Nvidia’s equity portfolio hits $99B, up from $2.2B two years ago

Nvidia held “equity investments of $99 billion and equity investment commitments of $25 billion as of July 26, 2026”, according to the chipmaker’s latest quarterly filing. That portfolio was worth about $7 billion a year earlier and about $2.2 billion the year before that, CNBC reported, so Nvidia has become one of the world’s largest corporate backers of tech companies in roughly eight quarters.

Most of that growth sits in private companies, which is why the public record lags it. The filing puts privately-held equity securities at $47.9 billion at the end of the quarter, against $3.8 billion a year earlier. The company added a net $13.1 billion of them in three months, and $31.0 billion across the first half of its fiscal year.

The filing also books $3.3 billion of investments in infrastructure financiers under the equity method. Where those count as variable interest entities, Nvidia puts its maximum loss exposure, carrying values and future committed amounts included, at $4.7 billion. Net gains from equity securities came to $7.8 billion for the quarter, so the portfolio is now feeding the income statement, according to Nvidia’s CFO commentary. That is about 8% of the $96.2 billion in revenue Nvidia booked over the same period, by our calculation.

But the public half of the portfolio is itemised in a separate filing. Nvidia’s 13F filing for the quarter ended June 30, 2026 lists eight US-listed positions worth $63.4 billion in total. We totalled the values in the filing’s information table ourselves.

Holding	Value, 30 June 2026	Shares
Intel	$29.99bn	214,776,632
SpaceX, Class A	$20.98bn	122,764,805
CoreWeave, Class A	$4.70bn	47,213,353
Coherent	$3.07bn	7,788,161
Nokia, sponsored ADR	$2.21bn	166,389,351
Synopsys	$2.15bn	4,821,717
Nebius Group, Class A	$0.33bn	1,190,476
Generate Biomedicines	$0.01bn	833,325
Total	$63.44bn	8 positions

Intel alone is 47% of that total by our arithmetic, and it didn’t cost anything like that. CNBC reports the position grew from a $5 billion investment to a $30 billion holding. The catch is that much of the paper wealth is stuck, because the filing says $36.9 billion of publicly-held equity securities were subject to short-term lock-up restrictions on the ability to sell.

Equity investments help companies to innovate, but also give Nvidia a degree of control to encourage companies to take a Nvidia-related innovation path.

Ian Fogg, research director at CCS Insight, via CNBC

And more is already committed. The CFO commentary lists $25 billion of future equity investment commitments as of July 26, 2026, with $18 billion of it falling in the remainder of fiscal 2027. Supply and capacity commitments moved in the same direction, from $119 billion the previous quarter to $279 billion.

That matters because the money is going to Nvidia’s own customers. Michael Burry of “The Big Short” fame has said Nvidia is “overreaching” by financing and investing in the buyers of its chips, Business Insider reported. Mark Cuban called it “truly scary” how reliant the AI boom is on Nvidia “funding everyone and anyone”. Nvidia says in the filing that it invests “to enhance our growth opportunities, cultivate our ecosystem, and strengthen our competitive position”.

Even so, Nvidia isn’t the biggest holder on this list. Business Insider notes Alphabet still ran a larger book, at $232 billion at the end of June. Nvidia’s own balance sheet is carrying more weight too, and we covered its $33.5 billion of debt named as a risk factor after a $25 billion bond sale.

What to watch is whether the gains keep flattering the income statement. Nvidia guided to $108.0 billion of revenue for the third quarter in its earnings release, on top of the 70% growth it has projected for fiscal 2028. The next 13F, which covers September 30, is the first place anyone outside the company gets to check the public side of the ledger again.