How to play AI in a cheaper way without owning stocks like Nvidia, according to a fund manager

Buying shares of Nvidia or other semiconductor and Big Tech stocks is just one way to play the artificial intelligence theme. There's a cheaper way to play it, Sean Peche of Ranmore Fund Management told CNBC Pro Talks last week. "Most investors over the last couple of years have thought that the only way to play AI is to own Nvidia and a few of the other peers," the portfolio manager said. Peche is positive on tapping the financials sector to get into this theme.

03, according to FactSet data. Shares of Nvidia are trading at around 57 times earnings. Names he likes include French bank BNP Paribas , which Peche noted has identified 780 "test cases" where AI can help its business. "So even something like banking, it can help lower costs.

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