All Mining Companies = $2T vs. Nvidia $4.5T

All global mining companies combined are worth a new record high $2 trillion, but this is nothing compared to Nvidia alone being worth $4.5 trillion.

If every global mining company suddenly went away… we’d have no electricity grids, no cars, no buildings, no computers, no phones, no batteries, no solar panels, and no data centers. Every one of those technologies depends on mined materials like copper, nickel, lithium, iron, aluminum, gold, and rare earth elements. The entire modern world would grind to a halt within days.

By contrast, if Nvidia disappeared, we might be better off. Without its GPUs, the boom in copyright violations, deepfakes, algorithmic manipulation, and mass surveillance would slow down dramatically, yet civilization would still function. People would still build homes, drive cars, generate power, and communicate. Within a year, another company like AMD would fill the gap.

Nvidia is now worth more than the GDP of every country except the U.S. and China. It’s worth more than Japan, Germany, India, or the entire United Kingdom’s economy. Put differently, Nvidia’s market value equals the total annual output of about 200 smaller nations combined. For Nvidia to double again to $9 trillion, the world would need to double the physical infrastructure that powers its chips. Every additional GPU requires exponentially more electricity, copper wiring, silicon wafers, rare-earth magnets, and cooling metals… all of which come from mining. Even before the AI boom, the world’s electrical grid was straining under the weight of Bitcoin mining, which exploits the energy market by securing low, fixed-rate power, and then selling it back to the grid at high prices during peak demand or emergencies, profiting millions while regular consumers are asked to conserve energy.

If OpenAI is losing money today how will more AI compute power make them profitable? It won’t, it makes Nvidia more profitable which then invests the money into OpenAI so that it can buy more chips from Nvidia to invest more into OpenAI allowing OpenAI to pay for datacenter usage at Microsoft, Oracle, and Coreweave so that they can then reinvest into OpenAI.