NVIDIA has skyrocketed about 132% so far this year, following a nearly 240% rise in 2023, courtesy of the fast-growing adoption of its H100 AI chips. However, its valuation does not seem overstretched, given that its earnings are growing faster than the share price. NVIDIA is currently trading at a P/E ratio of 42.85 versus 47.81 for Advanced Micro Devices ( AMD - Free Report ).