Nvidia Is Cheaper Today Than on ChatGPT's Launch Day

$NVIDIA(NVDA)$ is up 9.8x since ChatGPT launched on November 30, 2022.

But here's the surprising part: measured against revenue, Nvidia is actually cheaper today than it was back then.

📊 Look at the numbers:

November 30, 2022: Nvidia traded at 14.6x trailing 12-month revenue.
July 2023: The multiple peaked at 45x as the stock price ran far ahead of reported revenue.
Since then: Trailing revenue has grown more than 10x, from $28.6B to $303B.
Today: The multiple has compressed to 13.2x, its lowest level since January 2023.

In other words, Nvidia's stock has surged nearly 10-fold, but its revenue has expanded even faster relative to its valuation.

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But here's the surprising part: measured against revenue, Nvidia is actually cheaper today than it was back then. 📊 Look at the numbers: November 30, 2022: Nvidia traded at 14.6x trailing 12-month revenue. July 2023: The multiple peaked at 45x as the stock price ran far ahead of reported revenue. Since then: Trailing revenue has grown more than 10x, from $28.6B to $303B. Today: The multiple has compressed to 13.2x, its lowest level since January 2023. 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