
Nvidia, a purveyor of silicon baubles, has become the darling of the moment, fuelled by the current obsession with artificial intelligence. One might expect such a favoured child to be priced accordingly, and indeed, a cursory glance reveals a valuation that would once have been considered immodest. However, at a forward price-to-earnings ratio of merely 22, it is, comparatively speaking, less outrageous than many of its peers. The company recently reported revenue growth of 73%, a figure that would impress even the most hardened optimist, and anticipates further acceleration. It is, in short, a beneficiary of the prevailing madness, and therefore, a moderately sensible place to park some capital.