The Globe and Mail reports in its Tuesday edition that Nvidia is trading at its cheapest price-to-earnings multiple since before ChatGPT kicked off the artificial intelligence boom. A Reuters dispatch to The Globe reports that the steep drop in Nvidia's PE suggests the shares may be a bargain. Nvidia shares have tumbled nearly 20 per cent from their record high close in October, with the company caught up in a broad market sell-off over fears the Iran war will keep oil prices elevated and fuel a wave of inflation. Investors have also worried that heavy spending on AI infrastructure by Microsoft, Alphabet, Amazon and other Nvidia customers may be taking longer than expected to pay off with increased revenue and profits. These combined concerns have bled over $800-billion (U.S.) from Nvidia's stock market value, now at about $4-trillion (U.S.), even as the company reported successive quarters of climbing gross margins, now at 75 per cent. Nvidia shares are now trading at about 19.6 times its expected 12-month earnings, their lowest valuation since early 2019, a year before the coronavirus pandemic and four years before OpenAI's launch of ChatGPT ignited a rally in the shares of Nvidia and other AI-related stocks.