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Three months ago, this would’ve sounded absurd. Today, it’s math. Exxon Mobil Corp(NYSE:XOM) stock now trades at a higher forward P/E (price-to-earnings ratio) than Nvidia Corp (NASDAQ:NVDA).
Benzinga Pro data suggests their respective forward P/E ratios stand at 22.3x vs 21.4x (as on April 1)— flipping one of the market’s most dominant narratives: that AI commands the richest valuations.
It’s Not Just Higher Oil Prices
At first glance, it looks like oil has overtaken AI. But the reality is more nuanced.
Nvidia’s forward multiple has compressed as earnings expectations surge — the denominator is rising fast. …
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