Nvidia Stock: Buy the Dip?

Parkev Tatevosian, CFA•Jul 11, 2026

Summary

Parkev Tatevosian, CFA presents a bullish case for Nvidia, noting that while the stock price has recently lagged behind competitors like AMD and Intel, its fundamental performance remains exceptional. Parkev Tatevosian, CFA highlights that Nvidia's revenue has increased nearly tenfold over the past three years, supported by an impressive operating profit margin of over 64%. Parkev Tatevosian, CFA believes the current market price of approximately $202 is a significant discount compared to a calculated fair value of $312.

Parkev Tatevosian, CFA acknowledges risks, such as hyperscalers like Amazon and Alphabet developing proprietary chips and the potential peaking of data center sales within the next 24 months. However, Parkev Tatevosian, CFA argues that Nvidia’s next growth catalysts will likely come from physical AI, autonomous vehicles, and healthcare. Compared to the valuation of Nvidia at a forward P/E of 22, Parkev Tatevosian, CFA views the valuations of AMD and Intel as excessive.

NVDA: Parkev Tatevosian, CFA maintains a very positive outlook on Nvidia, identifying it as the largest position in his portfolio and calculating a fair value of $312 per share. Parkev Tatevosian, CFA notes that the stock trades at only 1/3 the valuation of AMD and 1/5 that of Intel on a forward price-to-earnings basis. Parkev Tatevosian, CFA emphasizes that Nvidia's growth is driven by actual profit and cash flow rather than speculative market multiples.

AMD: Parkev Tatevosian, CFA expresses skepticism toward AMD’s current stock price, which trades at a forward P/E of 69. Parkev Tatevosian, CFA argues that while AMD is benefiting from a shift toward agentic AI workflows that favor CPUs, this growth does not justify such a premium valuation compared to Nvidia. Parkev Tatevosian, CFA suggests that AMD does not possess the same level of long-term competitive advantage as Nvidia despite recent market enthusiasm.

INTC: Parkev Tatevosian, CFA views Intel as overvalued with a forward P/E ratio of 97, which is roughly five times the valuation of Nvidia. Parkev Tatevosian, CFA explains that Intel's recent growth comes from a position of historical deficiency and is unlikely to persist at levels that justify its current market premium. Parkev Tatevosian, CFA concludes that Intel is one of several semiconductor stocks trading at valuations well above what they deserve based on fundamentals.

Mentioned Stocks

NVDA

Sentiment: BUYAction: RECOMMENDED

Reasoning: Parkev Tatevosian, CFA calculates a fair value of $312 per share, indicating significant upside from the current price of approximately $202. Parkev Tatevosian, CFA highlights a forward P/E of 22 and an operating margin of 64%, arguing that the stock is 'ridiculously cheap' compared to peers. Parkev Tatevosian, CFA notes it is his largest portfolio position and he is interested in adding more.

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AMD

Sentiment: SELL

Reasoning: Parkev Tatevosian, CFA views AMD's forward P/E of 69 as excessive, being three times more expensive than Nvidia. Parkev Tatevosian, CFA argues that the current enthusiasm for AMD's role in agentic AI is unlikely to persist at levels that justify its premium valuation. Parkev Tatevosian, CFA believes the stock is trading at a premium well above what it deserves.

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INTC

Sentiment: SELL

Reasoning: Parkev Tatevosian, CFA notes that Intel trades at a forward P/E of 97, which is roughly five times the valuation of Nvidia. Parkev Tatevosian, CFA states that Intel's growth is coming from a position of deficiency and does not reflect a long-term competitive advantage over Nvidia. Parkev Tatevosian, CFA considers the stock to be significantly overvalued compared to its fundamentals.

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