Just noticed something worth paying attention to in the current market. While AI stocks have had a solid run, there are still a couple of absolute bargains hiding in plain sight among the biggest tech names out there.

Let me break down why these might be the best cheap AI stocks to watch right now.

First, Meta Platforms. This one's trading at just 26x forward earnings - honestly, that's a steal compared to where it was a few months back. Here's what caught my eye: Meta's gone all-in on AI. They built Llama, their own large language model, and they're putting it to work where it actually matters - their advertising business. Think about it. Meta owns Facebook and Instagram. Billions of people use these platforms every day. Advertisers are already there, and if they start seeing better results from AI-powered ads, they're going to spend more. That's real revenue growth potential. Plus, Meta's generating billions in earnings, so they have the firepower to invest heavy in AI while still paying shareholders. The company's track record on return on invested capital shows they know how to turn R&D into actual returns. That's why cheap AI stocks like Meta could be serious contenders in the next bull run.

Then there's Alphabet. Similar story, but with some unique advantages. Google Search is the dominant player in search - basically everyone uses it. That means advertisers flock to Alphabet's platform, and it just posted its first-ever $100 billion quarter. But here's the thing most people underestimate: Alphabet's got another major revenue stream in cloud computing. Google Cloud is growing fast and offering AI services to customers. They built Gemini, their own LLM, and they're already monetizing it. The stock's even cheaper than Meta - trading at just 29x forward earnings. As the AI market keeps expanding over the next few years, Alphabet's positioned to capture a huge chunk of that growth.

The broader picture? The AI market's projected to grow from roughly $300 billion today to multiple trillions by the early 2030s. And these best cheap AI stocks are trading at valuations that don't fully price in that potential. Both companies have established, profitable businesses throwing off serious cash. Both are leveraging AI to enhance their core revenue engines. Both are trading at reasonable multiples compared to the broader market.

That's the opportunity I'm seeing right now. Sometimes the best plays are the ones hiding in plain sight because everyone's chasing the more obvious winners. These two might just lead the way in the next phase of this bull market.