Nvidia (NASDAQ:NVDA) is the biggest beneficiary of the AI rally, but as analysts get more cautious about the AI narrative, those gains are starting to dissipate. NVDA stock has fallen sharply and plunged 12.

Shares of Nvidia (NASDAQ: NVDA) are falling on Monday. The company's stock lost 4.5% as of noon ET, but was down as much as 5.3% earlier in the day. The drop comes as the S&P 500 (SNPINDEX: ^GSPC) slipped 0.

A Bernstein analyst looks at several valuation metrics that are near 10-year lows and deemed Nvidia’s stock “increasingly attractive.”