Nvidia's forefront position in advanced graphics processing units (GPUs) has made it one of the most important players in the artificial intelligence (AI) revolution. It's also powered incredible sales and earnings growth that has translated into explosive stock gains for the hardware leader. The company's stock price has risen roughly 207% over the last year and trades in the neighborhood of a record high.

Investors may have missed out on the opportunity to build a position in Nvidia stock before it went on its explosive run over the last 12 months, but there are still promising players in the AI space that trade at discounts that leave room for huge long-term returns. If you're looking for AI investment opportunities that are still valued far below their peaks, here's why Snowflake (NYSE: SNOW) stock is a smart buy.

Powerful hardware and well-crafted algorithms are essential for high-performance AI applications, but artificial intelligence systems are also only as good as the data they are trained on. As Snowflake's management explains, "There's no AI strategy without data strategy."

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Source Fool.com