Investor Peter Schiff recently highlighted the enormous market capitalization gain of Nvidia Corporation (NASDAQ: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 (CRYPTO: BTC) 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.
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