Traders looked at names that have encountered problems in China. Chipmaker Qualcomm last month agreed to pay a nearly $1 billion antitrust settlement in the country.
"China is priced in" where Qualcomm closed Tuesday, nearly 2 percent lower, at around $71 per share, Seymour said.
"This is a great time to pick up Qualcomm," he said.
China recently booted Cisco Systems from its approved state purchase list. Despite the move, Cisco "is still a buy" at just below $30 per share, trader Steve Grasso said.
Read MoreChina boots Apple, others off state purchase list
Seymour believes the stock will lose more ground, not due to China but because it reached "key" technical levels.
Grasso also touted Micron Technology's prospects. Nomura downgraded the semiconductor maker to "neutral" from "buy" on Tuesday, driving it 5 percent lower.
"I think you could have some serious upside here," Grasso said.
Tim Seymour is long AAPL, T, BAC, C, DIS, F, GE, GM, GOOGL, INTC, FXI and SUNE. Tim's firm is long BABA, BIDU, MCD, NKE, NOK and SBUX.
Steve Grasso is long AAPL, BA, CLVS, EVGN, FB, GDX, GOOGL, IMMR, KBH, KDUS, MHY, MJNA, NVIV, PFE, POT, SO, T, TMUS and TWTR. He sold YHOO. His firm is long FCX, NE, NEM, OXY, RIG, VALE, IBM, USO and AMZN. His kids are long EFG, EFA, EWJ, IJR and SPY.
Brian Kelly is long BTC=, U.S. dollar, GLD, CTRL calls, HYG puts, BBRY, BBRY call spreads and TLT. He is short EWA, EWG, EWQ, EWZ, EWW, JJC, Australian dollar, British pound, Canadian dollar, euro, yen and yuan.
Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.