As a result, Nvidia stock slid about 14% over the past month. And this has brought valuation down -- Nvidia now trades at only 24 times forward earnings estimates, it's cheapest level in more than a year.

Depending on how you look at it, Nvidia Corp.’s stock can be seen as quite cheap, according to a Melius Research analyst. The semiconductor stock has a forward multiple of price to earnings that’s 41% below where it was the day that ChatGPT made its debut in late 2022,