This hasn't been a good year for technology stocks, which is evident from the 26.4% slide in the tech-heavy Nasdaq-100 index so far in 2022.

However, the brutal sell-off in tech stocks means investors can buy some high-yielding dividend-paying tech stocks on the cheap. Intel (NASDAQ: INTC), Qualcomm (NASDAQ: QCOM), and Cisco Systems (NASDAQ: CSCO) are three Nasdaq stocks with fat dividend yields that exceed the index's average of 1.03%, and they are trading at attractive valuations.

Let's see why buying these dividend-paying semiconductor stocks is a no-brainer right now.

1. Intel

Intel stock has slipped 25% in 2022 and is now trading at just 6.4 times trailing earnings. This dirt-cheap valuation represents a nice discount to Intel's five-year average earnings multiple of 13.3 and the Nasdaq-100's average price-to-earnings (P/E) ratio of 25.

Coming to the dividend, Intel carries a fat yield of 3.95%, which is significantly higher than the index's average. It is worth noting that the company has constantly raised its dividend over the years. For instance, Intel was paying out $0.87 per share in annual dividends in 2012. It now has a forward annual dividend rate of $1.46 per share, which means that the payout has increased at a compound annual rate of 5.3% over the past decade.

Intel's latest dividend hike was announced in January this year. The chip giant increased its quarterly dividend by 5% to $0.365 per share. Investors, however, may be worried whether Intel would be able to sustain its fat payout given the near-term challenges it is facing.

The company had generated $11.3 billion worth of free cash flow in 2021, which was 15% of its top line. This year, however, Intel's free cash flow is expected to land between minus $2 billion and minus $1 billion, thanks to the company's focus on boosting its capital expenditure to take market share back from rivals. Its earnings are expected to drop 36% this year on account of higher spending and a flat top line.

In 2023 and 2024, Intel estimates that its adjusted free cash flow will remain neutral and move into positive territory only in 2025, when it is expected to account for 20% of revenue. The good part is that Intel could sustain its impressive dividend despite the near-term problems. That's because Intel has a forward dividend payout ratio of 41% after accounting for the steep drop in the company's earnings.

Finally, Intel's growth is expected to start picking up from 2025 thanks to its aggressive capital spending, so patient investors could be rewarded with a higher dividend and a healthy stock upside in the long run if they buy this chip giant at its dirt-cheap valuation right now.

2. Qualcomm

Qualcomm is another chipmaker that has been clobbered on the stock market this year, dropping over 31% despite clocking impressive growth. The stock is now trading at just 12.8 times trailing earnings and 9.4 times forward earnings. Buying Qualcomm at these multiples looks like a no-brainer as it not only has a healthy dividend yield but also has bright prospects that could send its shares higher in the long run.

Qualcomm sports a dividend yield of 2.4%, which is well above the Nasdaq-100's average. Management had raised the quarterly payout by 10% in March this year to $0.75 per share. It is worth noting that Qualcomm's quarterly dividend payout has tripled since 2012. And with a forward payout ratio of 22.7%, it won't be surprising to see Qualcomm's dividend increase further thanks to the pace at which its revenue and earnings are increasing.

Qualcomm's revenue had increased 41% year over year in the second quarter of fiscal 2022 (for the three months ended March 27, 2022) to $11.1 billion. The company's adjusted income shot up 69% year over year to $3.21 per share during the quarter. Analysts expect Qualcomm to finish fiscal 2022 with 33% revenue growth and a 47% spike in earnings.

More importantly, Qualcomm is expected to maintain 14% annual earnings growth for the next five years. However, it won't be surprising to see the company clock stronger growth thanks to multiple growth drivers such as the growing demand for its automotive and Internet of Things (IoT) chips, as well as Qualcomm's healthy position in the smartphone market.

In all, Qualcomm looks like a top dividend stock to buy, and its valuation is proof that investors should consider going long right away.

3. Cisco Systems

Cisco Systems is another high-yield stock that's too cheap to ignore. Trading at just 15.4 times trailing earnings, Cisco looks like an attractive dividend stock to buy right now, considering its impressive yield of 3.5%. What's more, Cisco has increased its dividend for 13 years straight, and it has a forward dividend payout ratio of 43%, which points toward more room for growth.

However, Cisco has run into near-term troubles on account of multiple factors such as supply chain bottlenecks, lockdowns in China, and Russia's war on Ukraine. The company's revenue for the third quarter of fiscal 2022 was flat year over year at $12.8 billion, while adjusted earnings increased 5%. But Cisco's weak guidance was a cause for concern.

But then, there are signs that Cisco's business could pick up the pace in the future. The company's remaining performance obligations increased 7% last quarter to $30.2 billion, which represents the total of deferred revenue and contracts for which customers haven't been billed yet. Cisco points out that it expects to recognize 54% of its remaining performance obligations as revenue over the next 12 months.

Additionally, Cisco is sitting on a solid backlog worth $15 billion for its hardware and software offerings. The company points out that its backlog increased 130% year over year last quarter, and this metric is not included in the calculation of remaining performance obligations. As such, Cisco's growth rate could improve as the demand for its offerings remains robust, which is why investors looking to buy a dividend-paying stock on the cheap should take a closer look at this networking giant.

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Harsh Chauhan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Cisco Systems, Intel, and Qualcomm. The Motley Fool recommends Nasdaq and recommends the following options: long January 2023 $57.50 calls on Intel and short January 2023 $57.50 puts on Intel. The Motley Fool has a disclosure policy.