The "Fast Money" traders debated which semiconductor stocks might be poised for a breakout ahead of Qualcomm's earnings report on Wednesday.
"I think the market is sufficiently short enough in this name that when they report on July 20, you could see a rally into earnings," he said.
Trader Dan Nathan thinks that if Qualcomm made a strategic acquisition, that could lead to a breakout.
Trader Tim Seymour said that the company's positioning in China has improved.
"They signed up a ton of new Chinese vendors, that to me was really one of the key headwinds into the stock and I think it's something that's actually a very major tailwind for them now," Seymour said.
For investors who aren't chasing a dividend yield, trader Steve Grasso said Nvidia might be an interesting trade for a "growth chase." Grasso pointed out that the stock is up more than 60 percent year to date, whereas Qualcomm is up more than 10 percent.