Depending on how you look at it, Nvidia Corp.’s stock can be seen as quite cheap, according to a Melius Research analyst.

The chip maker is currently trading at 23.3 times earnings expected over the next 12 months, which is below its five-year historic average of 40 times.

GTC 2025 conference is less than a week away, and investors are anticipating a catalyst for its struggling stock could be coming. That optimism helped shares jump as much as 7.4% today. Even so, Nvidia shares have lost more than 15% so far this year,