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Traders weigh legacy tech stocks as semiconductors hit new highs

The "Fast Money" debated which legacy technology stocks are worth buying.

Intel dipped in after-hours trading on the heels of reporting disappointing revenue, following a 52-week intraday high earlier in the day. The VanEck Vectors Semiconductor ETF also hit a new 52-week intraday high on Wednesday.

Trader Tim Seymour said that investors should choose on a stock-by-stock basis. He said that "things might be getting a little ahead of themselves in this rally."

Trader Pete Najarian said that a number of companies in this sector are attractive because they have healthy dividend yields and growth trends on top of an attractive valuation.

Najarian said, in particular, investors are looking for growth this earnings season. He pointed to Microsoft, which gained 5 percent Wednesday after a strong earnings beat, helped by strong revenue growth for the company's key cloud product, Azure.

Trader Guy Adami said Qualcomm is a standout for him as the company posted a solid beat on both the top and bottom line.

Disclosures:

PETE NAJARIAN

Long AAPL, BAC, BMY, CSCO, DIS, DISCA, GE, KMI, KMI.A, KO, LUX, MRK, PEP, PFE, VIAB, long calls: AAL, AKS, AMJ, ANF, CHK, CLF, COP, DAL, DVN, HALO, INTC, KGC, MPEL, MRO, LLY, MT, MU, NTAP, NGD, P, SBUX, SLV, SLW, TMUS, VLO, XLE, YELP and puts: CS, NLY, EEM

TIM SEYMOUR

Tim Seymour is long APC, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM and short: SPY, XRT. Seymour's firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO and short HYG, IWM

KAREN FINERMAN

Karen Finerman is long AAL, BAC, C, DAL, DRII, DRII calls, FB, FL, GOOG, GOOGL, JPM, LYV, KORS, KORS, KORS puts, M, MA, SEDG, SPY puts, UAL, URI, WIFI long call spreads. Her firm is long ANTM, AAPL, BAC, C, C calls, DRII, DRII calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, M, MOH, PLCE, SPY puts, URI, WIFI and short IWM, MDY. Finerman is on the board of GrafTech International.

GUY ADAMI

Guy Adami is long CELG, EXAS, GDX, INTC. Adami's wife, Linda Snow, works at Merck.