Cramer: Buy Western Digital, Micron, Seagate on oil-driven dips

Group 1 - The core thesis is that a confirmed memory shortage driven by AI data center demand is creating a durable investment opportunity, but current valuations are seen as premature until an oil price spike to $120 triggers a market pullback [1] - Western Digital reported Q2 FY2026 revenue of $3.02 billion, exceeding estimates, with non-GAAP gross margins expanding to 46.1%, reflecting strong performance in the AI-driven data economy [1] - Micron Technology's Q1 FY2026 revenue grew 57% year-over-year to $13.64 billion, with GAAP gross margins increasing from 38% to 56%, and forward guidance for Q2 FY2026 revenue is $18.70 billion with non-GAAP EPS of $8.42 [1] - Seagate Technology has a consensus target of $475, with 19 buy or strong buy ratings, and the stock is up 40% year-to-date but has recently pulled back 9% [1] - Chip equipment companies like Lam Research, KLA, and Applied Materials are considered less risky, with Applied Materials expecting over 20% growth in its semiconductor equipment business this calendar year [1] Group 2 - Cramer suggests that Western Digital, Micron, SanDisk, and Seagate should be bought on significant dips driven by oil price fluctuations, particularly if oil reaches $120 [1] - The memory shortage is expected to persist longer than anticipated, supported by data from HP Enterprise [1] - Current WTI crude prices are at $94.65 per barrel, up from $65 in late February, indicating that the $120 trigger point is closer than before [1]