Turning to the fundamentals, Cramer said that he still likes Google's search and advertising businesses, noting that the current revenue lost from China is limited. However, Cramer said that the future damage to Google is far worse, as China could have represented between $5 billion to $6 billion in revenue by 2014. He said he'd still buy Google, but only on weakness.

Baidu however, is a different story. Cramer said Google's departure from China leaves the country wide open for Baidu and could boost earnings 35%. Even though the stock has already run on the news, Cramer said Baidu now owns all the future growth in China and he'd be a buyer.

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