Shares of stock market darling Nvidia (NASDAQ: NVDA) have gained nearly 219% in the past year and have reached near-record highs. The semiconductor giant's prowess in advanced GPUs and artificial intelligence (AI) software has made it the undisputed leader in the AI market, which has translated to dramatic improvement in its financial performance.

AI is undoubtedly the biggest investment theme in 2024. Many investors may be feeling that they have missed the Nvidia rally, especially since the company is now trading at a forward price-to-earnings ratio of 33 times -- far higher than the median semiconductor industry valuation of 19.4 times. These investors can consider buying stakes in other high-quality AI stocks with relatively reasonable valuations, such as Microsoft (NASDAQ: MSFT) and Intel (NASDAQ: INTC).

Here's why these two stocks are attractive picks in 2024.

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Source Fool.com