Nvidia has lost roughly $1 trillion in market value in less than two months, sending its stock to its cheapest level since before the AI boom. The shares have tumbled 16% from their May 14 all-time high, now trading at 18 times forward earnings, cheaper than both the S&P 500 and Nasdaq 100. The selloff reflects a rotation into other AI plays like Micron Technology, which has surged 229% this year, rather than a deteriorating outlook, as analysts continue to raise profit estimates. Nvidia still commands 97% of the server GPU market and is projected to earn $228 billion on $393 billion in revenue in fiscal 2027, with an average analyst price target of $302 implying over 50% upside.
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