Apple's investment in Finisar is a "fantastic" deal, CNBC's Jim Cramer said Wednesday, and now the chipmaker is an "entirely different company."
Finisar's stock jumped Wednesday after Apple announced the second investment from its $1 billion Advanced Manufacturing Fund, committing $390 million to Finisar.
The company will use the money to reopen a shuttered plant in Sherman, Texas, and create 500 jobs.
Apple CEO Tim Cook told Cramer earlier this year about the fund to promote advanced manufacturing jobs in the U.S. Cook said he hoped the investment would spur even more job creation.
"Finisar is a heavily shorted stock because they've missed a couple of quarters and people feel we're losing our leadership overseas," said Cramer, whose charitable trust owns shares of Apple. "Well guess what, when you get a check from Apple it really does help."
"If you were short Finisar before, you should realize it's an entirely different company after this," Cramer said on "Squawk on the Street." "They are people who fight it, but I say don't fight the feeling."
The announcement came a couple days after Apple confirmed it would buy music recognition app Shazam. News of that deal was first reported by TechCrunch.
Cramer agreed that Apple's appetite may be getting more "acute." "I think that they're stepping up," said the host of CNBC's "Mad Money."
Cramer said the investments may be "excess" for Apple, which has a market cap of more than $800 billion, but it is "killer" for companies who are on the receiving end.