Nvidia's forward price-to-earnings (P/E) ratio ticked down to 22.22x, a level not seen since June 2019 when it traded at 22.47x. For comparison, rival Advanced Micro Devices is trading at a forward P/E of 73.53x, and Intel at 136.99x. Despite the valuation drop, Nvidia's most recent fiscal 2026 revenue topped $215.9 billion, up 65% year over year, compared to $11.7 billion in 2019. Analysts anticipate further gains of $392.7 billion in its current fiscal year. AMD brought in $34.6 billion in its fiscal 2025, with analysts expecting $49.8 billion in 2026, while Intel saw revenue of $52.9 billion in 2025 and is anticipated to see $58.5 billion this year. Nvidia's issue stems from a broader AI trade and recent investor weariness with AI spending. The market has shifted focus from GPUs to competing chips, then to CPUs as agentic AI took hold, and more recently to memory and storage chipmakers. Micron stock has soared 639% over the past 12 months, and Sandisk is up more than 3,400%, though over the past month Micron dipped 2.7% and Sandisk ticked down 1%.