AMD's stock was higher Monday, at around $19.40 a share, after Cowen raised its price target for AMD shares to $25 from $21, predicting the chipmaker will report better-than-expected profits in 2019.
"Only Nvidia can get Advanced Micro a run for its money," Cramer said Monday on "Squawk on the Street." His charitable trust owns share of Nvidia.
AMD reported better-than-expected second-quarter earnings and revenue Thursday ahead of what Su, the company's president and CEO, calls "the big season for notebooks," including the back-to-school period and the holidays.
"This was a remarkable quarter," Cramer said. "She has the right chips for the data center, she has the right chips for gaming."
Cramer, host of CNBC's "Mad Money," has praised the company's growth before. AMD, with a market cap of $18.42 billion, has seen its stock rise about 90 percent this year.
Nvidia has cornered the market in graphics processing units, such as gaming software, data centers and cryptocurrency mining.
"Lisa Su has done a remarkable job. It is a real turn. The stock does belong up here. In fact, it belongs higher," Cramer said earlier this month.
— CNBC's Elizabeth Gurdus contributed to this report.