Nvidia's Cheap Multiple Meets AMD's Memory Cost Squeeze

Nvidia reports fiscal second-quarter results Wednesday after the close carrying a forward multiple of 23.6x, a number that sits roughly in line with the S&P 500's own valuation even though the Street is modeling 97.2% year-over-year revenue growth for the quarter. That gap between growth and multiple is the equities story of the week, and it arrives alongside a second, connected thread: AMD's newly detailed MI455X accelerator carries 432GB of HBM4 memory, a 50% jump from the prior generation, and the bill for that memory is starting to show up in AMD's cost structure before a single unit ships. Read together with a broadening case for mega-cap names trading at a discount to their own history…