Just one chipmaker is negative for the year: Qualcomm.
The stock is down 8 percent for the year, the sole stock on the SMH semiconductor ETF in the red for 2019. It is stuck at nearly half its record high set during the dot-com boom in 2000.
But if history is any indication, the beaten-down stock could be about to break out, says Matt Maley, equity strategist at Miller Tabak.
"The $50 has been incredibly good support for the stock for the last three years-plus. Each time it's gotten down to that level, not only has it bounced but it's bounced anywhere from 40 to 50 percent," Maley said on CNBC's "Trading Nation" on Thursday. "Now we've gotten back down to that level and bounced again."
The last three times Qualcomm bumped against $50 a share — in early 2016, mid-2016 and early 2018 — the stock raced higher, even moving above $75 last year. A 50 percent move higher would take Qualcomm above $78.
"If it can see any upside follow through, it may not get the same kind of 40 to 50 percent bounce it's gotten each of the last few years, but it should gain a lot of momentum and see a much bigger bounce than people are looking for," added
The Street has an average $63.41 price target on Qualcomm, according to FactSet estimates. That's 20 percent upside from current levels of around $52 a share.
S&P Global portfolio manager Erin Gibbs says the stock may not see a breakout as large as 50 percent, but the stock does offer some value to a buy-and-hold investor.
"Qualcomm is actually pretty well positioned," Gibbs said on "Trading Nation" on Thursday. "We think it's a great value. We think the fact that 5G is definitely the next generation and Qualcomm has their foot well in place for that is one of the better plays within the semi industry."
Qualcomm trades at nearly 13 times forward earnings, below the 15 times multiple on the SMH ETF.
"I don't necessarily know whether it will be a 50 percent jump right away or if this might take some time, but this looks like one of your safer bets in the semi industry," Gibbs added.
Disclosure: S&P Global holds Qualcomm in its portfolios.