LIVE MARKETS-Silver leapfrogs Nvidia in market value, joins gold at the top

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SILVER LEAPFROGS NVIDIA IN MARKET VALUE, JOINS GOLD AT THE TOP

Silver has leaped past Nvidia to become the second biggest asset in the world in terms of market capitalization, joining gold at the top of the list at a time when elevated geopolitical concerns have given a leg up to traditional safe-haven assets.

The combined market cap of all physical silver mined exceeded $4.8 trillion according to data from CompaniesMarketCap.com, overtaking AI giant Nvidia NVDA.O whose market cap stands at close to $4.5 trillion as of last close.

Spot Silver XAG= rallied to a record high above $88 per ounce on Tuesday, building on its more than 146% jump in 2025.

The metal broke through multiple milestones in 2025, supported by its designation as a critical U.S. mineral, supply constraints, low inventories and rising industrial and investment demand.

Recently, elevated geopolitical worries related to Iran, Venezuela and the Russia-Ukraine conflict have increased the appeal for precious metals like silver and gold.

Concerns regarding the Federal Reserve's independence has also hit sentiment lately.

Spot gold XAU= also sits close to its record high and currently is the biggest asset in the world in terms of market capitalization, according to CompaniesMarketCap.com.

Nvidia, Google-parent Alphabet GOOGL.O and Apple AAPL.O are the three biggest assets behind gold and silver and also the largest public companies in the world in terms of market cap.

Nvidia became the first company to hit a $5 trillion valuation last year, but its shares have fallen since then as concerns about elevated tech stocks valuation, high AI-capex spending and slimming chances of Federal Reserve interest rate cuts hit Wall Street.

(Shashwat Chauhan)

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