Or maybe NVidia was just heavily undervalued and the market just caught up. It wouldn't be the first time it happened. When AMD released first Epic/ThreadRippers which made it obvious they are going to wipe the floor with Intel, it was more than 10x cheaper than it is today.

People were shouting "P/E" and "Dividends" back then for a few years as well thinking it's crazy AMD approaches Intel's market cap.