Why is Nvidia stock facing increased competition and what are analysts saying about its valuation?

AMD is intensifying competition while analysts cite Nvidia's elevated 24.5x P/E multiple as overvalued, with concerns about timing of returns.

Competitive Threats Emerging

AMD is posing increased competitive challenges to Nvidia's AI dominance. Recent headlines indicate AMD stock jumped on improved AI forecasts, with Wall Street analysts viewing this as evidence of a bigger fight ahead against Nvidia. Additionally, Alphabet is noted as closing in on Nvidia's AI lead, suggesting multiple competitors are challenging the company's market position.