Artificial intelligence (AI) is transforming many businesses and creating some fantastic growth opportunities along the way. And if you've got $5,000 that you can afford to invest right now, businesses involved with AI can potentially make for ideal investments to hang on to for the long term.

But the problem is that if you're looking at many top AI stocks right now, they're trading at obscene valuations, which can make it discouraging to invest in them. That said, there are some potential deals out there. Three business involved in AI that are trading at relatively cheap valuations are Alibaba Group Holdings (NYSE: BABA), Cisco Systems (NASDAQ: CSCO), and eBay (NASDAQ: EBAY).

Alibaba has made for a pretty underwhelming investment this year, as the Chinese tech stock is down around 6% since January. It's also trading at less than 20 times its trailing profits, in line with the S 500 average, and isn't an expensive stock at all; Nvidia, by comparison, is trading at a multiple of more than 100.

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Source Fool.com