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This market is a tale of two "FANG"s, Jim Cramer told his Mad Money viewers Wednesday. The first FANG is Cramer's acronym for Facebook (FB) , Amazon (AMZN) , Apple (AAPL) , Netflix (NFLX) and Alphabet (GOOGL) , which symbolizes the best of high-growth tech stocks. The other (FANG) is the ticker for Diamondback Energy, the oil producer that's at the heart of the rotation into the cyclical stocks.

The market can only invest in one FANG at a time, Cramer explained, and right now, investors are clamoring for reopening stocks. No one cares about big tech when the economy is roaring. That's why Cramer continued to recommend buying high-quality industrial stocks on any weakness. He liked Union Pacific (UNP) on the heels of the Kansas City Southern (KSU) acquisition earlier this week.

The reopening trade will continue to be bad news for companies like Adobe Systems (ADBE) , which reported better-than-expected earnings today, although no one seemed to care. Shares of Adobe are down 5% over the past month.

Cramer said he's still a fan of Apple, Facebook and Netflix, but the market just isn't interested. Fortunately, these stocks only get cheaper as they go lower.

Cramer and the AAP team are looking at everything from earnings and politics to the Federal Reserve. Find out what they're telling their investment club members and get in on the conversation with a free trial subscription to Action Alerts Plus.

Executive Decision: Nucor

In his first "Executive Decision" segment, Cramer spoke with Leon Topalian, president and CEO of Nucor (NUE) , the steelmaker with shares that rose 2.9% Wednesday after the company reported strong earnings.

It's a good time to be a low-cost steelmaker, Topalian said. Many of the older steel plants that produce at higher prices never came back online after the pandemic began, which has led to strong demand in all of Nucor's end markets.

"Our customers are doing well," Topalian said, and that's led to strong demand for steel. All of Nucor's metrics are at or near historic levels. Nucor expects the second quarter to be even better than the first as the global economy continues to recover.

Nucor has invested over $4 billion in recent years and that investment is now paying off, as Nucor continues its leadership position as a low-cost, high-quality steel producer.

Executive Decision: UWM Holdings

For his second "Executive Decision" segment, Cramer also spoke with Mat Ishbia, chairman and CEO of UWM Holdings (UWMC) , our nation's second largest mortgage originator.

Ishbia said UWM is using the latest technology to make the process of getting a mortgage faster, easier and cheaper than ever before. That means they are less cyclical and less sensitive to higher interest rates than other mortgage companies. Ishbia said he's so confident in their business, UWM will be paying a dividend to shareholders.

When asked why their share price is down 38% for the year, Ishbia said people just haven't heard the UWM story. He said UWM is a competitive company that's in to win, and they're not afraid to take on the market leader, Rocket Companies (RKT) .

GameStop's in an Impossible Position

GameStop (GME) finds itself in an impossible position, Cramer told viewers. Even when the company does well, and it is doing well -- it will never live up to the hype.

Today, the video game retailer posted a terrific quarter, with same store sales up 6.5% and e-commerce revenues soaring 175%. The company is dramatically cutting costs, reducing overhead by 21%, closing underperforming stores and keeping inventories the leanest they've been in years.

Add to all of that Ryan Cohen, formerly of Chewy (CHWY) , as GameStop's new CEO and other tech veterans coming onboard in key positions and it's starting to look like a serious turnaround is in the making.

Despite all of this positive news, shares of GameStop plunged 34% Wednesday. GameStop didn't take any questions on its conference call, nor did it outline any plans to transform itself for the new digital age. This was a smart move, according to Cramer, as reality will never live up to the hype.

Cramer said he's more confident than ever that a turnaround is happening at GameStop, and he'd be a buyer between 15and15 and 15and25 a share. The only problem? GameStop still trades at an outrageous price of $120 a share.

On Real Money, Cramer keys in on the companies and CEOs he knows best. Get more of his insights with a free trial subscription to Real Money.

SPAC Saturation

In his "No Huddle Offense" segment, Cramer declared we've now hit the outer limits of SPAC saturation. With over 290 deals so far this year, they are far too many of these deals, Cramer said, and some of them are downright ridiculous.

Just like with stocks, there are good ones and bad ones. And when it comes to SPACs, there are good operators and bad ones, Cramer said. But while some are careful and rigorous, most coming public now simply are not.

Lightning Round

Here's what Jim Cramer had to say about some of the stocks that callers offered up during the "Mad Money Lightning Round" Wednesday evening:

Bank of America (BAC) : "This is the kind of stock people want. Let it come down a little."

Stamps.com (STMP) : "I think you should sell it. There are better stocks out there."

Cemex (CX) : "This is always a cheap stock that never seems to recover. I'd buy a little at $6 a share."

JFrog (FROG) : "They did not blow away the numbers. I can't go with JFrog or even DataDog (DDOG) ."

Devon Energy (DVN) : "I don't like the oils but their CEO is a smart man."

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At the time of publication, Cramer's Action Alerts PLUS had a position in FB, AMZN AAPL, GOOGL.