NXP Semiconductors shares plummeted Thursday after disappointing earnings, taking other names in the chip sector down with it. Opportunities still exist in the segment, but investors need to tread carefully, "Fast Money" traders said.

NXP shed 19 percent of its value a day after posting sales that disappointed Wall Street. Shares of Texas Instruments and Intel, among others, fell on the day.

Trader Tim Seymour said he would not "chase" Texas Instruments or Intel at their current valuations. However, trader Guy Adami noted he would consider buying Texas Instruments on more weakness.

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Nvidia also slipped more than 3 percent Thursday but has still climbed 38 percent higher this year. Trader Steve Grasso said the stock seems strong enough to hold.

Disclosures:

Tim Seymour

Tim Seymour is long AAPL, BAC, CLF, DIS, F, FCX, GE, GM, GOOGL, INTC, JPM, KO, LGF, T, TWTR, VRX Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO.

Dan Nathan

Dan is long AMAT Jan call spread, BA Oct put spread, INTC Dec put spread, XLF Dec put spread, IWM Dec put spread, XLI Dec put spread, TWTR

Steve Grasso

Steve is Long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, FIT, KBH, MJNA, MBLY, MU, OLN, PFE, PHM, T, TWTR, GDX firm is long BP, COP, CVX, MCD, NE, NEM, OXY, RIG, WYNN kids own EFA, EFG, EWJ, IJR, SPY

Guy Adami

Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.