Alongside the broader market pullback, artificial intelligence (AI) stocks have been hit hard over the past month. Although the market has nearly recovered, many AI-centric stocks haven't. This has opened up some great buying opportunities to get some stocks for a little less than they were just a month ago.

Two that I have my eye on are Taiwan Semiconductor (TSM -0.73%) and UiPath (PATH 0.96%). Read on to find out why these two make for great buys now and how AI will be a significant business boost.

1. Taiwan Semiconductor

To create an AI model, you need some serious computing power. At the base of this is a microchip, and Taiwan Semiconductor is the leading contract manufacturer of these devices. TSMC has leading 5nm and 7nm (nanometer) chips but has already created the next generation in semiconductor technology in 3nm chips, which should arrive in devices soon. Although no products contain 3nm chips yet, Taiwan Semiconductor is already working on its next launch of 2nm chips.

With each iteration of chip technology comes increased performance and decreased power consumption. As AI models require vast computational power, these improvements will drive businesses with AI data centers to constantly upgrade their products to provide clients with the largest competitive advantage possible.

Still, even with the AI boost on the horizon, Taiwan Semiconductor isn't immune from consumer trends. With 33% of TSMC's second-quarter revenue coming from smartphone sales, a large chunk of its business is driven by one factor. With smartphone and PC sales faltering thanks to consumers tightening their wallets, Taiwan Semiconductor has seen its revenue slightly drop. In Q2, revenue fell by 14% (in U.S. dollars). That weakness is expected to stick around in the third quarter, as revenue is projected to fall by 15%.

However, once the consumer regains strength, sales of these consumer-facing products should improve. Furthermore, with the demand for AI chips ramping up, Taiwan Semiconductor should see increased sales. These two factors combined should lead to strong growth in 2024. Wall Street analysts agree with this sentiment, as the average revenue growth projection for 2024 is 23%.

With the S&P 500 trading for about 26 times earnings and TSMC only garnering a 15 times earnings premium, it makes for a fantastic buy.

2. UiPath

The notion of AI taking people's jobs isn't quite a reality yet, as AI will mostly be used to improve employee productivity. One way this is currently done is robotic process automation (RPA). Essentially, RPA can automate repetitive tasks like filling out an invoice or running a report that requires multiple clicks. UiPath's product line brings RPA tools to its clients and offers AI integration to make them more powerful.

AI can make these RPA processes more intelligent, and UiPath offers several integrations with various AI tools. While many companies may be resistant to full-on AI integration at first, RPA represents a natural stepping stone to automate some processes.

UiPath's product has remained popular, even as some businesses tighten their budgets. In the first quarter of fiscal year 2024 (ended April 30), UiPath's annual recurring revenue (ARR) rose 28% to $1.25 billion. Large customers have also grown rapidly, as clients spending more than $100,000 annually rose from 1,574 to 1,858.

Despite this success, UiPath's stock hasn't seen the same run-up as other tech stocks have this year, as it's up just over 20%. As a result, investors can pick up shares at a fairly cheap 8 times sales -- a bargain price tag.

UiPath has a strong product offering that will become even more important as businesses optimize their workforce. Combined with the mass adoption of AI, UiPath looks primed for a breakout.