NVIDIA 11 March 2026 - 22 April 2026

Nvidia Corp’s forward price-to-earnings ratio has slumped to its lowest point since early 2019—a striking reversal for the chipmaker that has become the face of Wall Street’s AI enthusiasm. Shares sit nearly 20% off the October record, and right now, the stock is trading at about 19.6 times projected 12-month earnings. That’s just under the S&P 500’s multiple, which hovers near 20. The gap stands out, considering analysts expect Nvidia’s profits to jump more than 70% this fiscal year. For the S&P 500, that number is closer to 19%.

Shares of NVIDIA Corporation drifted just below $179 early Thursday, sticking close to their previous session’s 2% gain. That uptick kept the AI chipmaker’s market cap steady near $4.53 trillion. The stock tracked Wednesday’s recovery in chip names.

Nvidia stock edged down roughly 1% to $178.56 ahead of Friday’s bell, despite the company revealing it will supply Amazon Web Services with 1 million GPUs by 2027—a major deal for the AI chipmaker. The market cap stood at around $4.53 trillion at that level.