Nvidia is too cheap versus chip peers, Bank of America argues

Bank of America's call reframes Nvidia's underperformance as a valuation anomaly rather than a fundamental warning sign, arguing the stock's next-12-month price-to-earnings ratio near an 11-year low leaves room for a re-rating once August earnings land. The note pushes back directly on two of the market's biggest overhangs, rising high-bandwidth memory cost…

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