Their P/E ratio is lower than in 2020 (before AI got rolling, and way below their 2023 peak.
If anything - based on current sales alone - NVDA is undervalued.
If (it’s a big if), NVDA get leapfrogged in hardware capability it will be trivial for the next generation of deployments to stop using them entirely (Google and Microsoft are already developing custom inference chips, as are others)
The same story goes back for years and years in consumer hardware too. AMD GPUs often had more raw compute capability, but fell short in actual game performance (or other applications).
Nvidia's moat is, at least partially, the software to make the hardware useful.
The hyperscalers are one story but research/consumer/“Everyman” inference is likely very different.
i would like to, but won't/can't buy their overpriced crap -> they're losing a customer -> they're doing something wrong -> their valuation is just about 0 to me, ballpark estimate