GFN – VANCOUVER: A MINING.COM data analysis found that the world's 50 largest mining companies are now collectively valued at $2.19 trillion against Nvidia's $5.11 trillion, after eight weeks of losses erased about $1 trillion from the chipmaker's market value.
The comparison, published by MINING.COM in its recurring valuation series, measured the combined market capitalization of the 50 largest mining companies against Nvidia Corporation, which peaked near $5.5 trillion in mid-May 2026 before retreating to about $5.11 trillion; the roughly $1 trillion decline over the period approximated five times the market value of BHP Group, the largest listed miner. Nvidia now trades near 20 times forward earnings, having briefly touched 18 times (beneath the S&P 500 average), while the mining majors trade at about 13 times.
"If it can't be grown, it has to be mined," the publication noted, restating the axiom that frames metals demand from semiconductor and data-center construction.
The valuation gap has narrowed over the past year, with Nvidia commanding 2.7 times the group's value twelve months ago against 2.3 times now, as mining equities advanced 47 percent to the chipmaker's 27 percent. The miners reached a record $2.4 trillion at the end of March 2026 before a move in gold below $4,000 an ounce removed about $228 billion from the group, leaving the current $2.19 trillion.
The data sets the mining sector's relative strength against the concentrated valuations of the artificial-intelligence complex, where a single company's retracement can equal the combined worth of several diversified resource producers. The comparison underscores the growing weight of raw-material supply within a market narrative centered on computing capacity.
So shorting miners and buying nvidia not a good trade..anymore..?