The Nasdaq Composite index has been in impressive form over the past year with gains of more than 18% thanks to the healthy rally in technology stocks that have benefited from catalysts such as artificial intelligence (AI), but the index has witnessed a pullback of late.

The Nasdaq Composite index is down over 10% in the past month as the market seems to be having doubts about AI's ability to drive substantial growth for big tech companies. (NASDAQ: GOOG) (NASDAQ: GOOGL) is a casualty of this sell-off; its shares are trading down 12.5% since July 23 when it posted results that comfortably exceeded Wall Street's expectations.

This could be an opportunity for investors to buy a top AI stock at an attractive valuation. Let's look at the reasons why.

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Source Fool.com