In the short run, markets are a voting machine; in the long run, they’re a weighing machine. — Ben Graham If you own a slice of nVidia’s shares at a current P/

In the short run, markets are a voting machine; in the long run, they’re a weighing machine. — Ben Graham If you own a slice of nVidia’s shares at a current P/E of 37, after a year, they’ve earned 2.7% of the value and you still have the same stake as you did before. That’s pricing in further growth and upside in earnings from here (otherwise, you could buy US treasuries at a better price), but doesn’t seem outrageous to me. Disclaimer: I don’t directly own any $NVDA; I do own mutual funds that own some.