Nvidia's stock is the cheapest in 8 months, according to this key market metric

• Nvidia's earnings beat Wall Street's expectations last week, but that failed to translate into gains for its stock.
• The chipmaking giant's forward price-to-earnings ratio has dropped to its lowest level since December 2022, according to data from Refinitiv.
• That could make its shares more appealing to investors.

Nvidia shares look like more of a bargain now, even though the trillion-dollar semiconductor company has already racked up massive gains this year.