The Globe and Mail reports in its Saturday, July 1, edition that hype around artificial intelligence has helped Nvidia nearly triple in value this year. The Globe's Ian McGugan writes that Alphabet, Amazon.com, Apple, Meta Platforms, Microsoft and Tesla have also caught the AI wave. Their collective surge has investors pondering their true value. All these stocks have enormous revenue. Mr. McGugan says you can question their lofty share prices, but there is no doubt they are impressive businesses. Still, Mr. McGugan warns that valuations can shift a lot over a short period. Nvidia offers a case in point. Over the past five years, it has traded as low as 20 times forward earnings and as high as 73 times. Investors would generally have fared better by waiting for the valuation to fall to a more modest level. Mr. McGugan says investors who are eager to place a bet on the AI trend might want to keep this volatility in mind and wait for cheapness to emerge wherever possible. The most reasonably priced members of the magnificent seven right now are Alphabet and Meta. Alphabet is valued at 21 times forward earnings, Meta at 22. This makes them somewhat more expensive than the broad market, but not by much.