Nvidia Corporation (NVDA) is doing its best to bounce Tuesday, with Nvidia stock climbing about 2% on the day to $218.

However, it's tough to pin an exact gain to the stock, with the broader market remaining so volatile. Nvidia stock dropped to a low of $204 after opening near $204.40 and hitting a high of more than $225.

This is a huge company, sporting a market cap of more than $130 billion, TheStreet's Jim Cramer pointed out on CNBC's "Mad Dash" segment. It's also been one of the hottest stocks in the S&P 500, rallying almost 1,000% over the past three years.

There's a ton of money invested in Nvidia stock, he added, as investors are trying to trade it ahead of earnings. As if volatility weren't high enough thanks to the violent swings in the stock market, Nvidia is scheduled to report earnings Feb. 8.

While many believed the recent decline has made Nvidia a "coiled spring" ready to rocket higher after earnings, don't be so sure, said Cramer, who added that he'd like to buy back the stock at lower prices. 

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.

Nvidia founder and CEO Jenson Huang.
Nvidia founder and CEO Jenson Huang.

He noted that last quarter, Nvidia reported "blowout" results, initially rallying to about $215, modest upside from previous levels. However, a few weeks later, Nvidia stock was trading for $180 after the tech sector came under selling pressure.

So what's the point? All Cramer is trying to say is, don't think of Nvidia as a guarantee to go on a scorching rally. It's an excellent company with superb management behind CEO Jensen Huang. Nvidia caters to multiple growth markets, be it self-driving cars, gaming, cryptocurrencies, machine learning and artificial intelligence.

"It's a virtual ETF for everything that matters," said Cramer, who also manages the Action Alerts PLUS charitable trust portfolio. But trading it is not always a sure thing. You can be right and still lose money, he concluded.

For what it's worth, both Advanced Micro Devices (AMD) and Intel (INTC) beat on earnings per share and revenue estimates. Analysts expect Nvidia to earn $1.16 per share on $2.67 billion in revenue, representing growth of 17.2% and 22.8%, respectively. Also, for what it's worth, Nvidia has beat on earnings and revenue estimates for nine straight quarters.

Subscribe on Youtube for extended interviews, Cramer Replays, feature content, and more!

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

More from Stocks

Podcast: What TheStreet's Interns Learned From Jim Cramer and Action Alerts PLUS

Podcast: What TheStreet's Interns Learned From Jim Cramer and Action Alerts PLUS

Bank of America, Tariffs and the Goldman Sachs CEO Change: Jim Cramer Rewind

Bank of America, Tariffs and the Goldman Sachs CEO Change: Jim Cramer Rewind

Goldman Sachs Really Doesn't Like Apple's Stock

Goldman Sachs Really Doesn't Like Apple's Stock

Lee Munson on the Market, Trade and the Possibility of a Recession

Lee Munson on the Market, Trade and the Possibility of a Recession

Buy These 3 Killer Tech Stocks, Says Wall Street's #1 Analyst

Buy These 3 Killer Tech Stocks, Says Wall Street's #1 Analyst