Since hitting its all-time closing high of 20,056 back on Feb. 19, the tech-heavy stock index has fallen an unlucky 13%, closing Monday at 17,453. Stocks of all stripes have gotten hit, including one market giant whose fall I bet almost nobody saw coming:

Nvidia stock was hammered big time during the Nasdaq sell-off of 2022. Here's what Nvidia's growth and valuation may mean for what's happening now.

Already in a slump before Monday's tumble, the Nasdaq's recent plunge has turned the software giant's stock into an outright bargain.

However, in addition to its prospects above, Nvidia stock is also surprisingly cheap after the recent pullback. It now trades at a forward price-to-earnings (P/E) ratio of just 24, which is comparable to the S&P 500 's forward P/E of 20.7.