Chipmakers Advanced Micro Devices, Nvidia and Micron Technology posted strong gains on Wednesday, making up three of the top four gainers as of midday.
Tech has been the best-performing sector this year, but it has fallen approximately 5 percent over the past month. The strong showing by chip stocks pulled up a broad swath of tech shares Wednesday, making it one of the leading sectors.
Jim Cramer on CNBC's "Squawk on the Street" Wednesday morning said investors keep switching between technology and bank stocks, but came back to tech Wednesday.
"Let those guys who were selling [tech stocks] furiously on Monday come back. ... You don't just turn it around on nothing. Let them come back, let them knock some things down, and then come in," Cramer said.
Walter Price, a senior portfolio manager at Allianz, said in an interview with CNBC's "Squawk Alley" Wednesday that the recent sell-off in tech is limited, and the sector will see strong earnings and growth in the near future.
Nvidia was up 2.6 percent, trading near $143 a share. The graphics chipmaker announced an AI technology partnership with China-based internet search company Baidu on Wednesday.
Advanced Micro Devices, another graphics chipmaker, was up more than 5 percent, trading at $12.83 a share.
Micron was up around 3.8 percent, trading at $30 a share. The memory chipmaker released strong earnings last week, and is bouncing back from a post-earnings decline.