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Nvidia CEO Jensen Huang.SAM YEH/AFP via Getty Images Nvidia's earnings beat Wall Street's expectations last week, but that failed to translate into gains for its stock. The chipmaking giant's forward price-to-earnings ratio has dropped to its lowest level since December 2022, according to data from Refinitiv. That could make its shares more appealing to investors. Nvidia shares look like more of a bargain now, even though the trillion-dollar semiconductor company has already racked up massive gains this year.The chipmaking giant's forward price-to-earnings ratio has declined to an eight-month low of 33 times expected earnings as of Tuesday's opening bell, according to data from Refinitiv.Forward P/E ratios measure a company's stock price against its expected earnings over the next 12 months, helping investors to assess whether shares are over- or undervalued.Fellow Big Tech companies Apple, Microsoft, and Google parent Alphabet also have forward P/E ratios of around 30, per Refinitiv.Nvidia has been one of the biggest success stories of 2023, with its share price soaring over 220% year-to-date.Its specialized graphics processing units are seen as crucial for powering AI products like ChatGPT – so a massive surge in interest in that theme has helped power its stock higher.Last week, the company reported blowout second-quarter earnings and upped its profit guidance for the three months ending September 30.But those stellar results didn't translate into significant gains for its share price – leading to its forward P/E ratio falling from 46-times expected earnings to 33-times expected earnings, according to Refinitiv.Read the original article on Business Insider

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