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'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 is a capital-cycle cyclical, so its strong near-term guidance only sets up a bigger slowdown later. Its FY28 guide for 70% growth, versus 45% consensus, means a bigger deceleration in FY29. Arguments that NVIDIA deserves a market multiple or more on $400B-plus of FY2028 net income ignore how such cyclicals behave. x.com  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 projected earnings growth could support substantial upside without an enormous multiple. At $221.97 it trades at 10.4x estimated FY2029 earnings; even at $350, nearly 58% higher, it would trade near 16.4x. Estimates imply roughly 130% cumulative EPS growth over the next two fiscal years and may be conservative. SpaceX and Meta earnings look bullish for future chip demand. Slower AI spending, margin pressure or competition could undermine the estimates. x.com  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 cheap at perhaps 13–14x FY28 EPS based on its own guidance. On its call it guided to about 70% revenue growth in FY28, ending January 2028, versus consensus of only 44.5%. x.com  x.com 

NVIDIA's valuation fell because earnings grew faster than the stock, not because the business slowed. It trades below 17x forward earnings, near its cheapest in over a decade, with net income expected to grow 99% this fiscal year while the stock is up 22%. Quarterly revenue was $96.2B, up 106%, at a 75% gross margin, and next quarter is guided at $108B with no China data-center revenue. About 70% growth is expected in fiscal 2028, limited by supply, and Vera Rubin is ramping fastest ever. 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 growth outlook runs well ahead of the market's. Nvidia is guiding to 70% revenue growth in FY2028, while consensus expects only 50%. x.com  x.com