There are no bargains in artificial intelligence. Investors just gave $2 billion to Mira Murati’s Thinking Machines Lab, which is five months old, has no products and produces little revenue.

There is value, though, if you look closely enough. Focusing on valuation, growth rates and revenue across the AI landscape separates the reasonable values from the froth, and the likely success stories from companies that may struggle to meet their investors’ lofty expectations.