Tech investors uneasy about the high valuations some software and Internet companies are carrying might want to look at some chip stocks.

With investors nervous about the industry's historical cyclicality, many chip stocks look reasonably-valued even if one assumes business conditions will soften a little. Trends such as rising cloud capital spending, IoT device growth and strong automotive chip demand provide reasons to be optimistic that the bottom won't fall out, even as PC, smartphone and telecom equipment sales pressures act as headwinds.

RF chipmaker Skyworks (SWKS) is one chip value play worth looking at. While concerns about weak smartphone demand have been weighing, steady increases in the RF content found within the average phone should continue acting as a growth driver, as should Chinese share gains and automotive/IoT demand.

Rival Broadcom (AVGO)  has been hurt by both smartphone demand worries and expected 2018 iPhone RF share loss to Qorvo (QRVO) . But Broadcom's long-term RF outlook still looks healthy, and the company is getting a lift from booming sales of chips and hardware used within cloud data centers.

Micron (MU) , meanwhile, is beset by concerns that the good times won't last much longer for the memory industry. But the supply-demand balance still looks pretty healthy for the company's bread-and-butter DRAM business, as strong server, automotive and graphics demand help soak up moderate supply increases. And the company appears poised to announce a large stock buyback.

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