Nvidia's unexpectedly cheap multiple stirs questions ahead of earnings

Nvidia trades with a forward P/E around 24x, a valuation many see as cheap given its rapid growth, but JPMorgan and other analysts warn that the stock may need a rerating as investors shift from speculative hopes to actual profits. Catalysts for upside include sustained AI-compute leadership, cost-per-token reductions, and potential upside from China GPU shipments, though near-term guidance and cyclical risks remain a consideration ahead of earnings.