"I would rather be with Intel. If the market really continues to be weak here, people are going to run for cover, not unlike what they would do with an Exxon Mobil," he said. "Totally different sector, but they're looking for protection in what they feel like they know."
Rajvindra Gill, senior research analyst at Needham & Co., said that he would buy such names as memory stocks, such as Micron and SanDisk, which historically have rebounded "pretty significantly" when the sector recovers.
"What the stock prices are reflecting now is not only an inventory correction but a drop in demand," he said. "I think you would buy the secular growth stocks, which have been hit hard."