Nvidia closed at $202.06, about $2 above the $200 level, valuing the company at $4.88 trillion, and has not closed below $200 since July 30. Melius Research cut its target to $315 from $420 while keeping a positive rating, warning that valuations may stay under pressure as major customers issue hundreds of billions of dollars in stock and debt to fund data centers. The shares are 15.5% below their October 6 record close of $239.24, a decline that has erased roughly $900 billion of market value. Revenue rose 106% last quarter, yet the stock trades at about 17 times forward earnings. Nvidia reports on November 17, with guidance calling for revenue of $108 billion, plus or minus 2%, and a gross margin of 74%, plus or minus 50 basis points.
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