The stockpicker sold his charitable trust's Nvidia position on Oct. 8 at $265 a share because Cramer expected NVDA to have bad quarterly earnings -- which it did. But with the stock closing at $156.93 on Friday -- down more than $100 from where Cramer's trust sold it -- he's looking to buy it again if a few things fall into place when Nvidia reports earnings next month.
Cramer said during an exclusive videoconference call with members of his Actions Alerts PLUS club for investors that the problem with Nvidia is that roughly half of its revenues come from chip sales to gaming companies. But he said that recent sharp pullbacks by gamemaker stocks like Electronic Arts Inc. (EA - Get Report) and Activation Blizzard (ATVI - Get Report) show that business has really slowed down.
Likewise, the expert noted that Nvidia sold lots of chips in the past to so-called cryptocurrency "miners" who need lots of computer power, but that that sector has also slumped.
"We have to wait for [Nvidia's upcoming earnings report], because we have to see the flush out of the cards that were bought for [cryptocurrencies]," Cramer said. "If Nvidia is too linked to gaming and not to autonomous driving, to the data center and to machine learning and artificial intelligence, it will still be too soon buy the stock."
Still, Cramer called Nvidia CEO Jensen Huang "a genius," and said the company's new Turing computer chip, is "great.
"I guess what you're hearing is I want to pull the trigger, but I want to see what happens in the next earnings report," he said.
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