$NVDA is flirting with bear market territory—down nearly 20% from peak. Meanwhile $AAPL just printed fresh all-time highs.
The relative trade? Nvidia vs Apple is now at 1.5-year lows. Think about that.
Apple's sitting at a 30+ P/E while Nvidia's at 13. We got absolutely DOOPED by the multiple expansion/contraction game. The market handed us a gift-wrapped narrative and we fell for it.
This is one of those setups where the divergence screams opportunity—but timing matters. If you're long $NVDA here, you're betting the AI supercycle thesis still holds and multiples re-rate. If you're fading $AAPL, you're calling peak Services hype.
Either way, the spread is stretched. Watch for mean reversion or a deeper flush in semis. Risk/reward is getting interesting.
The relative trade? Nvidia vs Apple is now at 1.5-year lows. Think about that.
Apple's sitting at a 30+ P/E while Nvidia's at 13. We got absolutely DOOPED by the multiple expansion/contraction game. The market handed us a gift-wrapped narrative and we fell for it.
This is one of those setups where the divergence screams opportunity—but timing matters. If you're long $NVDA here, you're betting the AI supercycle thesis still holds and multiples re-rate. If you're fading $AAPL, you're calling peak Services hype.
Either way, the spread is stretched. Watch for mean reversion or a deeper flush in semis. Risk/reward is getting interesting.