Nvidia's $63B Portfolio Mirrors Its Supply Chain

Nvidia disclosed a $63.4 billion portfolio of US stocks in its latest quarterly filing, and the holdings reveal something about how the chipmaker thinks about its own future. The company held positions in just eight public companies as of June 30, according to the SEC filing, but those investments tell a story that goes beyond typical portfolio management.

What Nvidia Owns

The filing, known as a Form 13F, requires any institutional manager holding more than $100 million in US equities to disclose positions quarterly. Nvidia is a chip designer, not a hedge fund, which makes this particular disclosure worth examining closely.

Intel and SpaceX account for roughly 80% of the portfolio. Intel alone represented about $30 billion at the end of June, though that stake has since declined following a stock offering that diluted Nvidia’s position. SpaceX, which went public earlier this year in the largest IPO in history, now shows up as 122.76 million Class A shares worth approximately $19 billion.

Six of the eight positions have a disclosed cost basis totaling roughly $22.4 billion. At the end of June, those same holdings were worth about $63.1 billion, representing a paper gain of roughly $40 billion. The portfolio more than tripled in value over three months, yet seven of the eight positions remained completely unchanged during that period.

SpaceX and the Visibility Problem

Several reports described SpaceX as a new position, but that’s not quite accurate. Nvidia put $10 billion into xAI in January as part of a $20 billion funding round. In February, SpaceX absorbed xAI in an all-stock transaction. When SpaceX listed on the Nasdaq, Nvidia’s private stake converted into publicly tradable shares, forcing the company to disclose what it already owned.

This also highlights a key limitation of the 13F filing. The document captures only US-listed equities and reveals nothing about private holdings. Nvidia’s actual investment portfolio extends far beyond what the filing shows. The company has deployed north of $100 billion into AI companies over two years, according to reports, and this filing captures only a portion of that activity.

The Supply Chain Connection

Every holding in Nvidia’s public portfolio fits a pattern. Coherent makes the optics that move data between GPUs inside a rack. Nokia builds the network gear that connects systems across buildings. Synopsys provides the electronic design automation software Nvidia’s own engineers use to design chips. Intel serves as a potential second-source foundry and CPU partner. CoreWeave and Nebius are neoclouds built specifically to rent out Nvidia hardware by the hour.

Even the smallest position follows this logic. Generate Biomedicines, which represents just 0.02% of the portfolio, uses AI to design drugs. Every single holding is either a supplier Nvidia needs to move faster or a customer Nvidia needs to keep buying. The company is investing in the pieces 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 practice, sometimes called circular financing, involves investing in companies that then spend heavily on Nvidia’s products. CFO Colette Kress addressed the characterization directly, saying Nvidia sees it differently and frames these stakes as investments in once-in-a-generation companies where downside is limited. CEO Jensen Huang was less diplomatic in a CNBC appearance, arguing this is the first generation of startups that needs tens of billions of dollars before turning a profit, and somebody has to write those checks.

The risk is that those companies rise and fall on the same AI demand curve as Nvidia’s chip sales. The Intel stake demonstrates how quickly that exposure can materialize. Worth roughly $30 billion on June 30, the position had slipped to approximately $19 billion weeks later after an Intel stock offering diluted the holding.

Nebius runs the problem in reverse for the filing. The 13F lists it at $329 million, making it appear minor. But Nvidia actually controls 9.3% of the company through approximately 22.2 million shares, most of which sit in a warrant that cannot be exercised until September 2026. That investment is currently valued around $4.68 billion, making it one of Nvidia’s larger private commitments.

What the 13F does is make the wiring visible. Both perspectives can be accurate at once: Nvidia is buying the infrastructure its growth depends on, but it has also structured its balance sheet so that a slowdown in AI spending would impact the company twice in the same quarter, in the same direction. There is considerably more wiring that this filing still does not show.