Cramer knows it is tough to value Alphabet since it failed to meet estimates. But he doesn't doubt that Alphabet could come roaring back if it demonstrated discipline with spending and acceleration in advertising.
"I think both could potentially be in store for shareholders the next time the company reports," Cramer said.
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Facebook and Amazon were also real standouts on Tuesday, and despite rumors that Facebook suppressed conservative viewpoints on its site, Cramer found that far-fetched. Either way, the rumors were a non-story when it came to earnings, which is what matters to shareholders.
As for Amazon, research firm Bernstein put a $1,000 price tag on the stock, which sent it soaring above $700 for an all-time high. Bernstein believed that Amazon's platform is so robust that as spending declines, it will soon have higher profits than anyone could imagine.
"I question the rationale here. I think Amazon's Jeff Bezos will always find something, some growth opportunity worth spending money on," Cramer said.
Netflix was a real head-scratcher for Cramer. It's most recent quarter was a disappointing, and the stock is down 19 percent for the year. At these levels, Cramer found the risk-reward to be good for the company. And if numbers increase, the stock could really take off. But if the numbers soften, Cramer thinks it won't matter that much.
So, out of the four FANG stocks, only Alphabet is classically cheap on a near-term scale. Cramer thinks Netflix is still very expensive, Amazon depends on whether Bernstein is right, and Facebook could turn out to be a lot cheaper in the future than it looks right now.