The market closed nearly unchanged on Wednesday, which if you read some of the pundits may be akin to keeping one's balance on a tightrope.

ETFs targeting the semiconductor space surged nearly 3% each.

The semiconductor space saw brutal trading on Aug 9, after another chipmaker warned of slowing demand, sparking concerns that the industry might be heading into the worst downturn in at least a decade.

ETFs having the largest allocation to NVIDIA could make compelling plays for investors.

Amid the shortage of chips globally, the semiconductor industry has been heating up with the M&A wave. This is especially true as Intel INTC reportedly is in talks to acquire the specialist chip production company GlobalFoundries.