A collection of stocks with strong earnings potential and discounted valuations may be a good way for investors to find value in the market. The artificial intelligence trade has been powering Wall Street’s climb higher in 2024, with market leader Nvidia surging more than 140% so far this year. Peer chipmakers including Broadcom and Qualcomm have also ridden the wave. Despite Monday’s pullback in chip stocks, the AI boom has served as an anchor to the markets as investors wait for interest rate cuts and monitor the economy for signs of slowing. However, the rise of AI has also spurred concern over a lack of market breadth . To find stocks that haven’t participated in the market’s rally, CNBC Pro screened for S & P 500 stocks that are discounted compared with the broader market and abide by the following criteria: Each stock maintains a price-earnings ratio that is at least a 25% discount compared with its five-year P/E. Earnings per share growth has averaged more than 5% in the last three years. Shares are in the green for the first half of the year. Readers can add and customize this screen using the CNBC Pro Stock Screener tool here . The data in the table below is current as of Friday. Oil major Chevron made the list. Shares have ticked up more than 6% in 2024. CVX YTD mountain Chevron stock. The company’s first-quarter earnings fell from the prior year, hurt by declining natural gas prices — a headwind shared by rival Exxon Mobil . Chevron CEO Mike Wirth told CNBC in May that he expects natural gas demand to outpace current forecasts thanks to the increase in data centers in the years ahead. Data centers consume extreme amounts of power and are key components of fueling AI applications. “We need to have the ability to provide baseload supply for all of these needs. I think natural gas will be a big part of that equation going forward,” he said . FedEx also made the list. Stock in the shipping giant has inched more than 1% higher in 2024. FedEx’s 14.6 trailing 12-month price-earnings ratio equates to a 29% discount compared with its five-year average. Elsewhere, the company recently hiked its quarterly dividend by 10%. FDX YTD mountain FedEx stock. UBS analyst Thomas Wadewitz reiterated a buy rating on FedEx stock in a June note, saying he’s hopeful that “the broader trend of margin improvement at FDX should provide support for the stock.” Investors have been worried about the quiet shipping activity expected in 2025 and the loss of its contract with the U.S. Postal Service. Altria Group is the most discounted stock on the list, with the stock’s trailing 12-month P/E representing a 116% haircut compared with its five-year average. The tobacco stock has climbed nearly 15% in 2024. MO YTD mountain Altria Group stock. The U.S. Food and Drug Administration recently approved marketing orders for the company’s NJOY menthol electronic cigarette. Other discounted names include Conagra Brands and Marathon Petroleum .