Nvidia (NASDAQ: NVDA) has seen a 17% decline since reaching an all-time high in mid-May 2023, despite a remarkable 85% year-over-year revenue increase for its fiscal first quarter ending April 30. The company’s data center revenue soared by 92%, accounting for 92% of total revenue, highlighting its dominance in high-performance GPUs and AI accelerators.
In the midst of this downturn, Apple (NASDAQ: AAPL) has overtaken Nvidia in market capitalization. Cathie Wood, CEO of Ark Invest, has been actively buying Nvidia shares across Ark’s major exchange-traded funds, suggesting a belief in the stock’s long-term value despite current challenges. Nvidia’s stock is currently trading at 22 times projected earnings for this fiscal year, which some analysts view as an attractive valuation in the context of its earnings growth.
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