By This Metric, Exxon Passed Nvidia in March -- WSJ

Dow Jones04-07

By Jared Mitovich

The S&P 500 energy sector has cooled off a bit in recent days. But it was the only grouping within the index to gain ground in March.

One of the standouts among energy stocks was Exxon Mobil, which logged its best quarter on record. The move was enough to push Exxon's forward price-to-earnings ratio above that of market darling Nvidia on two occasions, one around the time the war started and again at the end of March.

Before the current conflict in the Middle East, the last time Exxon had surpassed the AI-chip giant by this metric was 2020, when Nvidia's market cap was less than 10% what it is today.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

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April 06, 2026 12:55 ET (16:55 GMT)

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