Nvidia has fallen about 22% over the past month, and CNBC host Jim Cramer says the sell-off has left the chipmaker trading at its cheapest valuation in roughly a decade. Speaking on his programme this week, Cramer put Nvidia's forward earnings multiple at 16.5, well below its 15-year average of about 30 times, and argued that investors are writing off a company he still sees as the dominant force in artificial intelligence infrastructure, TheStreet reported.

The slide has been brutal. Nvidia closed on Wednesday at $186.24, down nearly 7% on the day, and Thursday's session wiped out almost $450 billion of market value, with the shares closing 9.26% lower at $181.60. The company has now lost about $1.39 trillion since its record high of $243.37 on 6 October. Cramer responded by urging Nvidia to use its buyback firepower while its own stock is the cheapest asset around.

Analysts have largely backed the buying case. Bank of America kept its Buy rating, Morgan Stanley stayed Overweight and called Nvidia the best value in its group, and Melius Research set a $315 price target on 2 November, implying about 52% upside.

The business itself has been hard to fault. Fiscal second-quarter revenue reached $96.2 billion, data centre revenue was $89 billion, up 117% year on year, and earnings of $2.22 a share beat the $2.09 consensus. Nvidia guided fiscal third-quarter revenue to $108 billion and has repurchased about $39.8 billion of shares in the first half of fiscal 2027, with total buyback capacity at $235 billion. Gross margins are under pressure, guided to 74% this quarter and 71% to 72% in the fourth quarter of fiscal 2027 as Blackwell production ramps up. Shares steadied on Friday, closing at $186.64, ahead of third-quarter results on 17 November.