[NVIDIA's Market Value Evaporates by $1 Trillion in Less Than Two Months, Valuation Returns to Pre-AI Boom Levels] According to a report by Jinse Finance, on July 8, NVIDIA's stock hit its lowest level since the artificial intelligence boom that had driven the stock's surge, following a market value evaporation of approximately $1 trillion in less than two months. The chipmaker's graphics processing units (GPUs) still dominate the AI data center market. However, its stock price has dropped 16% since reaching an all-time high on May 14, as investors adjust their AI trading strategies, selling NVIDIA shares and shifting to other semiconductor manufacturers, particularly those in the memory market. Data shows that the sell-off has resulted in NVIDIA's price-to-earnings (P/E) ratio based on expected earnings over the next 12 months falling to 18x. The last time it reached such a low level was in early 2019. To better understand the extent of the decline, a comparison with benchmark indices reveals that the S&P 500's expected P/E ratio is 20x, while the Nasdaq 100's expected P/E ratio is close to 23x.