Halftime: Gaming the Chip Trade

Texas Instruments Mid-Quarter Update

CNBC's Jon Fortt reports on the tech giant's reliance on mobile phone demand; and the Fast Money traders weigh in on stocks that pop and stocks that drop.

If you're looking for a hot sector for your trader radar Pete Najarian suggests keeping a close eye on the action in the semi-conductor space.

”We’ve seen a pretty nice push to the upside in the SMH ,” he says. “Yes, it's taken a pause but you’ve gotta’ love the performance.”

Meanwhile, trader Brian Kelly thinks Intel is worth a look. “It’s held up pretty well over the last few days and it pays a pretty good dividend,” he says.

Aside from the dividend and recent performance another reason some traders are long Intel is due to Street chatter suggesting Intel may soon ink a deal to make chips for Apple’s iPad and iPhone.

If you're one of them - you won't want to miss the conversation the Fast traders have with CNBC reporter and Silicon Valley insider John Fortt. Watch the video now!

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Trader disclosure: On June 8, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Pete Najarian owns (F) bonds; Pete Najarian owns (F); Pete Najarian owns (CLF); Pete Najarian owns (MOS); Pete Najarian owns (ACI); Pete Najarian owns (C); Pete Najarian owns (MS); Pete Najarian owns (MSFT); Karabell owns (AAPL); Karabell owns (GS); Karabell owns (GOOG); Karabell owns (RIMM); Cortes owns (GOOG); Cortes is short Nikkei; Cortes is short EUR; Cortes is short AUD; Cortes is short Silver; Cortes is short (BIDU); Accounts Managed by Brian Kelly Capital own (TLT); Accounts Managed by Brian Kelly Capital own (GLD); Accounts Managed by Brian Kelly Capital own (SLV); Accounts Managed by Brian Kelly Capital own (IWM) puts
Accounts Managed by Brian Kelly Capital own (USO) puts; Accounts Managed by Brian Kelly Capital own New zealand dollar; Accounts Managed by Brian Kelly Capital are short Euro

For Zachary Karabell
River Twice Capital is short (CAT)
River Twice Capital is short (SPY)

CNBC.com with wires.