Artificial intelligence might be one of the strongest trades in the market right now, but that doesn’t mean that all AI companies are equal. On the contrary, many AI stocks are deep in the red this year, with some trading near 52-week lows currently.

Most of the worst-performing AI stocks are start-up companies that have made their market debuts since the Covid-19 pandemic struck in 2020 and remain unprofitable. Many of these AI stocks also trade at high multiples, raising concerns about their valuation relative to future earnings forecasts.

For investors with an appetite for risk and a long time horizon, the current situation presents an opportunity to buy these beaten down AI stocks on the cheap and eventually ride them to big gains as they recover. Here are three AI stocks to buy at a 52-week low.

C3.ai (AI)

We’ll start with C3.ai (NYSE:AI), the company whose ticker symbol is literally “AI.” After enjoying an initial pop when the AI market took off in 2023, the stock of C3.ai has struggled in recent months.

AI stock is down 22% in the last 12 months and has declined 75% since its initial public offering in September 2020. A lack of profitability at the start-up company appears to be the main reason behind the share’s slump.

Despite the lack of profits, some good things appear to be happening at C3.ai and now could be a good time to take a position with the stock near its 52-week low. A developer of custom AI software that can optimize supply chains and detect financial fraud, C3.ai has managed to grow its sales for five consecutive quarters.

Also, the company’s customer agreements grew 52% year-over-year in its most recent quarter.

If C3.ai can keep growing its revenue, it might not be long before the company turns a profit.

Snowflake (SNOW)

Snowflake (NYSE:SNOW) is another beaten down AI stock, having fallen about 27% this year and 43% since its September 2020 IPO.

However, decent earnings in recent quarters have led analysts to reevaluate SNOW stock. Investment bank Goldman Sachs (NYSE:GS) recently added Snowflake to its “Americas Conviction List.” Goldman made the move as its analysts see a turnaround coming for Snowflake stock, which is also trading near a 52-week low.

A cloud-based data storage and analytics company named after its founders love of winter sports, Snowflake increasingly employs AI technology to enhance its offerings to customers. The company most recently reported EPS of 14 cents on sales of $828.7 million. Analysts had forecast EPS of 18 cents on sales of $787 million. Snowflake’s guidance of $807.5 million was also above analysts’ consensus forecast of $793 million.

While the earnings and guidance from Snowflake have been good, the stock’s valuation has become a concern on Wall Street. SNOW stock is currently trading at more than 150 times the EPS the company is expected to achieve in the next 12 months. The company could still make for a strong long-term AI investment.

UiPath (PATH)

For an AI stock that is currently trading right near its 52-week low, we have UiPath (NYSE:PATH). The company’s share price has nearly been cut in half this year, as the maker of automation software that’s infused with AI has announced a string of bad news. That news cycle includes disappointing financial results, a CEO departure and cutting 10% of its workforce, all of which has been done under the guise of a broad restructuring.

Most recently, PATH stock dropped 7% on news the company is cutting 420 jobs. The layoffs come as UiPath struggles with decelerating revenue growth following its IPO in 2021. Since its market debut, PATH stock has fallen 83%.

In May of this year, UiPath announced that its CEO Rob Enslin was stepping down and would be replaced by company co-founder Daniel Dines.

On the date of publication, Joel Baglole did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.