Those statistics get more extreme than that. Nvidia’s stock is currently trading at about a 13% discount to the PHLX Semiconductor Index Rasgon said, when looking at their respective forward P/Es. In the past decade, he said that there have only been 13 days when the chip maker’s stock has been cheaper on a relative basis.

Micron’s dramatic beat has analysts feeling upbeat about the company’s ability to be a huge beneficiary of the AI boom.