Tom Lee: $NVDA Is a Sentiment Barometer for the AI Trade, Peak Enthusiasm Still Far Off

Tom Lee says $NVDA's valuation is still far from signaling peak AI enthusiasm, calling the stock a sentiment barometer for the broader AI trade. Fundstrat agrees that Nvidia's valuation multiple has remained capped rather than aggressively re-rating higher.
Lee argues investors cannot be truly euphoric about AI until $NVDA follows a Cisco-like path and re-rates toward the broader market's multiple. Traders currently price a 73% chance that Nvidia remains the world's largest company by market cap at the end of 2026.