Nvidia ( NVDA 0.53%) is one of the hottest stocks on the market today. Over the past five years, Nvidia shares have soared in value by nearly 1,500%, including another 20% in the last 12 months. Think the run is over? Think again. Nvidia stock remains far cheaper than most investors realize due to one critical factor.

Nvidia stock is up more than 50% over the past three months, leading the broader market rebound after the tariff selloff.

Many investors may wonder if shares have gotten too expensive to buy. Don't be fooled: Nvidia stock is still reasonably priced. Get the story here.

The accomplishment is even more impressive considering it has been just two years since Nvidia passed $1 trillion in market cap. Apple and Amazon reached $1 trillion in 2018 and Microsoft followed suit in 2019.

A combination of tight credit spreads, a low VIX, placid bond markets, and high valuations for riskier assets could be a sign investors are complacent.