According to its most recent 13F filing, Nvidia holds approximately $63.4 billion in domestic equities. By the end of June, the firm's equity portfolio spanned eight publicly traded holdings worth a combined $63.44 billion. Together, two companies represent approximately 80% of the total.
Institutional investment managers overseeing portfolios exceeding $100 million in American equities are required to submit Form 13F, a standardised regulatory filing released every quarter. Although seven of the eight holdings remained unchanged throughout the previous quarter, the overall portfolio value grew by more than threefold.
The portfolio spans eight holdings with the following breakdown: Intel (approximately $29.99 billion current value, representing 47.3% of the portfolio, based on a $5.0 billion outlay at $23.28 per share in December 2025); SpaceX via xAI ($10.0 billion deployed in January 2026, now valued at roughly $20.98 billion, or 33.1%); CoreWeave (around $2.35 billion committed between 2023 and 2026 at entry prices of $40.00 and $87.20, valued at approximately $4.70 billion, 7.4%); Coherent ($2.0 billion placed in March 2026 at roughly $256.80 per share, now worth about $3.07 billion, 4.8%); Nokia ($1.0 billion at $6.01 per share in October 2025, valued at around $2.21 billion, 3.5%); Synopsys ($2.0 billion at $414.79 per share in December 2025, valued at approximately $2.15 billion, 3.4%); Nebius (acquisition cost undisclosed, current value roughly $329 million, 0.5%); and Generate Biomedicines (cost undisclosed, valued at around $14.1 million, 0.02%).
Pricing details are publicly available for six of the eight positions. Combined, those holdings had an acquisition cost of around $22.4 billion and a market value of approximately $63.1 billion as of late June, reflecting an unrealised gain of roughly $40 billion. At an earlier point, the holdings had a valuation of $18.4 billion.
While multiple accounts characterise SpaceX's position as entirely new, the position has existed previously but gained greater public attention only recently. Nvidia contributed $10 billion to xAI as part of a $20 billion funding round in January. xAI was folded into SpaceX through an all-stock transaction earlier this year. Following SpaceX's Nasdaq debut, Nvidia's existing private holding converted into 122.76 million Class A shares, bringing the chipmaker under SEC reporting obligations.
The 13F filing covers only equities listed on US exchanges, providing no visibility into private company investments, which have accounted for the bulk of Nvidia's capital deployment. The document omits the approximately $30 billion position in OpenAI, the Anthropic investment, and holdings in other private artificial intelligence companies. The disclosure also excludes publicly announced stakes Nvidia holds in firms including Lumentum and Marvell, as well as a $2 billion warrant tied to Nebius — a factor that explains why Nebius registers at $329 million despite having received considerable investment from Nvidia.
While these represent all of Nvidia's publicly disclosed US stock holdings, the company's full portfolio of financial assets may extend beyond what appears in public filings. According to reports, the chipmaker has channelled more than $100 billion into artificial intelligence ventures over a two-year period.
All of the portfolio's positions relate directly to Nvidia's primary operations. One company supplies optical components that transfer data among GPUs within a rack. Another supplies the telecommunications infrastructure that transmits data across facilities. Synopsys produces the EDA tools that Nvidia's engineering teams rely on for chip development. One holding serves as both a prospective contract chip manufacturer and a processor development collaborator. Both CoreWeave and Nebius operate as cloud infrastructure providers, offering GPU computing capacity on an hourly rental basis. Generate Biomedicines, representing 0.02% of the portfolio, employs artificial intelligence in its drug development process.
Each position in the portfolio represents either a vendor whose output Nvidia depends on or a buyer whose continued purchases matter to the company's revenue. The term "circular financing" — which gained traction over the preceding twelve months — stems from this underlying mechanism.
Nvidia's CFO Colette Kress addressed the characterisation directly, stating that the company held a different view, and positioned the expenditures as bets on generational businesses where potential losses remained constrained. Speaking on a television programme, Jensen Huang explained that new ventures in the technology sector now commonly require tens of billions of dollars in capital before turning a profit, and that this level of funding must be drawn from available sources.
Those companies' fortunes may be tied to the same trajectory of AI-driven demand that shapes Nvidia's chip business. The Intel deal illustrates how quickly such a transition can take place. Valued at approximately $30 billion at the end of June, the figure dropped to around $19 billion within weeks following a share issuance by Intel that reduced its proportional worth.
Nebius follows the opposite pattern. According to the 13F filing, the stake is valued at $329 million, though Nvidia holds a 9.3% ownership position in the firm — the bulk of which remains in warrant form from a $2 billion investment and cannot be converted into common shares before September 11. The holding is presently worth approximately $4.68 billion.
The chipmaker allocated funds at a point when its cash reserves rank among the largest ever accumulated by a corporation. The filing reveals only part of that financial network, with a considerable share of the underlying activity falling beyond its disclosure requirements.
