The collapse of Silicon Valley Bank two weeks ago has added a new dimension to the stock market. In addition to rising interest rates and the escalating war in Ukraine, we can add the possibility of a global banking crisis to the list of things to worry about.

My advice: find something else to focus on while Wall Street is distracted by those diversions. Eventually, the current banking crisis will subside and the stock market will come back to life.

One sector of the stock market that is getting a lot of attention from Wall Street is artificial intelligence (AI). As a result, NVIDIA (NSDQ: NVDA) is up 87% since the start of this year. NVIDIA makes GPUs (graphical processing units) that are particularly adept at facilitating highly complex AI programs.

I added NVIDIA to the Personal Finance Growth Portfolio in October while it was trading near $120. I’m thrilled that it has more than doubled in value in less than five months. However, I can no longer recommend it at its current price given its very high multiples to sales and earnings.

That has me (and a lot of other people) wondering if there is another play on AI that is trading at reasonable multiples. Surely, somewhere out there must be a small company with a great product that that Wall Street has overlooked.

In other words, where is the next NVIDIA hiding in plain sight that we can buy before everyone else catches on to it? Inquiring (and greedy) minds want to know!

Burger and Fries

It isn’t just NVIDIA that has run up in price recently. Since the start of this year, the iShares Robotics and Artificial Intelligence Multisector ETF (IRBO) has gained 20%. Its top 10 largest holdings include NVIDIA, along with Alteryx (NYSE: AYX) and META Platforms (NSDQ: META).

Buying shares of this fund is one way to play the AI boom. It owns stock in more than 100 companies that cover the entire spectrum of AI-related businesses. If AI lives up to its hype, this fund should perform quite well over the remainder of this decade.

Read This Story: A “Pure Play” on Artificial Intelligence

If AI does perform as expected, then that creates another investment opportunity that Wall Street has not yet latched onto. Demand for cloud computing and storage should also escalate simultaneously.

In that case, another fund worth considering is the iShares Cloud 5G and Tech ETF (IDAT). The fund is down 14% over the past twelve months despite being up 7% this year.

This fund is smaller than IRBO. It holds only 50 companies in its portfolio, most of which handle the mundane business of facilitating cloud communications.

Sometimes, mundanity can be a good thing when it comes to investing. Just ask shareholders of cheeseburger and fries purveyor McDonald’s (NYSE: MCD), which have seen their shares increase in value by more than 1,000% over the past twenty years.

Cloud storage and communications is the “cheeseburger and fries” of the AI business. It isn’t sexy, but it is necessary to run all those complex algorithms.

Food for Thought

If you’re looking for an indirect play on AI, try the iShares Emergent Food and AgTech Multisector ETF (IVEG). As its name implies, this fund owns shares of companies “that are expected to benefit from creating or using agricultural technologies or innovative food products or services.”

At the heart of those technologies will be AI, which can be used to optimize crop yields while minimizing costs. You won’t find many food producers among this fund’s top holdings. Instead, it consists mostly of materials and industrial suppliers.

If AI lives up to its hype, the revenue streams for those companies should grow faster than the overall economy. That’s how capitalism works; you build a better mousetrap, and the world beats a path to your door.

In this case, the mousetrap in question is the myriad ways in which AI can be used to improve performance. I believe in it so much that I own all three of the funds mentioned above in my personal investment account.

I don’t know how soon Wall Street will expand its affection for AI to the businesses that will directly benefit from it. However, I believe it is only a matter of time before that happens.

If you don’t yet own NVIDIA, then it may be too late to get into it now. However, it’s not too late to stake out a position in AI, but I wouldn’t wait until the current banking crisis is over to do so.

Editor’s Note: Spooked by current market volatility? If you’re looking for a way to generate steady income with reduced risk, consider our premium trading service, Rapier’s Income Accelerator, helmed by our income expert Robert Rapier.

Robert Rapier can show you how to squeeze up to 18x more income out of dividend stocks, with just a few minutes of “work” each week. Click here for details.