Cramer: Why this ‘anointed’ stock annoys me

Cramer: Qualcomm is the ETF of semis

On heels of announcing a new chief executive, Qualcomm looks like a stock that growth investors feel can do no wrong, CNBC's Jim Cramer said Friday.

"If you remember the last quarter, they didn't have good things to say," Cramer said on "Squawk Box." "It doesn't matter. The huge growth guys cannot stay away from Qualcomm. They're just looking at 4G. They say it doesn't really matter. They own it. They bid it up every day."

Cramer added: "It is an anointed stock for 2014. It's kind of aggravating."

After railing against exchange traded funds as a "lazy man's way" to play sectors they don't know much about, Cramer called Qualcomm the ETF of semiconductors and said investors see it as a way to bet on Apple products and the mobile sector.

"It's the way to play Apple," Cramer said on "Squawk on the Street." " It's the way to play 4G. You know what it is? People are always looking for a high growth semiconductor? … So they all pile into Qualcomm as their ETF. Now that I've slammed ETFs, I know I'm going to get slammed all day."

(Read more: Three ways to play the emerging smartphone story)

Cramer's stocks to watch: Qualcomm

Earlier Friday, Qualcomm announced that COO Steve Mollenkopf would succeed Paul Jacobs as chief executive. The news surpriseed many. A day earlier, Bloomberg News reported that Microsoft had been considering Mollenkopf as a successor to CEO Steve Ballmer.

(Read more: Qualcomm names Steve Mollenkopf CEO and president)

Disclosure: Cramer's charitable trust owns shares of Apple.

— By CNBC's Jeff Morganteen. Follow him on Twitter at @jmorganteen and get the latest stories from "Squawk on the Street." Reuters contributed to this report.