For most of 2025, Nvidia was the symbol of the AI boom. Its chips powered the largest language models, its profits stunned Wall ”
“Street and its market capitalization soared past almost every company on the planet. But while investors were watching GPUs, ”
“another asset was quietly sprinting up the leaderboard: silver.
According to recent data cited by analysts, silver has already overtaken Apple and Alphabet in terms of total market value and ”
“is now only a single digit percentage behind Nvidia. Gold still dominates as the world’s largest asset, but the idea that silver ”
“could soon become number two would have sounded absurd a few years ago.
How we got here: two different rallies
Nvidia’s rise is familiar by now. The company became the default provider of high end graphics processing units for AI training ”
“and, increasingly, inference. As tech giants raced to build out AI data centers, demand for those chips exploded, and Nvidia’s ”
“share price followed.
Silver’s rally has a different story. It is both a precious metal and an industrial metal, used in electronics, solar panels and ”
“other technologies that underpin the transition to cleaner energy. Over the past two years, investors who once ignored silver as a ”
“side character to gold started to treat it as a way to play both the green transition and classic safe haven demand.
As central banks signaled the end of aggressive rate hikes, money flowed back into metals. At the same time, concerns about ”
“concentrated risk in a handful of mega cap tech stocks pushed some investors to rebalance toward commodities. The result: silver’s ”
“market capitalization climbed above Apple and Alphabet and began closing the gap with Nvidia.
What ‘market cap’ means for a metal
When analysts talk about the market value of silver, they are not treating it like a company with a balance sheet. They are ”
“multiplying the estimated above ground stock of silver by its current price to arrive at an aggregate figure that can be compared ”
“to the market caps of listed firms.
It is a rough tool, but a useful one for understanding scale. Gold sits far above everything else. Below it, assets like silver, ”
“Nvidia and the largest tech companies form a second tier of value where relatively small percentage moves translate into ”
“hundreds of billions of dollars.
Is silver really ‘overtaking’ Nvidia
From an investor’s perspective, silver and Nvidia are not interchangeable. One is a physical commodity stored in vaults and used ”
“in manufacturing. The other is a specific company whose future depends on continued dominance in a fiercely competitive chip ”
“market.
What makes the comparison interesting is not that one will permanently replace the other, but that they are now close enough in ”
“value that their trajectories say something about how capital is being allocated.
If silver does move past Nvidia to become the second most valued asset after gold, it will signal that investors are once again ”
“placing a premium on tangible stores of value alongside the AI story. If Nvidia widens the gap again, it will confirm that markets ”
“still believe extraordinary profits are ahead for the chipmaker despite rising competition and regulatory scrutiny.
What this means for Lebanese and regional investors
For Nowleb readers, the lesson is not to chase whichever asset is briefly in second place. It is to understand the different ”
“roles that high growth equities and commodities play in a portfolio.
Tech giants like Nvidia offer exposure to innovation and earnings growth but come with concentrated risk and volatility. Metals ”
“like silver can act as partial hedges against inflation, currency stress and financial system shocks, especially in countries ”
“that have lived through banking crises.
Seeing silver and Nvidia mentioned in the same breath is a reminder that market narratives change fast. The challenge is to ”
“build an investment strategy that does not depend on any single story, whether it is AI or precious metals, always staying within ”
“your own risk tolerance and seeking independent financial advice when needed.
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