$NVIDIA(NVDA.US)
Shiller PE is breaching 40 again, a level we’ve only seen in 1929, 1999, and 2021.
History tells us this is a rare valuation regime and usually means lower long term market returns.
For me, the key question is Nvidia.
NVDA is not just riding market multiples. It is driving real earnings growth from AI demand.
That said, in a high valuation market, even great companies face higher volatility and less room for disappointment.
I still believe Nvidia is a long term leader.
But at these extremes, expectations matter more than ever.
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