Nvidia's $63B stock portfolio triples

Nvidia holds a $63.4 billion portfolio of US stocks, a figure disclosed in its latest quarterly SEC filing. The portfolio's value more than tripled last quarter, surging from $18.4 billion to $63.1 billion, despite Nvidia leaving seven of its eight positions untouched.

According to the 13F filing, which covers holdings as of June 30, the chip designer's investments are heavily concentrated. Positions in Intel and SpaceX account for roughly 80% of the total portfolio value. The filing only captures Nvidia's publicly traded US stock holdings and omits its extensive investments in private companies.

The visible slice of a larger strategy

The 13F document is a mandatory disclosure for institutional managers holding over $100 million in US equities. For Nvidia, a chip designer, it offers a narrow window into a much broader investment strategy. The company has reportedly deployed over $100 billion into AI companies over two years, with major stakes in private firms like OpenAI and Anthropic not appearing in this public filing.

Nvidia's SpaceX stake became visible due to a corporate restructuring and a subsequent historic IPO. The company had initially invested $10 billion into xAI in January. Following xAI's absorption by SpaceX in an all-stock deal and SpaceX's Nasdaq listing, Nvidia's private stake converted into 122.76 million public Class A shares.

Other announced investments are also missing. The filing omits positions in companies like Lumentum and Marvell, as well as a significant $2 billion warrant in cloud provider Nebius. The 13F lists Nebius at just $329 million, but Nvidia's actual economic interest, including the unexercised warrant, is valued at around $4.68 billion, representing a 9.3% stake in the company.

A portfolio built from the supply chain

Every public holding fits a strategic pattern. Each company is either a critical supplier Nvidia relies on or a key customer for its hardware. This aligns with what CFO Colette Kress has called investments in "once-in-a-generation" companies, though critics label the strategy "circular financing."

CEO Jensen Huang, speaking on CNBC, argued that modern AI startups require tens of billions of dollars before turning a profit and that someone must provide that capital. However, this creates a linked risk. A slowdown in AI spending could hit Nvidia twice: chip revenue could fall, and the value of the companies buying those chips could decline simultaneously.

The volatility of these stakes is evident. Nvidia's Intel holding, worth roughly $30 billion on June 30, had slipped to about $19 billion weeks later following a stock offering by Intel that diluted the position. The company frames its investments as securing the parts of the supply chain that could otherwise slow its progress, deploying its historic cash reserves to fuel the AI ecosystem it depends on for growth.