Netflix shares surged by as much as 15 percent last Tuesday following better-than-expected earnings for the third quarter.

The strong advance for the stock came following weeks of weak performance from the tech sector amid turbulent market movements.

"Once again, reports of FAANG's death proved to be premature," CNBC's "Mad Money" host Jim Cramer said following the Netflix earnings beat, in reference to the acronym representing the tech giants Facebook, Amazon, Apple, Netflix and Google, now Alphabet.

"Amazingly, I think Alphabet and Amazon have both come down enough that they can be purchased at these very levels," Cramer said.