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Intel raised its forecast earlier in the day, citing in part signs of improving demand for PCs. Shares of Intel briefly jumped more than 4 percent Friday morning.
"Brian Krzanich is really a very forward thinking guy," Cramer said on "Squawk on the Street."
He said although Chief Financial Officer Stacy Smith is very conservative, "I would say that Intel is totally a function and has been for a while of gross margin and inventory ... and I think this is the first time where they really did underestimate demand."
The company expects revenue to be $15.6 billion, — plus or minus $300 million — compared with a prior estimate of $14.9 billion.
Intel's stock was trading higher mid-morning Friday at $37.46 a share. The stock is up 9 percent this year.