AMD's GPUs may be more affordable, but many gamers still prefer Nvidia to power the heart of their PC. While Advanced Micro Devices ( AMD) makes excellent graphics cards, the top discrete GPU maker is Nvidia. While the bottom has not been confirmed yet, it may be close, and this may be an appropriate point to begin accumulating Nvidia shares now. We see the RSI bouncing around 30 here, illustrating oversold market conditions. While Nvidia could temporarily drop below $100, the stock will not likely remain below par for long. With the stock at around $115, I still think this level is a good buy-in point. I've mentioned the $100-120 range as an attractive buy-in zone in prior analyses. We see Nvidia's blowoff top last November, and the stock still has not found a bottom nearly a year later. With its stock price heading for $100, Nvidia is closing in on a 20 times forward earnings valuation, making the stock a solid intermediate to long-term buy around current levels. Nvidia's drop has been epic, and the stock is significantly cheaper than it's been in a long time. Moreover, Nvidia's data center business continues to boom, and the company has promising AI, automotive, and other secondary segments. The company's gaming segment should rebound after the economic slowdown, enabling gaming revenues to recover and grow again.

However, Nvidia is primarily facing transitory issues that should not impact the company's long-term revenue growth and earnings potential. The chip giant is going through a challenging period and experiencing an earnings decline. However, now that the stock is down by nearly 70% from its highs, Nvidia looks much more attractive. Remarkably, Nvidia had a market cap of around $800 billion and was trading at approximately 100 times TTM earnings and roughly 40 times TTM sales. Nvidia was one of the primary examples I used to outline how overvalued the market was in November 2021 in my ' Epic Drop Is Coming ' article. I was adamant about Nvidia ( NASDAQ: NVDA) being grossly overbought towards the end of the bull market last year.

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