Nvidia (NVDA) has been one of the biggest winners of the artificial intelligence (AI) boom, but investors are starting to ask a different question. After years of premium valuations, the latest Bloomberg report says that stock is now trading at its cheapest earnings multiple since before the AI rally began.
That comes even after another blockbuster earnings report. Yet NVDA stock has struggled to revisit its highs as investors weigh slowing China growth, rising competition, and lofty expectations.