Nvidia Stock Is Down 17% From Its High. Is the Artificial Intelligence (AI) Leader Finally Cheap?

Nvidia's stock has declined 17% from its May peak, but the article argues it presents a buying opportunity. With upcoming earnings reports from major AI hyperscalers and TSMC in July, along with Microsoft's FY2027 capex guidance, there are catalysts that could drive the stock back to all-time highs. Trading at 21.7x forward earnings (in line with the S&P 500), Nvidia appears fairly valued given strong AI spending trends expected to exceed $1 trillion next year.