Archrivals Intel and AMD teaming up to launch a chip for thin and lightweight laptops is "gutsy," CNBC's Jim Cramer said Monday.

AMD shares surged Monday after the announcement that the two companies will produce a laptop-computer chip that combines an Intel processor and an AMD graphics unit for complex video gaming.

The Wall Street Journal first reported the deal Monday morning.

"Intel and AMD have hated each other since their formation," Cramer said on "Squawk on the Street." "So, this is amazing."