Bernstein has identified NVIDIA (NVDA.O) as undervalued compared to the Philadelphia Semiconductor Index, citing on-chain data. The analysis shows NVIDIA's forward price-to-earnings ratio at 25x, with a 13% discount, a level rarely seen in the past decade. Historically, investors purchasing at this valuation have seen returns exceeding 150% within a year. Bernstein maintains an 'Outperform' rating for NVIDIA, setting a price target of $275.