OK, take a deep breath.

Motorola's

(MOT)

problems can't be contained to just Motorola. But personal computers? Smoking. Capacitors and transistors? Smoking. Storage? Huge. Broadband? Fantastic.

The collateral damage is so great that we have to switch to the buy-side for trashed tech. We know the

semis are strong and we didn't hear anything on the Motorola call to say otherwise. But people can't take the pain of tech and they want out of all tech.

This is one of those days where homework matters. Motorola's major problems were caused by shortages, not people avoiding its cell phones. So we are looking for winning companies that sell into the wireless sector. And there is nothing wrong with the

Cisco

(CSCO) - Get Report

world at all.

Collateral damage can be bought without risking your neck. But the Motorola call really did scare people. We have to buy when people are scared, if they are scared for the wrong reasons.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Cisco. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at

jjcletters@thestreet.com.