"I think last week, the big washout in NXP Semis has given you a buying opportunity," the "Mad Money" host argued. "At these levels, I think this semiconductor company is pretty attractive ... even without a takeover."
Cramer noted how radically Wall Street's tune changed in the days following Qualcomm's termination of the negotiations and the soft quarterly earnings report NXP issued the next day.
NXP's stock got slammed on its second-quarter results. But then five different analysts upgraded its stock, stopping the decline in its tracks and setting CEO Richard Clemmer up for an incredibly bullish Friday interview on CNBC.
"While the organization has experienced a level of deal fatigue, the core basics of the business have actually strengthened," Clemmer told CNBC's David Faber on "Squawk on the Street," highlighting NXP's strong position in two key markets: autos and the internet of things.
Clemmer also predicted that NXP could reach a 3-year compound growth rate of 5 to 7 percent, roughly 50 percent faster than the growth in its addressable market.
As for the stock, the CEO said NXP is also starting a 15 percent share buyback program, which could boost earnings significantly if the chipmaker executes quickly, according to a J.P. Morgan report.
"I think that's a pretty compelling argument," Cramer said. "Let's not forget that while NXP is a $95 stock, Qualcomm was willing to pay $127.50 per share for the whole enchilada. In other words, the folks who run Qualcomm — real smart people — thought NXP was worth $32 more than where it's currently trading."
The end of the Qualcomm saga could have benefited NXP on another critical front. In NXP's last earnings report, Clemmer mentioned that the company had lost some "strategic" mobile business.
Cramer took that statement as Clemmer saying NXP had lost a key client in Apple, which could have walked away from NXP because it "didn't want to deal with a Qualcomm subsidiary" due to its spat with Qualcomm.
"Long term, I bet that they can win this business back," he said of NXP. "In short, this deal falling apart could actually be a positive, a major positive, for a big part of their business."
And even though one of Cramer's top technicians, Bob Lang, the founder of ExplosiveOptions.net and one of the brains behind TheStreet.com's Trifecta Stocks newsletter, warned that NXP's stock could turn bearish if it fell below the low $90s, Cramer felt the company's outlook was better than feared.
"Now that we know the Qualcomm deal is not happening, we can focus on NXP's prospects again and I like what I see," Cramer said. "I think you can buy some here and then add to your position if you like what the company has to say at their analyst day in September. It's a washed-out, de-risked tech story in a market filled with very risky dynamics."