Call it a chip wreck.
Despite the carnage, one veteran tech investor says the space is now flush with cheap buys.
"There's no question that near-term fundamentals are OK and valuations are deeply oversold," Paul Meeks, chief investment officer at Sloy, Dahl & Holst, said Friday on CNBC's "Trading Nation."
The SMH semiconductor ETF's sell-off brought its price-to-earnings ratio down below 14 times forward earnings, nearing the two-year low reached in April. By comparison, the XLK technology ETF trades at 17.6 times forward earnings.
Meeks, who in the late '90s ran the $3 billion Merrill Lynch Global Technology fund, sees two chip stocks to buy on the dip.