What if it’s not a bubble? These AI stocks are trading the furthest from their 52-week highs before Nvidia earnings

AI stocks have led a sharp selloff in equity markets as investors fret over valuations. Here’s we've looked at some of the most popular AI names in the Global X Artificial Intelligence & Technology ETF (AIQ/QAIU).

It seeks to invest in companies that potentially stand to benefit from the further development and use of AI technology in their products and services, as well as in companies that provide hardware facilitating the use of AI for the analysis of big data.

It's a good proxy for the broad AI trade and contains nearly one hundred different companies.

I took a look at the holdings and those stocks trading a long way from their 52-week highs to see which could be a higher beta proxy for the Nvidia earnings.

These stocks are trading the furthest from their 52-week highs and may be some of the most correlated to the broader AI sentiment upon which Nvidia’s earnings will depend.

At the top of the list is Trade Desk, an advertising platform. It's declined more than 70% despite Q3 results beating expectations and a positive guide for the current quarter.

C3.ai has fallen almost as much below its 52-week high amid financial troubles and its CEO stepping down, which led to the withdrawal of its full-year financial guidance.

Down over 50% from its 52-week peak is Quantum Computing, revealing how deeply correlated the AI trade is with the nascent and volatile quantum computing trade.

Here's the top 10
 
Trade Desk –71%

C3.ai -69%

Quantum Computing –54% 

SoundHound AI –53% 

Amplifon –51%

Pony AI –50%

Wolters Kluwer –49%

Wix.com -48%

DXC Technology –48%

Metuan –48%