Wall Street expects Nvidia to deliver $4.02 in earnings per share during fiscal 2026, which places its stock at a forward P/E ratio of just 28.7. From that perspective, it actually looks quite cheap!

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The chip maker's shares have tended to pop after the Federal Reserve cuts interest rates, judging by data stretching back to 1999.

Nvidia stock has slipped by about 7% over the past month. The stock still makes a solid long-term buy, but another tech sector player is cheaper and may have stronger momentum right now. That said, Nvidia's stock isn't cheap,