After NVIDIA rose to $227, I realized Wall Street no longer talks about PE

After NVIDIA hit a new high, the market has entered a magical state.
In the past, when analyzing stocks, everyone discussed PE, profits, and cash flow.
Now, when analyzing NVIDIA, everyone only talks about one thing:
"How long can AI keep going crazy?"
Because traditional valuation systems are almost unable to keep up with the AI narrative speed.
In the past, chip companies were cyclical stocks.
Now, NVIDIA is like a religious stock.
Every earnings report, the whole world is waiting for Jensen Huang to "preach."
Even more exaggerated, global tech companies have entered an AI arms race.
Microsoft is rapidly expanding data centers;
Meta is frantically buying graphics cards;
Elon Musk is directly building supercomputing centers.
And most of this money ultimately flows into NVIDIA.
So many people say:
NVIDIA isn’t just selling GPUs, it’s selling a “ticket to the future world.”
My prediction for May 2026 is $280–$340.
The logic is simple:
As long as AI capital expenditure doesn’t cool down, NVIDIA’s profits will continue to exceed expectations.
But the real danger lies here.
The market now assumes AI demand is forever unlimited.
But history tells us:
All industries that expand wildly will eventually experience overcapacity.
Once GPU supply starts catching up with demand, valuation logic will change.
At that point, the market will suddenly shift from “the future is infinitely large” to “how much profits can still grow.”
Then, volatility will be very terrifying.
But at least for now, funds are still betting wildly:
AI is not a bubble, but a new era industrial revolution.
And NVIDIA is the one who first got on the rocket.