Trader Guy Adami contended that Qualcomm could become a buyer or acquisition target. The stock has fallen 11 percent in the last year.
Qualcomm has shown "glimmers of life" recently, Adami said. The stock rose more than 2 percent Wednesday.
While it likely will not become a takeover target, Micron shares have an appealing valuation, trader Karen Finerman said. Her firm, Metropolitan Capital Advisors, owns the stock.
After jumping nearly 3 percent Wednesday, the stock is still down about 20 percent this year.
Trader Pete Najarian noted that short-term call buying seemed to drive some of the climb in other names. He pointed to Nvidia, which rose more than 5 percent Wednesday.
He added that Sandisk and Intel also "took off" with gains of nearly 4 and 2 percent, respectively.
Read MoreChipmakers Intel, Altera resume deal talks
Long AMAT, AAPL, BABA, BAC, BMY, BP, CSX, DISCA, DKS, FOXA, GE, KKR, KO, LLY, MBLY, MRK, PEP and PFE. He is long calls AAL, AAPL, BBY, BMY, COP, DAL, EEM, F, GE, GS, IMAX, LEN, MT, NEE, PFE, SYY, TEVA, TJX, UAL, UPS, VZ, WSM and XLF. Today he bought UAL calls.
Dan is long GOOGL June call fly, TWTR, BBRY June calls, TLT June call butterfly, SO, DE June put fly and INTC July put spread. He is short SO Aug calls.
Karen is long BABA, BAC, C, FINL, FL, GILD, GOOG, GOOGL, JPM, M and KORS. She is short SPY. Her firm is long ANTM, AAPL, BAC, C, DIS, FBT, FINL, FL, GOOG, GOOGL, GPS, IBB, JPM, M, MU, KORS, SUNE, URI, XBI, KORS puts and SPY puts. Her firm is short IWM, SPY and MDY. Karen Finerman is on the board of GrafTech International.
Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.