Wall Street expects Nvidia to deliver $4.02 in earnings per share during fiscal 2026, which places its stock at a forward P/E ratio of just 28.7. From that perspective, it actually looks quite cheap!

It’s Fed decision day—and it'll be difficult for the chip maker's shares to make gains until investors have more clarity about the central bank's next move.

Nvidia stock has slipped by about 7% over the past month. The stock still makes a solid long-term buy, but another tech sector player is cheaper and may have stronger momentum right now. That said, Nvidia's stock isn't cheap,