However, in addition to its prospects above, Nvidia stock is also surprisingly cheap after the recent pullback. It now trades at a forward price-to-earnings (P/E) ratio of just 24, which is comparable to the S&P 500 's forward P/E of 20.7.

With the Nasdaq Composite in correction territory, investors should consider investing some cash in the stock market. This year, its revenue is expected to reach $204 billion, clearly indicating that AI investments aren't waning.

Investors on the hunt for bargains in the current market selloff might want to consider chipmaker Nvidia (NVDA). Light Up your Portfolio with