Nvidia NASDAQ:NVDA shares are trading at their lowest valuation since before the artificial intelligence boom despite expectations for continued revenue growth, according to a Wednesday Bloomberg report.
Nvidia has declined about 15% from its May record high, reducing its market value by roughly $1 trillion as investors shifted toward other semiconductor names. Memory-chip maker Micron Technology NASDAQ:MU, along with Advanced Micro Devices (AMD) and Intel NASDAQ:INTC, has outperformed Nvidia this year, while the chipmaker now trades at roughly 18 times projected earnings for the next 12 months.
That valuation places Nvidia below the forward earnings multiples of both the S&P 500 and Nasdaq 100. Bloomberg data also showed Nvidia is valued below nearly half the companies in the S&P 500, including businesses with slower expected revenue growth.
Nvidia remains among the fastest-growing large-cap companies, with analysts forecasting one of the strongest revenue expansion rates in the index this year. However, the stock has gained about 5.6% in 2026 after surging more than 1,100% between late 2022 and 2025. Meanwhile, the Philadelphia Semiconductor Index has climbed about 74% this year, led by strong gains in Micron as demand for high-bandwidth memory chips accelerated.