On Monday, the Nasdaq Composite opened at 17,390.90. That's down nearly 14% from the high it reached last year at around 20,174, which means it's out of bear market territory for the time being.

But it may not be out of it for good. With investors still concerned about tariffs and the state of the overall economy, it may not take much for the bears to come out in full force again.

In the meantime, you may want to consider buying some promising artificial intelligence (AI) stocks amid this downturn. Three stocks that stand to benefit from AI's growth and that are down more than 15% at this writing include Nvidia (NVDA 0.12%), Arista Networks (ANET 3.29%), and Broadcom (AVGO -0.71%).

1. Nvidia

The shares of chipmaking giant Nvidia have fallen close to 20% since the start of the year. There are concerns that spending on AI may not be as significant as expected given the emergence of DeepSeek and other cheaper AI models. And a trade war involving the U.S. and China could weigh on Nvidia's sales to that part of the world.

A recent report also suggests that Chinese-based Huawei is looking to create AI chips to rival Nvidia's.

All in all, it paints a troubling outlook for the business. But competition is nothing new for Nvidia; companies have tried to take market share away in the past. Yet it remains the dominant player in the AI chip market. There are valid concerns about slowing growth, but its reduced valuation could still make it an enticing buy.

Nvidia's stock is trading at 38 times its trailing earnings, down from more than 80, which is what investors were paying for the business in the early part of last year. At a lower multiple, expectations won't be as high. And investors are probably expecting more of a slowdown simply because attaining a high growth rate (e.g., more than 50%) likely isn't going to be sustainable anyway.

Some conservatism and perhaps even negativity looks to be priced into Nvidia's valuation right now, which is why this may be the optimal time to buy the AI stock, particularly if you're willing to hang on for the long haul.

2. Arista Networks

The stock down the most on this list is Arista Networks. It has fallen by close to 30% since the start of the year. The company plays a crucial role in the AI market as it equips businesses with the necessary networking solutions and infrastructure they need to be AI ready and to grow their capabilities.

The company has achieved monstrous growth in recent years, with sales rising from $2.9 billion in 2021 to more than $7 billion this past year. It still has room for much more growth, but if the market has soured on Nvidia and AI as a whole, then it's unsurprising that Arista's stock also plummeted in value.

At 35 times its trailing earnings, the stock is a little cheaper than Nvidia's, and it could make for an appealing option for investors who want a more modestly valued AI business; Arista's market cap currently hovers around $100 billion. While that's high, it's nowhere near Nvidia's multitrillion-dollar valuation.

3. Broadcom

One company that recently hit the $1 trillion mark is Broadcom, but it has come down from those levels and declined 18% this year. The semiconductor company benefited from large companies -- often referred to as hyperscalers -- ramping up their AI capabilities. The danger, however, is that if that feverish AI spending slows due to a recession, that will inevitably hurt demand for Broadcom's custom-built AI chips.

Broadcom is the most expensive AI stock on this list, trading at close to 90 times its trailing earnings. But when factoring in its expected growth, that multiple falls to 29 based on next year's expected earnings. Unfortunately, with a lot of uncertainty ahead, investors may not find much comfort and safety in those estimates anymore.

It could be a challenge for Broadcom in the short run, but with a lot of top companies relying on its chips, including Microsoft and Oracle, it's still in a great position to benefit from opportunities in AI over the long haul.