"The kind of panic we got today is often a cleansing action, like a big rainstorm that washes away the detritus of the weak hands," the "Mad Money" host said after the tech-heavy Nasdaq endured its largest 3-day loss since March.
"If you wait until tomorrow and pick among the rubble of stocks that were only down as collateral damage — the ones that don't actually have anything to do with social media — then I think those are going to be bargains," Cramer said.
He argued that the cloud, a key driver for those businesses, has little to do with social media, adding that investors should look for secular trends like the cloud to find buyable opportunities in the wake of Facebook's multi-billion-dollar drop.
"The same trends that were so important before Facebook — cybersecurity, video games, internet of things, cloud onboarding — they're still important, but the related stocks have been reset in price," he explained. "That's what many would-be buyers have been waiting for."
But investors shouldn't worry that there could be more panic ahead despite the endless coverage about the technology sector's weakness, Cramer said.
In other words, "don't move the goalposts" now in anticipation of even lower prices, he recommended.
"When we get this kind of action, you have to say to yourself, 'Hey, you know what, I was waiting for a big break in prices like we just had. Now it's time to put money to work, scooping up some high-quality stocks at much lower levels,'" the "Mad Money" host said.
"Remember, after the panic, it doesn't storm, it gets calm, and you have to take advantage of these prices before everyone else realizes that the panics are temporary and the opportunity to buy is now over."