Qualcomm (QCOM) is progressing with its staggering $30 billion buyback. 

This was made possible in part by regulators throwing cold water on the chipmaker's earlier desires to acquire NXP Semiconductors (NXPI) , which has plenty of exposure to the auto sector.

"Had [Qualcomm] been able to complete that deal, [they] would have been too levered to auto and we know anything levered to auto is the kiss of death," said TheStreet's founder and Action Alerts PLUS Portfolio Manager Jim Cramer. 

Qualcomm is Real Money's stock of the day

More from Video

Consumers Are 'Very Active' in Expected Strong Holiday Season: Mastercard Exec

Consumers Are 'Very Active' in Expected Strong Holiday Season: Mastercard Exec

Don't Let a Short-Term Headwind Cloud Your Focus, Jim Cramer Says

Don't Let a Short-Term Headwind Cloud Your Focus, Jim Cramer Says

Jim Cramer Says, 'You Can't Fall in Love With the Stocks'

Jim Cramer Says, 'You Can't Fall in Love With the Stocks'

How Vulnerable the U.S. Economy Is -- Recession Watch

How Vulnerable the U.S. Economy Is -- Recession Watch

Jim Cramer Discusses Nvidia CEO's Defensiveness on Earnings Call

Jim Cramer Discusses Nvidia CEO's Defensiveness on Earnings Call