Before you close the book on 2023, it's wise to look at what's available in the market and see if there's some value. Many fund managers will make large moves as soon as the calendar flips to align their portfolios with what they think will win in 2024.

As a result, some stocks that look like bargains now may not be so cheap after the holidays. Three that fall into this camp are Alphabet (GOOG -1.16%) (GOOGL -1.11%), UiPath (PATH -1.55%), and ASML (ASML 0.77%). All could be popular 2024 picks, so investors should take advantage of the market's current prices.

Why will 2024 be solid for these three?

Why are these going to be solid 2024 picks? It all boils down to artificial intelligence (AI) investing. Every fund manager and advisor wants to tell their clients they're investing in the best AI companies, which is why investors should exhibit some urgency in acquiring these stocks.

But the reality is that these three companies are great long-term picks, not just because of AI.

Alphabet is likely better known by the companies it owns: Google and YouTube, among many others. Google is deadlocked in an AI race with its peers, including in cloud computing (Google Cloud), generative AI interface (Bard), and the model behind it, Gemini.

AI is a huge opportunity for Alphabet, but its primary moneymaker is still advertising. Although advertising had a weak 2022 and early 2023, it's starting to trend up and is slated to hit its stride in 2024. These two factors combine to make Alphabet a top stock pick in 2024.

UiPath's software is centered around robotic process automation (RPA), allowing its users to automate repetitive tasks. With the addition of AI into its product, UiPath can expand the type of information it can autofill and monitor users to pinpoint which tasks can be automated.

This is critical to improving efficiency, as it frees up employees to do creative tasks that computers can't do. RPA is a relatively immature market, only valued at around $2.3 billion in 2022, per Grand View Research. However, it's set to dramatically expand, and by 2030, it's expected to be a $30.9 billion market. Considering that UiPath has $1.38 billion in annual recurring revenue growing at a 24% pace, it's a fantastic pick in 2024 and beyond.

Finally, ASML is a Dutch lithography manufacturer. Semiconductor manufacturers use DUV (deep ultraviolet) and EUV (extreme ultraviolet) lithography machines to etch microscopic patterns on chips. But the kicker is that ASML is the only company with this technology, giving it a technological monopoly.

Without ASML, today's AI innovations and other high-technology devices (like smartphones) wouldn't exist with their current capabilities. With increasing demand for devices that can run AI models, ASML will see strong demand for its machines well into the future.

The investment thesis for this trio is quite strong, and each has a case to be bought and held for at least five years. But what makes these companies solid buys now?

Buying this trio before 2023 begins is a smart move

For ASML, it should be no surprise that the company trades at a premium valuation, due to its market dominance. However, it's trading near some of the lowest levels over the past five years. That makes it a strong buy.

ASML PE Ratio Chart

ASML PE Ratio data by YCharts.

For a quickly growing software company with AI exposure, UiPath sure doesn't trade like one. At just over 10x sales (the recent spike was due to a strong response from the market after a great quarter with solid guidance), UiPath is far cheaper than its peers, which often trade for 20x sales.

PATH PS Ratio Chart

PATH PS Ratio data by YCharts.

Finally, Alphabet is only trading for 19x 2024 earnings, which is far cheaper than the stock has been in recent history. This indicates a strong 2024 upside if it maintains its average valuation levels.

GOOGL PE Ratio Chart

GOOGL PE Ratio data by YCharts.

While all three companies have bright futures ahead, they're also great buys now. Each can be confidently purchased heading into 2024.