I mean, they did make a lot of money, but they also had an extremely high valuation.

www.macrotrends.net/stocks/charts/…/pe-ratio

NVIDIA PE ratio as of November 20, 2025 is 48.45.

Something like 20 is typical for a mature company. Tech companies have, in the past, often had higher ratios, but that’s based on their expectation to grow, and expecting NVidia to dramatically grow from their current — already very high — valuation is asking a lot.

If NVidia were a small tech company that was doing well and clearly had a lot of market to expand into rapidly, that would be one thing.