I wish you all the best. So, happy anniversary!
JIM CRAMER: Thank you so much, Tim Cook! CEO of the biggest company in the world, Apple. Great to talk to you, sir.
TIM COOK: Yes, bye-bye.
JIM CRAMER: Bye-bye. Wow! I-- what can I say? I mean-- you know, there are people you revere-- I revere Tim Cook. And I revere Apple. I am so proud that they are an American company. I am proud to be an American. Happy Anniversary, everybody! Ten years of making you money continues. That was Tim Cook on the phone! Holy cow! We're just getting started! "Mad Money" tonight!
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