Now before you hop aboard the Nvidia hype train, it’s important to note that the stock is currently traded at a forward price-to-earnings multiple of more than 50, which is significantly higher than other mega-cap stocks.
That’s up almost 200 percent from just over $350 billion at the beginning of the year, when the sentiment surrounding Nvidia was everything but euphoric. Having gained more than $300 billion in market cap since May 24, the company officially joined the exclusive trillion-dollar market cap club this week, when its share price closed at $410.22 on Tuesday, raising its market capitalization to $1,013 billion. Ever since Nvidia revealed how much (and how soon) it expects to profit from the AI hype, the chipmaker has been riding a wave of investor euphoria.
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