NVDA is up >800% since the release of ChatGPT
$NVIDIA(NVDA)$ is up >800% since the release of ChatGPT.
Yet, it’s STILL trading at a lower Fwd P/E today than it was when ChatGPT was released.
The NVDA 8x rally has been driven entirely by earnings growth rather than multiple expansion.
This is NOT what we saw during the Dot Com Bubble…
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