Nvidia Valuation Hits 15-Year Low: Bargain or Falling Knife?

Nvidia's valuation has slid to its lowest level in roughly 15 years, and by one common yardstick the chipmaker now trades at a discount to the broader S&P 500. For a company that became the face of the AI boom, that is a striking reversal. It has also put an old question back on the table: is this a buying opportunity, or is the stock still falling?

The answer depends on which measure you trust and what you expect from future earnings. A lower multiple can mean the market is pricing in slower growth, tougher competition, or a peak in demand for AI chips. It can also mean a strong business has simply fallen out of favor with investors who have grown nervous about how much spending on artificial intelligence will ultimately pay off. A single ratio rarely settles that debate, so the next few quarters of earnings and guidance will likely count for more than the headline number.

Elsewhere, CoreWeave, a cloud provider that rents out Nvidia-powered computing capacity, is laying out its plan for its debt. The company has borrowed heavily to build out data centers, and its financing choices matter to lenders and shareholders alike, since borrowing costs can shape how quickly an AI infrastructure firm is able to expand.

In fixed income, bonds got a quieter stretch around Veterans Day, when many US markets were closed or thinly traded. With little fresh price action, attention is turning to the next round of economic data and any signals from the Federal Reserve about the path of interest rates.