Shares of Nvidia don’t trade like those of a company whose revenues are expected to rise 83% this year. Instead, the stock is priced as though everything that could go wrong in the next couple of years will go wrong. That creates an opportunity for investors willing to take a longer view.

Most semiconductor investors are chasing the stocks they think will grow the fastest over the next few years. So while shares of Nvidia have appreciated just 10% so far this year, distant rival Advanced Micro Devices is up 142%, while memory chip maker Micron, whose business has exploded thanks to demand from AI data centers, is up 213% year to date. The Philadelphia semiconductor index is up 71%.