The Financial Post reports in its Thursday, May 2, edition that you know stocks are getting pricey when investors get jumpy about even the slightest change in earnings expectations. A Financial Times dispatch to the Post reports that this can be seen in the sharp moves in artificial-intelligence-related stocks in recent weeks, especially among the sector's top picks such as Nvidia, ASML Holding, Arm Holdings and U.S. and Asian chipmakers. However, these need not move in step with each other. Take ASML. The Dutch chip equipment maker's weaker-than-expected orders sparked extreme volatility in AI-related stocks around the world. The logic seemed to be that since new orders for machines made by the world's largest advanced chip equipment maker fall short of market expectations, the outlook for AI chip growth must also be deteriorating. Indeed, conditions are ripe for a correction. The AI stock market boom has been pricing in too much too fast. The hype has meant disproportionate gains for even some stocks that are unlikely to become significant beneficiaries of AI-driven growth. Meanwhile, the sector remains heavily exposed to geopolitical risk. China is a dominant market for Nvidia and ASML.