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Nvidia, the US chipmaker responsible for the global artificial intelligence revolution, reached a market capitalization of more than $4 trillion to become the first company globally to break that barrier. The company's valuation is now higher than the combined value of two US tech giants, Alphabet (Google) and Meta (Facebook).
What is more shocking, however, is not the comparison of Nvidia to its rivals, but to the entire Iranian stock market. The total market capitalization of all the listed companies in the Tehran Stock Exchange is around $100 billion-less than 3% of the company's value.
This stunning imbalance translates more than numbers. It underscores the great divide between innovation-led economies and those based on outdated industries, sparse sources of finance, sanctions, and shut-off financial systems.
For years, Iranian investors have preferred the likes of real estate and refineries over technology companies and startups. That bias, combined with regulatory constraints, has put Iran's capital markets significantly behind innovation-driven ecosystems elsewhere.
