NVIDIA raised its guidance, yet its forward P/E hit a decade low
NVIDIA's forward P/E has fallen to a decade low as the market prices in doubts about AI profit durability; watch margins and cloud capex next.
Original event 2026-09-22
According to Bloomberg data relayed by IT之家, NVIDIA's forward P/E on the next twelve months' expected earnings has fallen below 17x, a decade low; as recently as May it was above 25x.
Over the same period the company guided FY2028 sales growth of 70%, well above the 45% the market had previously expected, while analysts on average forecast FY2027 revenue up 90% and net profit up 99%. The valuation compression reflects market doubt about whether that growth and the margins can last, with rising memory costs and the largest customers building their own chips as the main concerns.
This is a Bloomberg calculation relayed by a media report, not company disclosure; some investors read the low multiple as attractive instead, and the two views will be tested by fourth-quarter gross margin.