So I've been digging into the Magnificent Seven lately, and there's something that caught my attention that most people probably aren't talking about.

These seven tech giants - Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia, and Tesla - basically carried the S&P 500 to that massive 78% gain over the past couple years. They're the ones everyone's been chasing because they're all betting big on AI. Makes sense, right? AI is supposed to reshape how everything works.

But here's where it gets interesting. Tech stocks have been pulling back recently, and valuations have compressed pretty hard. A lot of these mega-cap names are actually trading at way more reasonable levels than they were a few months back. Some are even at their lowest points in nearly a year.

Now, if I asked you which of these Magnificent Seven stocks is the second cheapest right now, you'd probably guess wrong. I know I did at first.

It's Nvidia.

Yeah, Nvidia. The company that's been the absolute poster child for the AI boom. The stock everyone's been piling into. That one.

Right now it's trading at about 22x forward earnings, same ballpark as Meta. Pretty wild when you think about it. Nvidia just put up a blowout quarter - 65% revenue growth hitting $215 billion, a record. They make the GPUs that basically power everything in AI. Their chips are the fastest, which is why every company serious about AI keeps coming back to them.

So why did it get so cheap? Honestly, it wasn't because of anything fundamentally wrong with the AI story. The pullback was more about general tech sector weakness and some investors taking profits after massive runs. There's also been some chatter about whether companies are overinvesting in AI, whether the revenue opportunity will match the hype, that kind of thing.

But here's the thing - the underlying demand signal hasn't changed. Every company reporting earnings is saying the same thing: their AI customers are coming in hot, ordering products and services at a serious pace. Nvidia's talking about momentum in agentic AI, these systems that can actually reason and solve complex problems. That's not slowing down.

So you've got this situation where one of the key players in what might be the biggest tech shift in years is trading at a pretty reasonable valuation after a pullback. Could be worth paying attention to if you're looking at the Magnificent Seven right now.