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 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 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 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 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 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 is still cheap because the market doubts its growth in 2028 and beyond, and its latest guidance could change that. It guided for 70% growth versus the 45% analysts projected, despite being supply-constrained, which should lift expectations across the whole sector. x.com  x.com 

Nvidia looks cheap if its projection of about 70% growth in FY2028 holds, especially since that growth comes while supply is constrained. That would mean roughly $730B of revenue and $420B of operating profit, putting the stock at just 12x 2028 EBIT, which makes staying on the sidelines hard to justify. 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 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