The Nasdaq Composite just logged its worst day since June, and the reason is not too complicated. Investors spent two years paying up for anything attached to artificial intelligence (AI), and now they are asking whether the hundreds of billions being poured into data centers will ever earn a return. Chip stocks have fallen for five straight sessions, and the index sits close to 6% below its high. That is not really a crash, but it is the kind of wobble that reminds people why valuation matters. The sell-off has been narrow, though. Plenty of ordinary consumer businesses never got the AI premium, so they have little to give back. Three stand out because they are doing interesting things right now, and the market is charging single-digit or low-teens earnings multiples for the privilege. A $1,000 stake, split three ways, buys into companies that sell running shoes, hair dye, and tomato seeds. None of that depends on an AI spending cycle. Image source: Getty Images.
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