Is Nvidia actually expensive at 32 times earnings? I think that number can melt faster than people realise.

📊 Cheap in disguise?: The most-followed community Narrative has it at 24% undervalued.
📈 Do the math: What analysts expect Nvidia's future earnings to do.
🤖 Beyond the chips: Why Nvidia is pushing into robotics and physical AI.

I think the current calls around Nvidia being overvalued misses the math. Today it's expected to roughly double its earnings per share from a year ago. If the AI data center buildout keeps compounding and the share price stands still, that 32 times could fall toward 13 in a few years. 

Of course, that whole case rests on one word: if. Which is what makes tonight one of the four hold-your-breath moments we now get with Nvidia every year, a glimpse of whether the buildout has enough behind it to keep going.

What part of today's Nvidia result deserves the most attention?