These stocks are trading at attractive valuations relative to their history, especially in light of their opportunities in the artificial intelligence space.

In the AI server space, Dell Technologies and Super Micro have also benefited from the data center boom, up 71% and 82%, respectively, in the past 12 months.

As more of its clients seek to leverage AI, Microsoft stock should find itself in a virtuous cycle. Not only will its free cash flow probably rise, but it will also help fund the share buybacks and, by extension, the price growth that will continue to draw more investors to Microsoft stock.

The semiconductor industry has been on an epic run since early last year. The risk of a short-term disruption just increased exponentially.

Stanley Druckenmiller of Duquesne Family Office sold 1.5 million shares of Nvidia, cutting his stake 88%. He also bought 36,493 shares of MercadoLibre, opening a new position.

As of the end of the second quarter, Meta had nearly 3.3 billion daily active users (DAUs). That's a huge advantage for the company in many ways, but consider this: Meta is in a position to introduce its AI-powered features to roughly 40% of the world's population.

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Back in the dot-com boom era, stock splits became commonplace in response to soaring share prices. Amid the current artificial intelligence (AI) boom, a similar pattern could be developing. Already, several AI companies have split their shares, and more splits could be on the way among the others that are trading at lofty prices.

This chip stock is not only cheaper than Nvidia, but it is set to grow at a faster pace than the AI pioneer as well.