Quick overview

---

One of the key drivers behind silver’s recent decline has been the strengthening of the U.S. dollar, which has climbed to its highest levels in months, making the precious metal more expensive for international buyers and dampening global demand.

Against this backdrop, NVIDIA, the global leader in artificial intelligence (AI) computing, has surpassed silver in market value, becoming the world’s second most valuable asset, behind only gold.

Spot silver fell 5.23% to $71.44 per ounce on Thursday, marking its third consecutive daily decline and bringing cumulative losses to 11.6% over that period. For the year, the metal is now slightly down by 0.1%.

Meanwhile, NVIDIA shares slipped 1.02% to $178.56, extending their year-to-date decline to 4.26% in 2026.

Despite the pullback in its stock price, NVIDIA’s market capitalization reached $4.339 trillion, surpassing silver’s $4.119 trillion, according to Companies Market Cap data.

Gold remains the most valuable asset globally, with a market value of $32.399 trillion. Among equities, Alphabet ranks next with $3.69 trillion, followed by Apple at $3.65 trillion, Microsoft at $2.89 trillion, and Amazon at $2.24 trillion.

Why silver is under pressure

The precious metals market has experienced a sharp sell-off in recent days, driven by several macroeconomic factors.

The Federal Reserve held interest rates in the 3.5%–3.75% range at its March meeting and signaled only one rate cut this year, down from earlier expectations of three. This “higher-for-longer” stance reduces the appeal of non-yielding assets like silver.

At the same time, the U.S. dollar’s strength has added further pressure. Because silver is priced in dollars, a stronger greenback makes it more expensive globally, weakening demand.

More broadly, a tighter global monetary backdrop — with major central banks such as the Fed, the European Central Bank, the Bank of England, and the Bank of Japan signaling caution — has reinforced expectations that interest rates will remain elevated for longer.

Rising oil prices have also contributed to inflation concerns, further reducing the attractiveness of non-yielding assets and weighing on the broader commodities complex.

AI leadership supports NVIDIA’s valuation

Despite recent volatility, NVIDIA’s dominant position in AI infrastructure continues to underpin its valuation and allows it to overtake silver in total market value.

The stock has faced pressure from investor concerns over elevated valuation multiples and questions about the long-term returns on AI-related capital expenditures. However, the company continues to deliver strong earnings growth, outpacing much of the broader market.

Even so, increased capital spending and heightened scrutiny over profitability have introduced volatility, highlighting the tension between strong structural growth and near-term market expectations.