The takeaway: Nvidia’s latest 13F reveals a $63.4 billion portfolio of US stocks, and it is very lopsided. Intel and SpaceX account for roughly 80% of it. But the filing’s most interesting detail is what didn’t happen: seven of the eight positions were untouched last quarter, but the portfolio more than tripled in value anyway.
Nvidia’s earnings this week gave the market the growth story it wanted. But a separate SEC filing gives us an additional perspective on what Nvidia is also doing with all those billions.
Form 13F is a quarterly disclosure document any institutional manager holding more than $100 million in US equities has to file. But Nvidia is a chip designer, not a hedge fund, which is precisely what makes the filing worth reviewing.
As of June 30, the company held $63.44 billion in public stock across eight positions as shown below. That’s every public US stock Nvidia owns, but that does not mean these are the only investments the company has on its books. Not even close…
| Company | What Nvidia paid | Entry price | Approx value at June 30 | Share of portfolio |
|---|---|---|---|---|
| Intel* | $5.0B, Dec 2025 | $23.28 | $29.99B* | 47.3% |
| SpaceX | $10.0B, Jan 2026 (into xAI) | n/a | $20.98B | 33.1% |
| CoreWeave | ~$2.35B, 2023 – 2026 | $40.00 / $87.20 | $4.70B | 7.4% |
| Coherent | $2.0B, Mar 2026 | ~$256.80 | $3.07B | 4.8% |
| Nokia | $1.0B, Oct 2025 | $6.01 | $2.21B | 3.5% |
| Synopsys | $2.0B, Dec 2025 | $414.79 | $2.15B | 3.4% |
| Nebius ** | not disclosed | – | $329M** | 0.5% |
| Generate Biomedicines | not disclosed | – | $14.1M | 0.02% |
Six of the eight positions have a disclosed cost. Together they came to roughly $22.4 billion and were worth about $63.1 billion at the end of June – a potential paper gain of $40 billion on companies Nvidia mostly bought into because it needed them to succeed, not because it expected the trade itself to work. Three months earlier that portfolio was worth $18.4 billion.
SpaceX’s stake and everything the filing leaves out
Several reports we’ve seen of this filing describe SpaceX as a “new position.” But it’s not. It’s a newly visible one. Nvidia put $10 billion into xAI in January as part of a $20 billion round. In February, SpaceX absorbed xAI in an all-stock deal. Then when SpaceX listed on the Nasdaq in the largest IPO in history, Nvidia’s private stake became 122.76 million Class A shares of a public company, and therefore something the SEC required it to disclose.
That’s also a useful reminder that the 13F is not everything Nvidia owns. A 13F only captures US-listed equities and says nothing about private companies, which is where most of Nvidia’s money has actually gone.
Credit: App Economy Insights
The filing does not show the ~$30 billion stake in OpenAI, the investment in Anthropic, or any of the other private AI labs on the books. It also omits positions Nvidia has publicly announced in companies such as Lumentum and Marvell, along with the $2 billion warrant it wrote for Nebius – which is why Nebius appears here as a rounding error despite being a significant recipient of Nvidia capital.
Nvidia has reportedly deployed north of $100 billion into AI companies over two years. The 13F captures only a slice of that.
A portfolio or a bill of materials?
As for the picks Nvidia is making, they are all intertwined. Coherent makes the optics that move data between GPUs inside a rack. Nokia builds the network gear that moves it between buildings. Synopsys makes the EDA software Nvidia’s own engineers use to design chips. Intel is a potential second-source foundry and a CPU partner. CoreWeave and Nebius are neoclouds that exist to rent out Nvidia hardware by the hour.
Even the smallest position fits the pattern. Generate Biomedicines (0.02% of the portfolio), uses AI to design drugs. So every single holding is either a supplier Nvidia needs to move faster or a customer Nvidia needs to keep buying. That is the whole argument behind the “circular financing” complaint that’s been going around for the last year or so.
Meanwhile, Nvidia was ready to respond to those criticisms. CFO Colette Kress acknowledged the label directly, said Nvidia “sees it differently,” and framed the stakes as investments in once-in-a-generation companies where the downside is limited. CEO Jensen Huang was less diplomatic on CNBC. He said this is the first generation of startups that needs tens of billions of dollars before it can turn a profit, and somebody has to write those checks. However, the risk is that those companies’ rise and fall are on the same AI demand curve as Nvidia’s chip sales.
The Intel stake shows how fast that can move. Worth roughly $30 billion on June 30, it had slipped to about $19 billion weeks later after an Intel stock offering diluted it.
A blast from the not-so-distant past (July 2020):
Nvidia is now worth more than Intel
Nebius runs the same problem in reverse. The 13F lists it at $329 million, which makes it look like an afterthought. But Nvidia actually controls 9.3% of the company – most of it not yet common stock, but sit in a warrant from Nvidia’s $2 billion investment that can’t be exercised until September 11 – that investment is currently valuated at around $4.68 billion.
The generous view is that this is simply what a platform company does when the technology transition is real and its customers are capital-starved. Nvidia is buying the parts of the supply chain that would otherwise slow it down, and it is doing so at a moment when it has more cash than almost anyone in history.
The less generous view is that Nvidia has wired its balance sheet so that a slowdown in AI spending hits twice, in the same quarter, in the same direction. Chip revenue falls, and the value of the companies buying those chips falls with it.
However, both can also be true at once. What the 13F does is make the wiring visible, and there’s a lot more of it that this filing still doesn’t show.
