Nvidia Forward P/E Falls Below 17x, Lowest in Over a Decade

The compression in Nvidia's forward multiple says less about the shares than about how fast the earnings denominator is now expected to grow — a valuation can fall while the business accelerates. The read-across matters for crypto and AI-adjacent RWA names that have traded as derivative exposure to the same compute narrative, since a cheaper AI bellwether can reset the multiples investors are willing to pay elsewhere. The open question is whether this reflects genuine skepticism about sustaining that growth or simply earnings estimates outrunning the price.