ON Semiconductor is a buy, Cramer told viewers on Thursday. This tiny $5 stock is doing almost everything right these days, and he thinks the share price goes higher.

ON Semi , which makes power-management components for tech gadgets, reported better-than-expected sales on Wednesday night and predicted an even better second quarter on the way. Plus, the CEO said the bottom was in and that he expected the sector as a whole to rebound.

Similar moves from Xilinx and Taiwan Semi are what first turned Cramer onto this latest tech rally. The inventory glut has thinned, and companies are again placing orders. ON Semi, whose orders have been increasing steadily since January, seemed to prove this.

Cramer also likes the company’s growing market share in notebook power management, earnings visibility and move away from commodity components into specialized solutions, which generate better margins. There’s also that $40 billion Chinese stimulus dedicated solely to a wireless build-out. And ON is paying down $1.1 billion of debt. So there are a lot of bullish reasons to like this company.

The best part, though? ON reported on a pretty bad day for the market. Therefore investors are getting this stock on sale. Down 6.2% is a great entry point.

Remember: Cramer is positive on tech right now because mutual fund managers can’t seem to get enough of the sector. Momentum alone is driving the group higher. And while he could recommend Apple, Google, Research in Motion or Amazon – all of which are great stocks – he thinks there’s more upside in smaller, lesser-known names like ON Semi.

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