Shares of Micron (MU) - Get Report are up 14% Thursday after the company beat on earnings per share and revenue expectations, and provided better-than-expected guidance. 

But TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, was looking beyond the Micron earnings to the companies that are going to benefit from Micron's success.

"I'm surprised there's not more read-through from this amazing quarter," Cramer said on CNBC's "Stop Trading" segment. He noted Micron's management said on the conference call the company would have problems meeting demand.

Which companies profit?

A stock like Applied Materials (AMAT) - Get Report should be up at least $1 per share, Cramer reasoned. The stock is very inexpensive and will continue to benefit from this wave of increasing demand. 

ASML Holding (AMSLF) and Lam Research (LRCX) - Get Report will also benefit, he added. 

The supply-demand cycle will eventually destroy itself and hurt these companies, but we're a long ways away from that point, Cramer explained. Until now, Applied Materials, ASML and Lam all deserve to trade higher, he concluded. 

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At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.