Both companies were mentioned by Susquehanna analysts in a recent report that said the two likely "benefited from more than $500 million in ethereum-related GPU sales in [the fourth quarter.]" This trend likely continued into 2018 so far, the analyst said.
Cramer views this as a positive, as cryptocurrency mining has "turned out to be a very big business," he said on CNBC's "Stop Trading" segment.
However, Susquehanna analyst Christopher Rolland argues that this situation could create "substantial longer-term risks" for both stocks, as current crypto mining profitability may have caused "false purchases." As a result, he cut his price target to $13 from $15 on AMD, arguing it would be more impacted by false purchases than Nvidia. Rolland has a neutral rating on both stocks.
Despite it being a "great" research note from the analyst, Cramer disagreed with the takeaway.
Both CEOs have refrained from talking up these mining businesses, because they don't know how long it will last, said Cramer, who also manages the Action Alerts PLUS charitable trust portfolio.
But one thing is for certain, it lasted this quarter and that's great for sales.
Worth noting is that Tom Lee recently came out with a bullish note on ethereum and bitcoin. He's a big buyer of bitcoin near $9,000 and says it can run to $125,000 by 2022. By the end of 2018, ethereum can run to $1,900, Lee argues, up big from its roughly $1,000 price right now.
AMD stock closed at $12.47 Thursday, up 2.38%. Nvidia stock closed at $224.44, down 0.12%.
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At the time of publication, Cramer's Action Alerts PLUS had a position in NVDA.