Nvidia has underperformed the Philadelphia Semiconductor Index by 55% year-to-date and 75% over the past year, while its business continues to grow at an extraordinary rate. The stock trades at approximately 16.7 times forward earnings, compared with a historical average of 35 times over the past five and ten years, marking its lowest multiple in at least a decade. The company increased its share buyback authorization by $150 billion to $235 billion through fiscal 2028, representing about 4% of its market value. Nvidia maintains roughly 97% market share in server GPUs, with recent quarterly revenue jumping 106% year-over-year and management guiding for approximately 70% revenue growth in fiscal 2028.
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