“Many naysayers will come out and say oh, such a high P/E, I wouldn’t buy here,” says Mahoney. Others, such as Ken Mahoney of Mahoney Asset Management, are less bothered about valuation. It is trading on 38 times sales and over 200 times earnings, and we have “never before seen a price-to-sales ratio that high for a company of its size”, says Bilello. The other four members of that exclusive club – Apple, Microsoft, Amazon and Alphabet – have annual sales ranging between $208 billion and $525 billion (€194 billion to €490 billion), notes Creative Planning strategist Charlie Bilello, compared to just $26 billion for Nvidia. No one would say Nvidia, one of five US stocks (briefly) valued at over $1 trillion, looks cheap. Up some 170 per cent this year, it also looks expensive. Exuberance over artificial intelligence (AI) means Nvidia is the hottest stock in global markets right now.
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