BK Asset Management's Boris Schlossberg said Arm could hurt one stock above others.
"I think Arm really hurts Intel," Schlossberg, managing director of FX strategy at his firm, told CNBC's "Trading Nation" on Tuesday. "Apple is now moving all its desktop and laptop lines to the Arm architecture, and Apple usually is very careful when it selects its technologies. But once it commits, it sets the standard for the rest of the industry."
That could then lead to a shift to Arm chips over Intel, Schlossberg said.
"Apple goes first and then everybody in the Windows world decides to move over to the Arm architecture," he said. "Then Intel really gets very hurt in the desktop space. That to me is the biggest trade here as far as Arm goes."
Any spinoff or IPO of Arm has yet to be confirmed.
Intel shares have fallen more than 1% this month, while the SMH semiconductor ETF has risen 5%.
Todd Gordon, managing director at Ascent Wealth Partners, is watching two other stocks — Qualcomm and Broadcom — which he says could rise on the 5G upgrade cycle. He's watching the charts for signs of a breakthrough.
"There's a pretty good correlation between Qualcomm and Apple now that the lawsuit has settled. Apple broke higher while Qualcomm stayed below $95. A push through there would be constructive," Gordon said during the same "Trading Nation" segment.
Qualcomm closed Tuesday at $92.38.
As for Broadcom, he said the charts show positive trending volatility with higher highs and lower highs forming. He sees $325 as a level that should provide upside momentum if Broadcom can clear it. Broadcom closed Tuesday just above $315.
Disclosure: Ascent Wealth Partners holds QCOM and AVGO.