Announcements of deals with OpenAI have sent shares of chip makers Advanced Micro Devices Inc.

AMD and Broadcom Inc. AVGO soaring, while nuclear-energy stock Oklo Inc. OKLO has rallied almost 1,000% in the last year — despite having no revenues — on hopes that nuclear power will help meet the energy needs of artificial-intelligence infrastructure.

In a market trading on future potential instead of current fundamentals, many investors are wondering if the AI trade is overheating. And if AI is indeed becoming a bubble, what can you do to protect your portfolio?