India, Nov. 15 -- On November 12, Nvidia traded at about 12 times its expected earnings for the next twelve months. LSEG data show this is the cheapest it has been since November 2012, when the company mostly sold graphics cards to people who played video games. In one month it has shed more than $1 trillion of market value and slipped below $4 trillion for the first time since July 2025. Its founder has resigned over a scandal. Its chief financial officer is minding the shop. A share that is cheap is either a bargain or a warning. Which is it?

The first leg of the fall was political. On November 5, after the American midterm elections, the NASDAQ lost 5.5 per cent in a day because voters in several states had turned against data centres...