In the battle between growth and value, growth reigns supreme, Jim Cramer told his Mad Money viewers Wednesday, and cheap stocks only continue to get cheaper.

We're in a very bifurcated market, Cramer told viewers. Investors are paying far too much attention to hyper-growth names, like Amazon (AMZN - Get Report) and Nvidia (NVDA - Get Report) , but not enough attention to a host of other growth names that are working.

Biotech, for instance, has been red hot, with stocks like Celgene (CELG - Get Report) up from $114 to $132 a share and Regeneron (REGN - Get Report) surging from $370 to $522 in just two months.

Then there's the cloud, with names like Workday (WDAY - Get Report) and ServiceNow (NOW - Get Report) leading that sector higher, along with Red Hat (RHT) .

What's not working? Oil surely isn't. Most of the oil drillers have seen their shares fall between 30% and 40%. Retail isn't faring much better, outside of Amazon, Home Depot (HD - Get Report) and Lowes (LOW - Get Report) . Even TJX Brands (TJX - Get Report) , an Action Alerts PLUS holding, is hitting new 52-week lows. The auto sector has also been exceptionally weak.

There might come a time when these value stocks are once again valuable, Cramer concluded, but for now, if your company doesn't have growth, your stock is heading lower.

On Real Money, Cramer says we could continue to see this brutal bifurcation, as oil could go much lower. Get more of his insights and a free trial subscription to Real Money.

Executive Decision: Adobe

For his "Executive Decision" segment, Cramer sat down with Shantanu Narayen, chairman, president and CEO of Adobe Systems (ADBE - Get Report) , the creative software maker that just delivered a seven-cents-a-share earnings beat with a 27% rise in year-over-year revenues. Shares of Adobe just hit a brand new all-time high.

Narayen said that people want to create and businesses want to transform and Adobe has products for both. They were among the first companies to embrace the cloud and in this most recent quarter, 86% of Adobe's revenue was recurring and affords them terrific cash flow as well as both top- and bottom-line growth.

In addition to tools for creative professionals, Adobe is also a leader in digital marketing, processing billions of transactions a month, 50% of which are now on mobile platforms. The company also offers stock photography service to help novice users get started with Adobe products.

Narayen said that the terms Photoshop and PDF are now part of the vocabulary and Adobe has become mission critical software for creativity.

Cramer and the AAP team say they're watching Apache (APA - Get Report) and Schlumberger (SLB - Get Report) closely after a downgrade. 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.

Nvidia and AMD

Is it too late to buy the red-hot stocks of Nvidia and Advanced Micro Devices (AMD - Get Report) ? Cramer said his first job as investing coach is to "do no harm," and that may be problematic with these two stocks.

Cramer said he remains a big fan of AMD, as the company seems to have the edge over rival Intel (INTC - Get Report) . As for Nvidia, that company reminds him a lot of Intel in the 1990s, when the stock had a meteoric run.

But the problem with both stocks are that they tend to get hammered some days and cool off during others, making them a risky bet on any given day. Cramer never advises chasing stocks higher, but he said that if investors are patient and buy some of their position now and some on the next midday pullback, he'd bless owning either company.

Executive Decision: Red Hat

In his second "Executive Decision" segment, Cramer again checked in with Jim Whitehurst, president and CEO at Red Hat (RHT) , the open-source software provider which just delivered a three-cents-a-share earnings beat with 19% revenue growth. The company also raised its full-year guidance and offered strong commentary. Shares of Red Hat soared 9.5% in today's session.

Whitehurst said that more companies are turning to the cloud, and Red Hat is the perfect partner whether you're in a public cloud or are operating in a traditional data center. The cloud is going mainstream, he added, with the retail and industrial sectors now riding the wave.

Government has also been a strong growth engine for Red Hat. Whitehurst said he's not been invited to the White House yet, but overall, the government is embracing the open-source model.

Finally, Whitehurst talked about the telecommunications industry transitioning to 5G technology. He said the while it's still early days, 5G could be a large business for Red Hat going forward.

Executive Decision: SunTrust Banks

In his final "Executive Decision" segment, Cramer sat down with Bill Rogers, chairman and CEO of SunTrust Banks (STI - Get Report) , a stock that's up just 1% for the year despite posting strong earnings.

Rogers said he's not worried about SunTrust's short-term performance because over the past five years they've been able to break away from their peers. He highlighted the southeastern U.S., where SunTrust operates, has great infrastructure, a solid tax base and terrific weather -- all of which entices growth.

When asked about regulations, Rogers said the first phase of regulations after the financial crisis was about building capital, but now that will shift to optimizing capital, affording SunTrust more flexibility in how they deploy their capital.

Finally, Rogers spoke about their financial wellness initiatives, a project aimed at helping the 75% of Americans who feel they're under financial stress. He said they started with their own team and now have over 30 companies piloting the program and nearly 100% of participants are saving more than they were before the program.

Lightning Round

In the Lightning Round, Cramer was bullish on Lockheed Martin (LMT - Get Report) , TG Therapeutics (TGTX - Get Report) and HD Supply (HDS - Get Report) .

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At the time of publication, Cramer's Action Alerts PLUS had positions in APA, SLB, ADBE, TJX.