cnbcs jim cramer on friday recommended investors snatch up shares of globalfoundries a chipmaker owned by abu dhabis sovereign wealth fund that went public a day earlier the mad money host said he thought the deal flew a bit under the radar a surprise given it was the thirdlargest ipo of the year and the fact the global economy remains in the midst of a chip crunch i think the semiconductor shortage will persist for far longer than wed like which is bad news for the global economy but fantastic news for globalfoundries thats why i think its a buy cramer said globalfoundries business like that of all chip manufacturers has historically has been expensive and relatively low margin cramer said however cramer said the companys financials have been improving over the years and now in 2021 theyre doing incredibly well revenue in the first six months of 2021 rose more than 12 on a yearoveryear basis cramer said if anything the preliminary results for the third quarter look even better were probably looking at 55 revenue growth  and 80 ebitda growth which is nuts put it all together and theres a lot to like with this one said cramer who also highlighted globalfoundries operations in the us at a time when relocating supply chains back in america has been a big talking point additionally the companys chips are tied into some of the best secular trends on earth such as autos and smartphones he said cramer is not without any concerns on globalfoundries among them that the uaes mubadala investment still owns around 90 of the company the uae is a very close us ally the problem is were talking about a publicly traded entity thats still basically run by  whats a private equity fund suboptimal he said while again stressing the historic challenges associated with operating semiconductor foundries the whole group gets eviscerated every time theres a bad downcycle so you have to really believe weve got tremendous longterm demand for chips if youre going own this one he said globalfoundries which priced its ipo at 47 per share closed its debut session thursday slightly in the red however the stock gained 5 friday to close at 4874