Artificial Intelligence (AI) stocks have been some of the most prominent winners in the current bull market.

With surging demand for AI infrastructure, software, and development tools, certain companies and their investors have experienced significant financial growth over the past couple of years. Despite this impressive performance, the AI sector still holds substantial growth potential.

According to a report by IDC, businesses are projected to spend an astonishing $235 billion on AI this year. By 2028, this figure is expected to soar to $631 billion. Further, Bloomberg Intelligence predicts that spending on generative AI alone could reach $1.3 trillion by 2032.

While many AI stocks have seen their prices soar, making them seemingly out of reach for the average investor, there are still opportunities to purchase shares in top AI companies for under $200. Here are three AI stocks currently trading at attractive prices that are worth considering:

1. Broadcom ($163/share)
   1. Broadcom (NASDAQ: AVGO) recently saw its share price dip below $200 for the first time since 2020 due to a 10-for-1 stock split in July. The company’s market cap has surged nearly tenfold since its 2020 low, but there’s still significant growth potential.
   3. Broadcom is a key player in the AI boom, manufacturing essential networking and AI accelerator chips. Its Jericho3-AI Fabric can connect up to 32,000 chips in a data center, optimizing the performance of large-scale AI infrastructures. The company also produces chips tailored to large language models, working with tech giants like Alphabet (NASDAQ: GOOG) and Meta Platforms.
   5. Beyond AI, Broadcom's stable business in smartphone chips and enterprise software, bolstered by its VMware acquisition, provides additional growth avenues. Trading at a forward P/E ratio of 27.7, Broadcom offers solid value relative to other AI chipmakers.

2. Qualcomm ($175/share)
   2. Qualcomm (NASDAQ: QCOM) is renowned for its wireless communication chips, crucial for smartphone connectivity. Despite facing headwinds from Apple's move to develop its own modems, Qualcomm's business with Android phone manufacturers is expanding.
   4. Qualcomm also produces high-end processors for Android smartphones, as well as chips for automotive and IoT applications, both of which are growing markets. The company is venturing into AI-focused CPUs for PCs, positioning itself to capitalize on the trend of on-device AI processing.
   6. At a forward P/E ratio of just 15.5, Qualcomm is undervalued compared to the S&P 500, making it an attractive buy, particularly given the potential for its AI PC chips to drive long-term growth.

3. Alphabet ($165/share)
   3. Alphabet, the parent company of Google and YouTube, dominates the internet search market. Despite regulatory challenges, Google’s search dominance remains strong, and AI-driven enhancements like AI Overviews are driving user engagement.
   5. AI is also powering growth in Google Cloud, the third-largest public cloud platform. The company’s investment in custom AI chips and expanding computing capacity has secured significant contracts, including with Apple for large language model training.
   7. With a forward P/E ratio of 21.8, Alphabet offers a compelling investment opportunity as it benefits from the growth of digital advertising and the AI cloud market. The company’s ongoing share buybacks further enhance its attractiveness as a long-term investment.