Nvidia has shed about $1 trillion in market value in under two months, leaving the chip maker trading at roughly 18 times projected 12‑month earnings—its lowest valuation since before the AI-fueled rally. The stock is down 16% from its May 14 record even as analysts lift profit estimates, a sign investors are rotating toward memory and storage names such as Micron and into rivals including AMD and Intel. Nvidia’s multiple now sits below the broader market, cheaper than both the S&P 500 and Nasdaq-100, despite expectations for one of the fastest revenue growth rates in the index. Some portfolio managers argue sentiment, not fundamentals, has turned, while others see the pullback as an opportunity given Nvidia’s dominance in AI data centers. The shares are now valued below half the S&P 500 constituents, including staples like Hershey and utility Dominion Energy—an inversion that highlights how far the former market leader has fallen in the market’s shifting AI trade.
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— Nvidia
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— Intel
