NEW YORKSAN FRANCISCO, Reuters Even after Nvidia Corp39;s blistering rally in recent days, the chip developer39;s valuation has actually fallen, at least by one measure widely used by analysts and investors.

The chip developer has risen more than 31 in the last three sessions including a 3 gain on Tuesday to 401.11. At one point during the session, its market capitalization surpassed 1 trillion.

Nvidia now trades at around 45 times Wall Street39;s average earnings estimates for the next 12 months a popular measure known as the forward priceearnings PE ratio. But it had traded at a multiple of 62 on May 18, roughly a week before Nvidia39;s quarterly update sent the market into a frenzy, according to data from Refinitiv.

While investors rushed to buy Nvidia39;s stock in recent sessions, its PE multiple has fallen simply because Wall Street39;s earnings expectations for the company rose even faster than its share price.

The consensus Wall Street expectation for Nvidia39;s secondquarter earnings per share has risen to 2.05, with analysts increasing their targets by an average of 95 while they increased their fullyear EPS estimates by 71 to 7.75.

That came after Nvidia last Wednesday forecast current quarter revenue more than 50 above Wall Street estimates, with Chief Executive Officer Jensen Huang saying the company is significantly increasing our supply to meet surging demand for data center chips.

Analysts raised their price targets to a median of 450 from 300 at the…