Nvidia at an all-time high, but this surprising figure is actually at a low

Nvidia's stock reached a record market cap of nearly $5.8 trillion, yet its price-to-earnings ratio is at a multi-year low. In contrast, Apple trades at a higher P/E ratio. Almost all analysts recommend buying.

Nvidia's stock surged over 2% in Nasdaq trading yesterday (Tuesday, October 6, 2026), reaching a record market cap of nearly $5.8 trillion, breaking the previous record from May this year. However, the company's price-to-earnings (P/E) ratio is at its lowest level in several years, after peaking at over 200 in mid-2023. The reason: profits have grown at a faster rate than the stock price. In contrast, Apple, considered a more stable and mature company, trades at a higher P/E ratio of around 38. The gap reflects high expectations for Nvidia, alongside the risk of a potential slowdown in AI infrastructure investments. Analysts are optimistic: nearly all 59 analysts covering the stock give it a buy rating, with an average price target of $238 per share—an upside of almost 40%.