Nvidia's rising revenue alongside a much lower P/E is getting hard to ignore. Its chart shows quarterly revenue above $80 billion in Q2 2026 while the P/E is around 30x, down from much higher multiples in prior years. x.com 

Nvidia's earnings growth has outpaced its share-price gains, challenging the bubble claim. The attached comparison indexes both to 2020 and shows roughly 70x GAAP earnings versus 36x share price through 2026. x.com 

Nvidia's equity-investment book makes earnings vulnerable to an AI valuation downturn even if GPU sales hold up. Private and public stakes totaled about $99bn, or 31% of assets, in July; gains were $15.9bn in April and $7.8bn in July. Private holdings are marked on observable transactions or impairments, so losses could arrive in lumps. Nvidia generated about $127bn of free cash flow over four quarters, and the filing does not split private stakes by sector. x.com  x.com 

Nvidia looks interesting again because rising earnings estimates have not been reflected in its valuation. FY28 EPS estimates rose about 25% in 60 days while shares stayed roughly flat; it trades below 14 times FY28 earnings with a mid-single-digit free-cash-flow yield. Exponential change is hard to grasp, and it is hard to see Nvidia not winning if the US does, though there is little capital to absorb market wobbles. x.com  x.com 

NVIDIA keeps growing faster even as the market expects its growth to stop soon. Revenue rose 106% and net income 126%, its fourth consecutive quarter of acceleration, unprecedented for a company of its size. It also returned $26 billion to shareholders in the quarter while making strategic investments. x.com  x.com  x.com 

Nvidia is priced for perfection, so even strong earnings could send it lower; it fell after each of its last four beats, including one of 5.7%. Demand is real, with $1 trillion of orders for 2026–27 against about $253 billion of trailing sales, so slowing growth isn't the worry; the worry is that no result can satisfy a perfect price. At $5.2 trillion it is the S&P 500's biggest piece, and options imply a roughly 5% swing, about $260 billion, on the ~$92 billion of expected sales. x.com 

Nvidia's valuation gives too little credit to its expected long-term earnings growth. Its forward P/E-to-growth ratio is 0.28, the lowest since late 2023; the bullish read depends on those growth expectations proving accurate. x.com  x.com 

Nvidia's potential 70% revenue growth through 2027 would make today's $230 share price an absolute steal, even for a $5.6 trillion company. That valuation judgment depends on the growth materializing. x.com 

Falling AI token and compute prices are a perfect storm for Nvidia. Token costs are down about 30% since the start of June, falling on 15 of the past 18 days, while compute rental prices are 16% off their recent highs. The bull argument that this doesn't matter for Nvidia because the Silicon Token LLM index only tracks spot prices does not hold. x.com 

Nvidia's earnings power supports a $300 stock price. It made $59.7B of profit in one quarter, versus $4.4B of annual profit three years ago. Revenue doubled to $96.2B with data center at $89B, next quarter is guided to $108B with nothing assumed from China, and FY28 growth should be 70% versus the Street's 45%. x.com