Nvidia (NVDA) stock has sent a valuation signal for the first time in 13 years, breaking a 13-year pattern of trading at premium valuations ahead of the S&P 500. The company is now trading at nearly 19.7 times forward earnings, a significant shift from its premium pricing. This comes as Nvidia's fundamentals continue to impress, with Q4 revenue of $68.1 billion, up 73% from the prior-year period, data-center sales of $62.3 billion, and full-year revenue totalling $215.9 billion. However, investors are now questioning whether the company's massive AI spending will translate into sustained returns. Despite this, Nvidia CEO Jensen Huang recently stated that a $10 trillion valuation is not far-fetched.