Ahead of Nvidia Corp.'s (NASDAQ:NVDA) highly anticipated first quarter earnings report on May 20, top Wall Street analysts are signaling that the artificial intelligence (AI) juggernaut remains dramatically undervalued despite trading near recent all-time highs.

Wall Street’s Cheapest Bet

Cantor Fitzgerald's CJ Muse strongly defended the chipmaker’s current valuation, noting that the stock’s recent relative stagnation has left it remarkably affordable for long-term investors.

“Nvidia right now is trading 15 times… what we think they’ll earn next year,” Muse told CNBC, explicitly identifying Nvidia as the “cheapest name” within the firm’s semiconductor coverage.

Beyond predicting a standard “beat and raise” quarter, Muse expects Nvidia to announce a massive share buyback program exceeding 5% of its outstanding shares.

Altimeter’s Brad Gerstner, also in conversation with CNBC, echoed this bullish sentiment, emphasizing that Nvidia has been hiding in plain sight with the most attractive forward earnings multiple in the entire AI complex.

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