Intel (INTC) shares are on a tear Friday after reporting strong third-quarter results Thursday evening, a rally that CNBC's Jim Cramer said may continue on signs of a rebound in the personal computer business.
The major supplier of semiconductors that power PCs beat earnings estimates and issued strong revenue guidance, sending shares roughly 10% higher on Friday.
"They're winning a lot of business and there should be some new product," Cramer said on "Squawk on the Street." "This was a good clean quarter."
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Jim described the period ended Sept. 30 as "very positive" for the company, adding that many stocks such as Advanced Micro Devices (AMD) also stand to benefit if indeed the PC market is back.
AMD and Intel dominate the market for central processing units, or CPUs, that are the brains of PCs.
Cramer's Charitable Trust does not own Intel, but previously held AMD, which is back in the Investing Club's Bullpen, a list of stocks being watched closely by Cramer and his analyst team.
While Club name Nvidia (NVDA) does have a lot of its graphics processing units, or GPUs, in PCs to power video games and other visual-intensive tasks, its overall business is not as reliant on the PC market compared with Intel and AMD.
Nvidia derives most of its revenue from data center chips used by cloud providers and other companies to run artificial intelligence and other tasks that require lots of computing power.
There was a report this week, however, that Nvidia might be looking to leverage its alliance with Arm Holdings (ARM) to make CPUs. Apple (AAPL), another Club name, uses Arm technology in the making of its in-house chips.
Here's a full list of the stocks in Jim's Charitable Trust, the portfolio used by the CNBC Investing Club.