Are Nvidia and Tesla shares cheap enough to buy now?

Perhaps no two stocks represent current megatrends better than NVIDIA Corp $NVIDIA (NVDA.US)$ and Tesla Inc $Tesla (TSLA.US)$ .

For many years Tesla has been the poster child for the transition to electric vehicles. Meanwhile, Nvidia this year has become the beacon for artificial intelligence.

And both stocks have been popular with Australian investors looking for exposure to the US market.

But they have come off the boil in recent weeks.

Nvidia is down about 14% since the start of September, while the Tesla share price is a shocking 22% lower than where it was 10 October.