Shares of Advanced Micro Devices (AMD) are on the move Wednesday, climbing about 5% after the company beat on earnings per share and revenue estimates.

The stock was originally down in after-hours trading as investors tried to digest the report, TheStreet's Jim Cramer said on CNBC's "Mad Dash" segment. The shorts were trying to pounce on anything they could.

Every catalyst the bears tried, though, ended up working against them. The company's restated revenue wasn't due to an accounting issue, but rather the new tax laws. It turned a potentially negative situation into a positive one. Margins were better than they initially appeared and AMD's presence in cryptocurrencies was a positive, Cramer explained.

At times, it feels like AMD is "the most hated stock," reasoned Cramer, who also manages the Action Alerts PLUS charitable trust portfolio.

Can AMD challenge Nvidia (NVDA) ? It doesn't seem likely, given how successful Nvidia has been. But AMD can challenge Intel (INTC) , he argued.

AMD CEO Lisa Su continues to do an excellent job. In the second half of 2018, we should see the company's balance sheet improve as business gains momentum. It won't be too long before investors are paying $15 for this stock, Cramer concluded.

Nvidia is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells NVDA? Learn more now.

More of What's Trending on TheStreet:

At the time of publication, Cramer's Action Alerts PLUS had a long position in NVDA. 

More from Stocks

Jim Cramer: When 10-Year Yields Rise, Investors Buy Bank Stocks

Jim Cramer: When 10-Year Yields Rise, Investors Buy Bank Stocks

Dow Slips, S&P 500 and Nasdaq Rise Ahead of Alphabet Earnings

Dow Slips, S&P 500 and Nasdaq Rise Ahead of Alphabet Earnings

Fiat's Management Change Presents a Buying Opportunity, Analysts Say

Fiat's Management Change Presents a Buying Opportunity, Analysts Say

Full Blown Trade War With China Will Pound S&P 500 Profits: Goldman Sachs

Full Blown Trade War With China Will Pound S&P 500 Profits: Goldman Sachs

Watch Tesla's Battered Bonds as Musk Goes Begging Suppliers for Cash

Watch Tesla's Battered Bonds as Musk Goes Begging Suppliers for Cash