Nvidia is the cheapest it has been relative to its own growth since the AI trade began, and that is the least interesting thing about it. At $216.85 the stock trades on roughly 21.7 times forward earnings while guiding to 85% revenue growth. The interesting thing is what appeared in the accounts three months ago: in the January-to-April quarter, Nvidia's net income exceeded its operating income — $58.3bn against $53.5bn. That had never happened …
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