Nvidia Stock Hasn't Been This Cheap Since Before 2019. How to Play NVDA Stock Here.

Nvidia stock has not been this cheap since before 2019, as the latest Bloomberg reporting shows NVDA trading at its lowest earnings multiple before the AI rally began. The move comes despite another blockbuster earnings period, but the stock has struggled to return to its prior highs as investors weigh slowing China growth, intensifying competition, and elevated expectations. Even with the pullback from February peaks, Nvidia shares are up about 13% year-to-date in 2026, outpacing roughly 11% gains for the S&P 500. The valuation shift is tied to NVDA’s forward earnings multiple falling to about 18 times, more than 50% below its five-year average, with the forward P/E now closer to 23. Forward P/S remains around 22, while PEG is near 0.45, leaving the key question whether growth targets can hold. The article cites a Bloomberg survey indicating Chinese tech firms plan to direct about 46% of AI chip spending to domestic suppliers next year versus about 30% now, adding pressure despite Nvidia’s alleged ~85% share of global AI GPUs.