Nvidia (NVDA) stock has been a market darling since AI became a mainstream phenomenon driving its shares over 800% higher for the last two years.
While data centers seem to have limitless expansion opportunities and new channels potential opening in consumer markets, there is a lot more AI chip competition now from some very strong rivals.
Valuation looks concerning, as shares trade at 54 times trailing earnings, 31 times next year's estimates, and 29 times sales, indicating nosebleed valuations.
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