In contrast, Nvidia is up nearly 200% so far this year (and 2,600% over five) and when comparing the graphics card maker’s stock valuation to the mining industry’s collective worth, it’s difficult not to wonder if something is not awry with how global investors appraise the industrial economy.
Should Nvidia (or Microsoft or Apple for that matter) be worth more than twice the top 50 miners? Outside the top 50 the average market cap quickly shrinks to the low teens so Nvidia is in fact worth more than the entire listed mining industry.
Even when extending the top 50 into metals and energy – steel, aluminium and electricity companies often operate their own mines – Nvidia can still throw shade. BHP does not even crack the top 100 most valuable companies in the world and is worth less than Booking.com, and Temu and Zara’s owners, none of which can exactly be called the building blocks of the…
