We could see a whole new wave of buying in the semiconductor space.

At least, that's based on the recent observations of TheStreet's Jim Cramer. He was watching Lam Research Corporation (LRCX) - Get Report in early Friday trading.

The stock opened near $214, but it was clear Lam stock had its eye on new highs. If shares break through $219.70, it could spark another wave of buying in the Market Vectors Semiconductor ETF (SMH) - Get Report , Cramer reasoned.

With Lam Research closing higher by 5.74% at $224.95 trading Friday, shares are firmly above that breakout level Cramer was watching. Meanwhile, the SMH ETF is up about 1.9%.

This company makes the necessary equipment for semiconductor and chip manufacturing. If they're doing well, so are the manufacturers, and thus so are the end retailers which sell to consumers.

In other words, if Lam's doing well, the industry is doing well. It helps that Lam Research CEO Martin Anstice is "terrific," concluded Cramer, who also manages the Action Alerts PLUS charitable trust portfolio.