Artificial intelligence (AI) stocks were the market superstars over the past two years, leading the S&P 500 and the Nasdaq to double-digit gains. And for good reason. The technology could be the next big thing for companies, helping them streamline their operations and pump up earnings. AI has already helped some players do just that, demonstrating that it could become a game-changer for many.

But in recent days, these stars haven't been glowing as brightly as before. Concerns about the general economic environment have weighed on them amid new government policies and President Donald Trump's implementation of tariffs on the U.S.'s largest trading partners, Canada, Mexico, and China.

These tariffs are a concern because they could lift prices for certain companies that manufacture outside the U.S. and spark rising inflation within the country. This could directly increase these companies' costs, and higher inflation might hurt customers' wallets, resulting in lower revenue.

So, the tech-heavy Nasdaq has dropped more than 7% over the past two weeks, led by AI stocks. But it's important to remember that today's headwinds aren't permanent and don't change the long-term growth stories of many of these AI players. That's why now isn't the time to sell but instead to buy. Let's check out two AI stocks to pick up in the tech sell-off.

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1. Amazon

Amazon (AMZN -0.72%) has benefited from AI across its two high-growth businesses: e-commerce and cloud computing. The company uses AI in e-commerce to gain efficiency and please customers and sellers on its platform. For example, AI helps Amazon define the fastest and shortest delivery routes for packages, saving the company time and money. And fast delivery is something customers like, a point that may encourage them to keep ordering from Amazon.

Amazon has already scored a major win in AI through its cloud computing business, Amazon Web Services (AWS). As of the fourth quarter of last year, AWS has generated a $115 billion annual revenue run rate.

AWS drives Amazon's overall profit, selling customers a wide variety of AI products and services -- from Nvidia's premium chips and lower-cost Amazon-made chips to a fully managed service that allows customers to tailor popular large language models to their needs. And since AWS is the world's biggest cloud provider, it already has an audience right there, ready to sign up for its latest AI offerings.

I also like Amazon for its long record of earnings growth, and the company's move in recent years to revamp its cost structure should continue boosting revenue in the coming quarters. Amazon shares have slipped more than 10% over the past month, leaving them trading for about 32 times forward earnings estimates, down from more than 45 times late last year. Considering my points above, the stock looks like a bargain buy and hold at today's level.

2. Palantir Technologies

In recent days, Palantir Technologies (PLTR 5.53%) faced an additional headwind to those mentioned above. The company, which sells AI-driven software to government and commercial customers, saw its shares slip after the Pentagon -- a major customer -- proposed cutting spending by 8% every year over the coming five years.

But I think the concerns surrounding this news were overdone. It's important to remember that the Trump administration is focusing on gaining efficiency across departments, and Palantir's AI software helps customers do exactly that. The software aggregates a customer's data and makes better use of it. For example, it streamlines operations and reduces costs. So, the government's focus on efficiency could potentially lead to more contracts for Palantir.

Meanwhile, Palantir's commercial business has taken off in recent quarters, delivering double-digit revenue growth and increasing contract value. In the latest period, Palantir closed more than $800 million in U.S. commercial contract value -- a record level -- for a 134% increase year over year. So, the commercial customer could represent a major growth driver for the company in the years to come.

Thanks to the commercial customer trends and ongoing double-digit growth in the government business, Palantir's earnings have soared, the company was invited to join the S&P 500 last year, and the stock has advanced more than 700% over the past three years. But that also resulted in a sky-high valuation. The good news is that the stock's 27% decline over two weeks has brought its valuation down. Today, the forward price/earnings-to-growth ratio (PEG ratio) has fallen below 1, suggesting the stock is no longer overvalued. So, now is a fantastic moment for growth investors looking for a top AI player to scoop up some shares.