Jim Cramer recently characterized Nvidia (NASDAQ:NVDA) as the cheapest stock in a decade, noting its forward multiple has dropped to approximately 16.5x earnings. This assessment comes as the stock price fell 22% over the past month, trading at $186.24 on November 5, 2026. Cramer argues that despite recent selling pressure, the valuation metrics support a buy recommendation, citing historical lows in forward multiples compared to the company's long-term average. Financially, Nvidia reported robust performance in its fiscal second quarter with revenue doubling to $96.22 billion and Data Center revenue surging 117% to $89.02 billion. The company beat consensus estimates for both revenue and non-GAAP EPS of $2.22. Management provided guidance for the current quarter of $108 billion, explicitly stating that supply constraints are currently limiting growth rather than demand. However, several factors are driving investor caution and suppressing the stock's multiple. Gross margins are expected to compress to a floor of 71% to 72% due to rising memory costs. Additionally, Nvidia has committed nearly $50 billion to frontier AI lab investments and holds $279 billion in supply commitments. Days sales outstanding have also extended to 60 days from 45, reflecting changes in payment collection cycles. The market's skepticism is further fueled by the exclusion of China data center compute revenue from current forecasts and a wide spread in analyst earnings estimates for fiscal 2028. While Nvidia has returned significant capital through buybacks and dividends, the combination of margin pressure, massive capex, and geopolitical headwinds suggests investors are pricing in potential growth deceleration despite strong underlying demand.