The market has had a terrific run in 2019, Jim Cramer told his Mad Money viewers Wednesday. If you have big gains, taking some profits would be in order. But other than an overheated IPO market, Cramer said he's not seeing any red flags.

Some investors have been trying to compare today's market to that of 1987 and 1999 -- two other times when stocks enjoyed big gains, until they crashed in spectacular fashion. But Cramer noted that today's market is nothing like 1987, when stocks traded for 29 times earnings on average -- a far cry from today's average of 17 times earnings. Back in 1987, there was also a flood of foreign money flowing into stocks, as well as frothy "portfolio insurance" interfering with the futures markets. None of these things exist today.

As for 1999, Cramer said the market wasn't even valued on earnings, or even sales, back then. Instead, investors were measuring companies based on eyeballs and clicks. That's also a far cry from today, where Apple (AAPL - Get Report) sells for a paltry 16 times earnings and Facebook (FB - Get Report) trades for 21 times earnings.

In fact, the thing that scares Cramer about today's market isn't valuation, or the Federal Reserve, or China, it's the tidal wave of new IPOs which threatens to overwhelm investor demand. Other than that, Cramer concluded, the stock market remains in pretty good shape, even after the 2019 rally. 

Cramer and the AAP team are adding Shopify (SHOP - Get Report) to their bullpen. 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: Advanced Micro Devices 

For his "Executive Decision" segment, Cramer sat down with Lisa Su, president and CEO of Advanced Micro Devices (AMD - Get Report) , the chipmaker that's been taking market share from rival Intel (INTC - Get Report) .

Su said that AMD has great end markets that include PCs, gaming and the data center, all of which remain very strong and continue to grow. She said 2019 is a big product year for the company and will see strong revenue growth.

When asked about ailing gross margins, Su noted that margins increased five points from a year ago, but added that as their new products gain adoption, the margins will only continue to expand.

Turning to the topic of partners, Su explained that AMD partners with the very best companies in the industry, including Sony (SNE - Get Report) , Amazon (AMZN - Get Report) and Apple. That's part of the reason AMD was able to celebrate their 50th anniversary this week. 

Know Your IPO

In his "Know Your IPO" segment, Cramer took a look at Beyond Meat, the plant-based food company set to debut under the ticket BYND. Beyond Meat on Wednesday night priced its initial public offering at $25 a share. The company plans to sell 9.6 million shares at that price, raising more than $240 million.

Beyond Meat is already one of the fastest-growing food companies in America and if plant-based meats become anything like plant-based milk, this company has lots of room to grow. Its products mimic the look, feel and packaging of regular burgers and sausages, but are designed to be better for you and better for the environment. Beyond Meat products are already available in 17,000 stores across the nation.

As for their financials, Beyond Meat saw 170% revenue growth last year, but at the midpoint of their expected IPO range, Cramer said the company will trade at 17 times last year's sales. However, looking at 2019 sales, that valuation drops to just six times sales.

While valuing a company based on sales, not earnings, may seem dicey, Cramer noted that previous IPOs, like Pinterest (PINS) and Zoom Video (ZM) trade at 20 and 50 times sales respectively. He said Beyond Meat is a buy under $35 a share. 

Executive Decision: Chegg

In his second "Executive Decision" segment, Cramer also sat down with Dan Rosenweig, president and CEO of Chegg (CHGG - Get Report) , the student services company with shares that have risen 550% over the past five years, including 22.3% so far in 2019.

Rosenweig said that students today are learning more and learning more often than ever before, which means they need more help. He said there are 36 million high school and college students around the globe, and other students that have partial degrees or are attending other programs. 

Chegg's technology simply didn't exist five years ago, Rosenweig added. The company has 28 million pieces of content online and resources for students for as little at $14.95 per month.

When asked about their reputation, Rosenweig said that most schools and professors welcome and encourage the help that Chegg provides. Chegg does not encourage cheating, nor does it have term papers for download, he added. 

The Key Metric for Apple

In his "No-Huddle Offense" segment, Cramer reminded viewers that Apple is no longer just a gadget maker. That's why shares were able to explode 4.9% Wednesday, even though iPhone sales, the company's flagship product, plunged 17% for the quarter.

Cramer said the key metric for Apple is no longer units or sales, its subscribers, as services revenue has now topped $11.5 billion. That's important, he said, because subscription companies are valued differently than device companies. That's part of the reason Apple has seen its valuation rise from 11 times earnings to 16 times earnings, and why that valuation is likely to continue to rise.

On Real Money, Cramer sticks with his view of Apple -- own it, don't trade it. Get more of his insights with a free trial subscription to Real Money.  

Lightning Round

In the Lightning Round, Cramer was bullish on Kohl's (KSS - Get Report) , Exxon Mobil (XOM - Get Report) , Chevron (CVX - Get Report) , Delta Air Lines (DAL - Get Report) , Arrowhead Research (ARWR - Get Report) , Wayfair (W - Get Report) , Varonis Systems (VRNS - Get Report) and Palo Alto Networks (PANW - Get Report) .

Cramer was bearish on Allergan (AGN - Get Report) .

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