Investor Peter Schiff recently highlighted the enormous market capitalization gain of Nvidia Corporation NVDA, comparing it to the total worth of the top 85 publicly traded gold mining firms.
What Happened: On Thursday, Schiff shared via X, formerly Twitter, that Nvidia’s stock price hit an all-time high following an earnings report that exceeded predictions. This surge added $277 billion to the company’s market capitalization. Schiff contrasted this single-day gain with the combined market capitalization of the largest 85 public gold mining enterprises, which amounts to just $260 billion.
This commentary comes from a notable gold advocate who has previously criticized the investment logic behind tech stocks and mocked Bitcoin BTC/USD and spot BTC ETFs.
This latest tweet sparked various reactions, including one user who pointed out, “And the market cap of [Bitcoin] is $1 trillion. And capital has been leaving the #gld #ETFs and into the #BTCETF ‘s. Gold is dead.”
Why It Matters: Nvidia is now the fourth-largest company by market cap behind Microsoft, Apple and Saudi Aramco. Valued at $1.96 trillion, the $277 billion increase in market cap, as pointed out by Schiff, is significant.
In contrast, the largest Gold mining company Newmont has a market cap of $35.60 billion. The second-largest, Barrick Gold, is worth only $25.26 billion. Bitcoin’s market cap is above $1 trillion, with each coin above $51,000 in value.
Schiff had earlier expressed skepticism about the rush of investors toward tech stocks, particularly those that continue to incur losses. He advised investors to focus on dividend-paying and value stocks amidst market turbulence.
Recently, Schiff expressed concern over a potential pump-and-dump scenario in the cryptocurrency market coinciding with a four-day conference starting on Super Bowl Sunday. Schiff’s tweet suggests skepticism towards the recent hype surrounding newly listed Bitcoin ETFs, hinting at a looming “massacre.” His comments came even as Bitcoin crossed the psychologically important $50,000 threshold.
Price Action: On Thursday, Nvidia shares soared 16.4% to $785.38 in the regular session and gained another 1.7% in the after-hours trading, according to Benzinga Pro data.
Photo Courtesy: Wikimedia Commons
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