Nvidia (NASDAQ: NVDA) stock's artificial intelligence (AI)-powered surge has sent its valuation to incredible levels, putting the chipmaker well out of reach of value investors looking to capitalize on the proliferation of this technology.

Nvidia's sales multiple of 36 and trailing earnings multiple of 73 are significantly higher than the technology sector's price-to-sales ratio of 7.2 and earnings multiple of 45. Of course, Nvidia's forward price-to-earnings ratio of 35 indicates that the semiconductor bellwether is on track to deliver terrific growth and could justify its expensive valuation.

But there is also a relatively inexpensive way for investors to ride the AI boom. Dutch semiconductor equipment company ASML (NASDAQ: ASML) is not only cheaper than Nvidia, but it is also playing a critical role in the growth of AI. Let's look at the reasons why investors who have missed Nvidia's stunning rally over the past year would do well to buy ASML right now.

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Source Fool.com