You've probably already heard the news Thursday that Apple (AAPL) has become the first company to reach a market capitalization of $1 trillion. But Jim Cramer told his Mad Money viewers that despite today's valuation milestone, shares of Apple still have a lot more room to run.

Cramer gave viewers reasons why Apple was able to become the first company to make it to one trillion. First, he said shares of Apple have never been expensive, trading at just 15 times earnings, or 11.5 times if you factor in the company's $243 billion in cash. Second, Apple is not a hardware company, it's the world's most effective ecosystem of software and services. Apple is also not a technology company as much as it is a consumer goods company, Cramer argued, one that deserves a much higher valuation given its growth.

Fourth, Apple still has an enormous addressable market and even today is only the third largest cellphone maker. The company also has a stellar, non-promotional management team and a healthy dose of skeptics betting against its every move, both of which help temper expectations.

Lastly, Cramer noted that the law of large numbers doesn't apply to subscription-based companies like Apple, and frankly, a trillion dollars isn't what it used to be. Back in 2001, Cisco Systems (CSCO) was the first to achieve $500 billion, and that seems like a lifetime ago.

While Apple was the first, Cramer said it won't be the last, as both Amazon (AMZN) and Microsoft (MSFT) are both close behind and will further legitimize Apple's deserved place in history.

Executive Decision: Clorox 

For his "Executive Decision" segment, Cramer spoke with Benno Dorer, chairman and CEO of Clorox (CLX) , the consumer goods giant with shares that soared 6.1% after the company reported a strong quarter, forecasting 2% to 4% sales growth.

Dorer started off by saying that Clorox has a great quarter and a great fiscal year with 3% sales growth and 17% growth in earnings per share. This momentum is why he has confidence in the company's future plans.

Dorer said that Clorox is continually investing in their brands to ensure they provide better value than their competitors. Clorox only raises prices when rising costs require it, he said, which is why they manage for the long-term and not on a quarter-by-quarter basis.

When asked how the company could see strong sales in products like kitty litter, Dorer explained that consumers are still largely dissatisfied with their kitty litter. That's why Fresh Step Clean Paws, which is specifically designed not to be tracked all over your home, was easy for consumers to understand and so far has been a bit hit in the market.

Finally, when asked whether a slowdown at Facebook (FB) would be a factor for Clorox, Dorer said that social media is only a small part of their overall marketing efforts and wouldn't be a factor.

Blame the Competition 

When it comes to owning stocks, investors should be looking for monopolies, Cramer told viewers, or at least as close to monopolies as you can get. Nothing puts a dent in earnings like competition, and while monopolies aren't great for consumers, they're terrific for a company's bottom line.

That's why the markets love the FANG stocks. Facebook (FB) , Amazon (AMZN) , Netflix (NFLX) and Alphabet (GOOGL) are unrivaled in their industries, Cramer said, which is a far cry from Wynn Resorts (WYNN) , which fell 6.5% today as competition at casinos is heating up.

Competition is also to blame for flat sales at Yum China (YUMC) and the hideous pre-announcement at Red Robin Gourmet Burgers (RRGB) , which sent those shares plummeting 19.2%.

Even T-Mobile (TMUS) , which was up 4.7% today as the company continues to take market share, feels it's necessary to merge with Sprint (S)  to stay competitive.

Over on Real Money, Cramer says we love the FANG stocks, even when they get into trouble. Get more of his insights with a free trial subscription to Real Money.

Executive Decision: Starbucks

In his second "Executive Decision" segment, Cramer also checked in with Kevin Johnson, president and CEO of Starbucks (SBUX) , which just reported earnings.

Johnson said that despite a 2% decline in same-store sales in China, Starbucks still saw 17% top line growth. He said their new partnership with Alibaba (BABA) will be "rocket fuel" that will only accelerate their business even further.

Johnson added that Starbucks has been in China for 20 years. They built a business in China, for China, using local design and operations teams that approach the Chinese culture in the right way. That has led to a long, healthy growth trajectory and Starbucks remains in it for the long game.

When asked about the effects of tariffs, Johnson said that there are always geopolitical tensions somewhere in the world, and Starbucks just manages their company based on the environment they're in.

Executive Decision: Dow Chemical Co. 

In his last "Executive Decision" segment, Cramer also sat down with Jim Fitterling, CEO of The Dow Chemical Company, currently part of DowDuPont (DWDP) , which saw its shares fall 2.2% despite the company reporting a top- and bottom-line beat.

Fitterling said that DowDuPont plans to spin off Dow Chemical in the first quarter of 2019, the first of three separate entities that will be created by the merger between Dow and DuPont.

When asked about their business, Fitterling explained that the world is changing and the growing middle class and strong economies around the world are driving growth in packaging. In America, Dow saw 8% growth, while in Asia and elsewhere, they're seeing double-digit growth.

Fitterling admitted that plastics do have a bad reputation, especially with younger consumers, and the industry does have a waste problem it must solve. He said Dow is working with industry and governments to tackle this issues and innovative solutions are being proposed.

But beyond the waste issue, Fitterling said plastic remains the lightest and strongest packaging option available and reduces shipping costs. For many items, plastics improves shelf life and in a world with rising steel and aluminum tariffs, plastic is also a great value. 

Cramer and the AAP team say Dow DuPont shares appear poised to break out. 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.

Lightning Round

In the Lightning Round, Cramer was bullish on Zuora (ZUO) and Raytheon (RTN) .

Cramer was bearish on Northrop Grumman (NOC) and Exact Sciences (EXAS) .

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

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