After losing roughly $1 trillion in market value in less than two months, Nvidia Corp.’s stock is trading at 18 times earnings projected over the next 12 months, the cheapest since early 2019, according to data compiled by Bloomberg. The stock has tumbled 16% since hitting an all-time high on May 14, as investors rejigger the AI trade by ditching Nvidia in favor of competing semiconductor manufacturers, particularly those in the memory market. Nvidia is now cheaper than the S&P 500 Index, which is priced above 20 times forward earnings, and the technology-heavy Nasdaq 100 Index, which is at almost 23 times. The selloff is not due to a deteriorating outlook; Wall Street analysts have been raising their profit estimates for the coming quarters. Instead, the AI trade is shifting to areas like memory and storage stocks such as Micron Technology Inc., which is up 229% in 2026. Nvidia is the third-worst performer in the Philadelphia Stock Exchange Semiconductor Index, which has jumped 74%. Nvidia’s shares are up just 5.6% in 2026, trailing the S&P 500’s 9.6% gain and the Nasdaq 100’s 16% rise.