Nvidia (NASDAQ: NVDA) has been one of the hottest stocks on the market in 2023 thanks to the surging adoption of artificial intelligence (AI) applications. Shares of the semiconductor giant are up by 205% year to date as of this writing, and not surprisingly, it now trades at an extremely rich valuation.

The chipmaker's price-to-sales ratio stands at a whopping 44, while its trailing earnings multiple is 237. Investors may not be comfortable buying Nvidia at such expensive multiples despite the terrific growth that the chipmaker is expected to deliver.

But if you're looking for an alternative investment that will allow you to take advantage of the AI boom, ASML Holding (NASDAQ: ASML) could turn out to be a solid choice, especially after its second-quarter earnings report.

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Source Fool.com