Nvidia stock is 'cheap as chips', as the popular British saying goes.

In fact, the shares haven't been this cheap in more than 11 years. The company's forward price to earnings ratio stood at 18.16 at the close Monday, its lowest level since April 6, 2015, according to Dow Jones Market Data.

It was a sobering day for the AI chip maker, which lost its crown as the world's most valuable company to Apple after its shares slumped 5%. A rebound doesn't appear likely yet, with the stock down 1% in premarket trading.

But its bargain status may be a silver lining for investors, particularly with a slew of Big Tech earnings and the potential for ramped up AI spending numbers in the days ahead.

There are still concerns, though. The stock fell alongside a broader semiconductor sector selloff after reports that a Chinese company has started mass producing key chip-making machines.

Another, perhaps more worrying, factor behind Nvidia's underperformance was a report that the company is in talks with OpenAI over a $250 billion guarantee to finance a data-center project in Ohio, The Wall Street Journal reported.

To borrow another British idiom--it's swings and roundabouts.