Data as of the close of US stocks on November 9, 2026. Personal analysis, not investment advice. #英伟达冲击千亿美元季度营收纪录 As of the close on November 9, Nvidia was at $178.67, with a market cap of $4.31 trillion. This is a 26.6% drop from $243.37 on October 6, erasing $1.47 trillion from its peak market cap of $5.79 trillion. On November 5, the Nasdaq 100 index plunged 6.4% in a single day, the worst day since March 2020; the Philadelphia Semiconductor Index fell 12.2%, the second-largest single-day drop in history; Nvidia itself dropped 9.3%. On November 8, the CEO admitted to an extramarital affair, and the board launched an independent investigation. Everyone is asking the same question: Is this the bursting of the AI bubble, or another golden buying opportunity? My answer is: The fundamentals are not yet broken, valuations are no longer expensive, but whether they are "cheap" is no longer the core contradiction. The market is simultaneously repricing two things — "the peak of the AI capital expenditure cycle" and "the person of Jensen Huang." 1. Valuation: Unusually cheap for Nvidia Since 2023, Nvidia's forward PE has long ranged between 30–60 times. It is now 14.8 times, and only 11 times based on FY2028 — this is a "cyclical stock" pricing, not a "growth stock" pricing. This is not the market being foolish. The market is saying one thing: FY2028