Meeks added Microchip wasn't quite representative of the sector, making its guidance more unique to the company.
"Unlike other semiconductor companies that are typically driven by PC-unit volume or mobile-unit volume, Microchip is essentially an 'Internet of things' company," he said, adding it sells microchips into "mundane industrial apps."
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"They are in a space that some other semiconductor companies are not," he added.
Meeks said his top picks, which he owns, were SanDisk and F5 Networks.
Intel, whose stock Saturna Capital holds, could also see an upturn in its stock price, he said.
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Although it's tied to the sales of PCs, Meeks said, Intel "has beaten the Street and raised numbers a couple of times, the last three or four quarters, because there is a temporary—in the United States, at least—corporate PC refresh."
Meeks added the health of the semiconductor sector relied on one key question: "Is it truly an inventory correction? Because an inventory correction can be done in two or three quarters, and it could be right back to the races. Or, is this something more longer term? I just can't tell yet."
Disclosure: Meeks is long XLNX and SNDK. His firm is long INTC, and MCHP.