Nvidia valuation falls to lowest level since 2019 as AI worries hit stock

Wall Street's broad S&P 500 index has a P/E ratio of just over 20, while the Nasdaq's P/E ratio averages 23.

Nvidia looks set to lose even more value in Wednesday's futures trading on Wall Street, with the stock the biggest loser among major tech stocks amid a new wave of AI concerns.

But Nvidia is still the world's most valuable publicly traded company, with a total valuation of $4.8 trillion. Apple and Google owner Alphabet - which have fared better in the recent turmoil in the AI sector - are hot on its heels at $4.6 trillion and $4.4 trillion, respectively.