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Nvidia’s market slump briefly narrowed the gap with top miners’ values
Mining companies’ combined value was about $2.19 trillion, while Nvidia’s slid roughly $1 trillion from a mid-May peak to near $5.11 trillion in early July.
MINING.COM compared Nvidia’s recent valuation moves with the combined worth of the world’s 50 largest listed mining companies. The outlet says Nvidia was worth about 2.7 times the MINING.COM Top 50 a year ago, a gap that narrowed this year as mining valuations held up better than the chipmaker’s.
According to the analysis, Nvidia peaked at roughly $5.5 trillion in mid-May and then shed about $1 trillion over the following eight weeks. Near the low point, Nvidia briefly traded at about 18 times forward earnings, below the S&P 500 average, before its P/E moved back near 20 times forward earnings.
On the miners’ side, MINING.COM points to a drop in the Top 50’s value after gold slipped below $4,000 an ounce, taking about $228 billion off the ranking. The scoreboard moved to $5.11 trillion for Nvidia versus $2.19 trillion for the Top 50, leaving Nvidia at about 2.3 times the miners’ combined market value.
Over the past 12 months, the outlet says mining equities rose 47% versus Nvidia’s 27%, a timing shift from prior periods. It also notes Nvidia’s valuation decline roughly equaled what it says the entire Top 50 was worth for most of the past decade.
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