Stock darling Nvidia (NVDA() has quickly lost its luster.
Trading over $290 in the beginning of October, it closed the week at $164.43.
A drop of over 43%.
According to Cointelegraph the demand for Nvidia’s GPUs dried up as a result of the crypto crash.
And that’s left Nvidia with some excess inventory.
It’s still a juggernaut of a company though.
And it grew it’s revenues by over 20% during the quarter.
The last time you could get NVDA at this price was over a year ago in September 2017.
It’s even more interesting when you look at the valuation.
The last time NVDA traded at a PE this low was in 2015.
Long NVDA.
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