Chip Stocks Trying to Tell You Something?

The traders were keeping a close eye on the semis Wednesday with shares of Micron, Nvidia and AMD all tumbling.

What's the trade?

Joe Terranova expects to see semis continue to struggle. “The semi makers aren’t going to do well as long as we see contraction in PC demand. And that’s a recurring theme.” He adds if you must play the space, look at SanDisk for exposure to Flash.

Guy Adami is looking at rival AMAT. "Unless it breaks above $12.5 I think rallies in this stock should be sold," he says.

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CNBC.com with wires.