A recent interesting phenomenon in the market is that the market capitalization of silver has officially surpassed that of NVIDIA, reflecting a clear shift in capital allocation strategies.

The appeal of hard assets is on the rise. Traditional safe-haven funds are beginning to flow heavily into tangible assets like precious metals. This shift from tech stocks to hard assets to some extent reflects investors' reevaluation of current market valuations. Interestingly, this trend could be a positive signal for cryptocurrencies like Bitcoin—when capital starts to focus on the intrinsic value of assets rather than speculative concepts, scarce digital assets tend to attract more attention.

This does not mean that NVIDIA has no prospects or that the development of the tech industry will stop. It’s just that the market is undergoing a cyclical rotation of assets, with different categories of assets gaining market favor at different stages. From silver’s performance, we can see that more and more capital is asking an age-old question: what kind of assets are more secure in uncertain times?

When hard assets begin to attract significant attention, they often drive a revaluation of the entire sector. Currently, this is a point worth watching.