Despite plans from Intel (INTC) - Get Intel Corporation (INTC) Report to layoff 12,000 workers globally, TheStreet's Jim Cramer is not pessimistic about the company's potential.

"I think they can split [the company] into two: fast-grow Intel with no dividend and slower-grow Intel with bigger dividend, and I'd really like to have pieces of both," Cramer said.

"There's fast growth with its Internet of Things ... all the data center stuff that's growing, growing, growing," Cramer continued. "I think they take slow Intel, which generates a huge amount of cash; that's going to be PC Intel."

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Cramer suggested that Stacy Smith, who is currently the Santa Clara, Calif.-based technology giant's CFO, could become CEO of a slower-growth Intel after the announcement that Smith's role will transition to focus more on operations.

The Mad Money host acknowledged that Intel has yet to announce any plans to break the company up. But he noted the CEO did not rule it out altogether.

"This is all my own supposition, but it wasn't shot down by Brian Krzanich, who is the CEO, when I interviewed him," Cramer explained.

The semiconductor chipmaker on Tuesday reported $2 billion in net income on revenue of $13.7 billion and 42 cents in earnings per share. For the first quarter of 2015, by contrast, Intel posted $2 billion of net income on $12.8 billion in revenue, while earnings per share stood at 41 cents.