$NVDA 20261218 210.0 PUT$ NVDA fundamentals are still extraordinary — revenue up 105.85% YoY, net margin 62%, ROE above 110% — while the stock has de-rated hard: forward P/E is 20.1x versus a 34.6x historical average, and the price sits in the bottom 28% of its 52-week range. That combination means the market is no longer pricing "AI growth" but "AI growth with a question mark." Whether the drawdown is a valuation reset or the start of an earnings downgrade cycle is the single variable that decides the outcome, and the 2026-11-17 report is the nearest test.
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