Looking for AI stocks that are still cheap? Consider these two under-the-radar picks.

Simon King of Saturna Capital has highlighted two stocks tied to base metals as potential ways to gain exposure to the artificial intelligence theme, according to a report aimed at investors looking beyond the most crowded AI trades. The picks are described as under-the-radar, suggesting they sit outside the headline names that have dominated AI-related investing.

The logic linking base metals to AI rests on the physical build-out of the technology: data centers, power infrastructure and electronics all require industrial metals. That makes miners and metals-linked companies an indirect, rather than direct, way to participate in AI-driven demand. The framing matters because investors seeking cheaper alternatives to high-multiple AI stocks may be drawn to sectors where valuations have not yet priced in the theme.

What to watch: whether metals demand tied to data-center and grid investment shows up in company results and guidance, and how commodity prices behave. Base-metal exposure also carries cyclical risk, since prices respond to broader industrial activity, not just AI. As always, the picks reflect one manager's view, not a consensus.