Nvidia’s valuation multiple drops to pre-AI boom levels even as fiscal 2026 revenue surges 65% year-over-year to $215.9 billion.
Nvidia’s forward price-to-earnings ratio declined to 22.22x, matching levels last seen in June 2019. The drop contrasts with record fiscal 2026 revenue of $215.9 billion, up 65% from the prior year.
Analysts project further growth to $392.7 billion in the current fiscal year. Competitors AMD and Intel trade at forward P/E ratios of 73.53x and 136.99x, respectively, despite lower revenue figures.
The valuation shift reflects broader investor caution on AI spending after an initial GPU-driven rally. Market focus has expanded beyond hardware to include competing chips and infrastructure costs.