Nvidia Stock Just Did Something for the First Time in 10 Years. Here's What History Says Happens Next.

Key Points Nvidia's share price gains in 2026 pale in comparison to earlier periods of the AI boom. Nvidia's earnings are accelerating faster than the share price is appreciating, leading to a compression in valuation multiples. Historically, Nvidia's valuation multiples do not stay compressed for extended periods of time. 10 stocks we like better than Nvidia › After becoming the company that turned artificial intelligence (AI) from a research project into a generational spending boom, Nvidia (NASDAQ: NVDA) has delivered one of the greatest wealth-creation runs in recent market history. This year, however, the company's earnings estimates have raced ahead of the share price.