If I had $100 for every time I’ve read in the last three years that Nvidia (NVDA +2.97%) stock is “overvalued,” I would be swimming in some big bucks.
The artificial intelligence (AI) chip leader’s stock has run-up big following OpenAI’s release of its ChatGPT chatbot in late 2022. (It’s returned 1,350% over the three years to Oct. 28.) This event has sparked a rush among the big techs and other companies to obtain generative AI capabilities. But a big run-up in stock price alone does not necessarily mean a stock is overvalued.
To be clear — I’m not saying that Nvidia stock is immune to a big decline. Indeed, it could suffer one if…
