Baker notes NVIDIA trades at its lowest forward PE in ten years.
“NVIDIA is actually, as we record this, at its lowest forward PE of the last ten years.”
Baker says valuation spreads within sectors reached 4.5 standard deviations, now at 3.5 standard deviations.
“Valuation spreads within a sector between individual stocks are at all time highs. It was a 4.5 standard deviation relative to the norm only a few days ago.”