Nvidia ( NVDA 1.92%) has been one of the best long-term investments of all time. Since 1999, shares have increased in value by more than 285,000%, pushing the company's market capitalization into the trillions of dollars. The cause of Nvidia's soaring valuation has been the rise of artificial intelligence (AI).

A Bernstein analyst looks at several valuation metrics that are near 10-year lows and deemed Nvidia’s stock “increasingly attractive.”

Similar to how a sports franchise may be loved at the start of a dynasty run, then hated by the end of it, Nvidia seems not to capture the attention of the market anymore. It reported fantastic fourth-quarter results for its fiscal 2025 year (ended Jan. 26), and yet the stock sold off.