Nvidia does not run a sprawling venture book of public stocks. Its entire disclosed US equity portfolio is eight names, and a single one of them, Intel, accounts for 47.3% of it. The number circulating since August, that the portfolio leapt from $18.37bn to $63.44bn in three months, is accurate but almost universally misread as buying. FinanceFeeds pulled both information tables from SEC EDGAR and compared them line by line. Nvidia did not add a single share to any position it already held between 31 March and 30 June 2026. Every share count in the June table is identical to the March one. The $45.07bn increase came from exactly two things, and purchases of listed stock were not among them.
Here is the decomposition nobody published. Of the $45,065,620,419 change, $20,975,594,582 is one brand-new line, SpaceX, which Nvidia never bought on an exchange at all: the shares arrived when SpaceX absorbed xAI and listed. The remaining $24,090,025,837 is pure mark-to-market on the seven positions Nvidia already owned, and Intel alone supplied $20,511,168,356 of that, or 45.5% of the entire quarterly gain. Added shares contributed $0.00. Meanwhile the same company’s Form 10-Q, filed twelve days after the 13F, discloses $47.90bn of private holdings and $108.5bn of guarantee exposure that no 13F will ever show.
Key facts
- Nvidia’s 13F-HR for the quarter ended 30 June 2026 reports eight positions worth $63,439,974,569 — accession 0001045810-26-000065, filed 14 August 2026 (SEC EDGAR)
- Intel is 214,776,632 shares valued at $29,989,261,126, or 47.3% of the book; SpaceX is 122,764,805 Class A shares at $20,975,594,582, or 33.1% (Form 13F-HR, 14 August 2026)
- The prior quarter’s filing, accession 0001045810-26-000042 for 31 March 2026, reported seven positions worth $18,374,354,150 (SEC EDGAR)
- Intel issued Nvidia exactly 214,776,632 shares for $5.0bn in cash at $23.28 each, completed 26 December 2025, making the June mark worth 6.0 times cost (Intel Form 8-K, 29 December 2025)
- Non-marketable equity securities, meaning privately held companies, stood at $47,898m at 26 July 2026, up from $22,251m at the start of the fiscal year (Form 10-Q, 26 August 2026)
- Nvidia’s maximum gross guarantee exposure is $108.5bn, of which $105.0bn supports leases for roughly 4.25 gigawatts of OpenAI-affiliated data centre load in Pike County, Ohio (Form 10-Q, 26 August 2026)
- Marked to the 15 September 2026 closes, the same eight positions are worth $48.08bn, $15.36bn below the filed figure (Nasdaq closing prices, 15 September 2026)
What the two filings actually say, line by line
A 13F information table is a plain XML file with four fields that matter: issuer name, CUSIP, value, and share count. Reading Nvidia’s two most recent tables side by side takes about a minute and settles the question that aggregator summaries leave open.
At 31 March 2026 the manager reported Intel (CUSIP 458140100) at 214,776,632 shares, CoreWeave (21873S108) at 47,213,353, Synopsys (871607107) at 4,821,717, Coherent (19247G107) at 7,788,161, Nokia ADSs (654902204) at 166,389,351, Nebius (N97284108) at 1,190,476 and Generate Biomedicines (370920100) at 833,325. At 30 June 2026 every one of those seven counts is unchanged. The eighth line, Space Exploration Technologies Class A (84615Q103), is new at 122,764,805 shares.
The values reconcile cleanly, which is worth stating because it is the check that separates a filing from a press summary. Divide each reported value by its share count and you get the exact closing price on the last trading day of the quarter: Intel $139.63, SpaceX $170.86, CoreWeave $99.54, Coherent $394.47, Nokia $13.28, Synopsys $446.07, Nebius $276.17. Each matches the Nasdaq close for 30 June 2026 to the cent. Nvidia is marking, not estimating.
That makes the quarter’s arithmetic unambiguous. Intel went from $44.13 to $139.63 a share and added $20.51bn of value on a position Nvidia had not touched since Intel issued the shares on 26 December 2025. Coherent added $1.22bn on a 65.6% move, Nokia $872m on 65.2%, CoreWeave $1.04bn, Nebius $205m on a 166.2% rise, Synopsys $239m, Generate Biomedicines $3.6m. The company bought nothing listed and sold nothing listed. Compare that with the two preceding quarters, where the activity was real: the 31 December 2025 table (accession 0001045810-26-000011) shows Intel, Synopsys and Nokia appearing for the first time while Applied Digital, Arm, Recursion Pharmaceuticals and WeRide all disappeared, and the March table shows CoreWeave nearly doubled from 24,277,573 shares and Coherent and Generate Biomedicines opened. Nvidia’s Q2 revenue of $96.2bn, which FinanceFeeds covered when it landed, was not being recycled into new listed equity.
The strategic logic behind the largest line was stated on the day it was signed. “This historic collaboration tightly couples NVIDIA’s AI and accelerated computing stack with Intel’s CPUs and the vast x86 ecosystem, a fusion of two world-class platforms,” said Jensen Huang, founder and CEO of NVIDIA, in the 18 September 2025 announcement. “Together, we will expand our ecosystems and lay the foundation for the next era of computing.”
Suppliers, customers, and a rival Nvidia is now bankrolling
Group the eight names by what they do for Nvidia rather than by sector and the book stops looking like an investment portfolio.
Intel is the supplier line. Under the September 2025 agreement Intel designs and manufactures custom x86 data centre CPUs carrying NVIDIA NVLink, and builds client SOCs with RTX GPU chiplets. Coherent supplies optical interconnect and transceivers. Synopsys supplies the EDA toolchain that Nvidia’s own silicon is designed in. Nokia is the telecoms partner for AI-RAN. That is four of eight positions pointing at Nvidia’s input side.
The other side is stranger. CoreWeave, Nebius and now SpaceX are customers. At the filed 30 June values those three are worth $26.00bn, or 41.0% of the disclosed book, which means two fifths of Nvidia’s public equity holdings sit in companies whose business model is buying Nvidia GPUs. The SpaceX line makes the loop explicit. CNBC reported on 14 August 2026 that the shares came from Nvidia’s investment in xAI, which SpaceX acquired in February, and that Elon Musk told SpaceX’s second-quarter call the company will use Nvidia chips exclusively in its AI data centres, citing their “best architecture” and expecting a “significant allocation” of Vera Rubin GPUs next year. FinanceFeeds mapped the rest of that shareholder register in its breakdown of SpaceX’s major backers.
Intel’s own management framed the stake as validation rather than rescue. “We appreciate the confidence Jensen and the NVIDIA team have placed in us with their investment and look forward to the work ahead as we innovate for customers and grow our business,” said Lip-Bu Tan, CEO of Intel, in the joint announcement.
The biggest Nvidia transaction of the last month is not in the table at all, because acquisitions never are. An 8-K filed 3 September 2026 (accession 0001045810-26-000078) discloses that on 2 September Nvidia signed a definitive agreement to acquire Hugging Face for approximately $11.9bn payable to stockholders plus an equity retention programme of up to roughly $1.0bn, closing expected in the first half of 2027. Hugging Face CEO Clément Delangue told CNBC’s Becky Quick on 3 September that his side made the approach: “During the summer, I think we realized that Hugging Face and open-source AI in general was at the turning point, and that it needed more, more resources, more scale, more visibility.” FinanceFeeds reported the deal when it first leaked on 27 August.
The book is already $15.36bn smaller than the filing says
A 13F is a photograph of a quarter-end, published 45 days later and read for months afterwards. Nvidia’s June photograph was taken at close to the top. Every one of the seven listed positions has fallen since.
| Position | Shares | Value, 30 Jun 2026 | % of book | Marked to 15 Sep 2026 | Change |
|---|---|---|---|---|---|
| Intel (INTC) | 214,776,632 | $29.99bn | 47.3% | $20.86bn | -30.4% |
| SpaceX (SPCX) | 122,764,805 | $20.98bn | 33.1% | $17.62bn | -16.0% |
| CoreWeave (CRWV) | 47,213,353 | $4.70bn | 7.4% | $3.82bn | -18.7% |
| Coherent (COHR) | 7,788,161 | $3.07bn | 4.8% | $2.11bn | -31.3% |
| Nokia (NOK) | 166,389,351 | $2.21bn | 3.5% | $1.64bn | -25.9% |
| Synopsys (SNPS) | 4,821,717 | $2.15bn | 3.4% | $1.77bn | -17.6% |
| Nebius (NBIS) | 1,190,476 | $0.33bn | 0.5% | $0.25bn | -24.9% |
| Generate Biomedicines | 833,325 | $0.014bn | <0.1% | unlisted | n/a |
| Total | $63.44bn | 100% | $48.08bn | -24.2% |
Two separate sources combine into a point neither states on its own. The 13F is the entire disclosed public book at 30 June. The 10-Q for the quarter ended 26 July puts publicly-held equity securities at $42,783m inside marketable securities plus $4,957m parked in other assets, and adds a footnote that changes how the whole position should be read: $36.9bn of those investments are subject to short-term lock-up restrictions on the ability to sell, with $5.0bn locked up through December 2027. Most of what the 13F displays is not sellable. A conventional 13F reader treats a large position as a liquid expression of conviction. Here it is closer to a contractual obligation with a price attached, and Nvidia carries the mark through its income statement, having booked $1.5bn of net unrealised gains on publicly-held equity in the second quarter alone.
Against the $5bn cost, Intel remains the outlier trade of the cycle in absolute dollars. At the 15 September close of $97.14 the stake is worth $20.86bn, an unrealised gain of $15.86bn on a cheque written a year ago, even after a 30.4% slide from the June mark. FinanceFeeds set out the bull and bear cases for the underlying stock in its Intel price analysis, and covered the CoreWeave setup separately in its CRWV valuation piece. Micron, whose divergence from Nvidia FinanceFeeds examined on 15 September in Micron vs Nvidia stock, appears in none of Nvidia’s 13F tables.
Where the disclosure stops, and who is asking
Section 13(f) of the Securities Exchange Act, implemented through Rule 13f-1, obliges institutional investment managers with more than $100m in Section 13(f) securities to file within 45 days of quarter-end. The regime covers US exchange-traded equities and certain convertibles and options held long. It does not cover short positions, debt, foreign-listed shares, or private companies. For a strategic investor, those exclusions are where the money is.
Nvidia’s own 10-Q quantifies the blind spot. Non-marketable equity securities closed the July quarter at $47,898m, having taken in $31,005m of net additions across the first half of fiscal 2027. The same note records $12,712m reclassified out of the private bucket during the half, “primarily related to marketable securities following public market trading”. That single line is the mechanism by which the SpaceX position materialised: a private stake became a public one when the underlying company listed, and only then did it become visible to a 13F reader. The OpenAI and xAI class of position is invisible until the moment it is not.
The balance sheet also carries $10,806m of Level 2 publicly-held equity described as unregistered warrants and preferred stock convertible to common in public companies, none of which appears in the information table as filed, plus $3.3bn of equity-method investments in infrastructure financiers. And then there is the number that dwarfs the portfolio: guarantees capped at $105bn supporting SB Energy leases for an OpenAI affiliate, in exchange for which the Pike County site will exclusively host NVIDIA AI infrastructure.
| The case for reading Intel as a hedge | The case for reading it as exposure |
|---|---|
| Secures a US-domiciled advanced foundry and x86 CPU partner outside Taiwan | 47.3% of the disclosed book in one turnaround with a 30.4% drawdown since June |
| Cost basis of $23.28 is 76% below the 15 September close, so the option is deeply in the money | It sits alongside a US government position of up to 433,323,000 Intel shares plus warrants, inviting political scrutiny of both |
| Bought with cash flow that would otherwise sit in Treasuries yielding far less | Lock-up restrictions mean the gain cannot simply be harvested |
Approvals are already shaping the timetable. Nvidia’s Intel shares were sold under a securities purchase agreement dated 15 September 2025 but not issued until 26 December, a private placement under Section 4(a)(2) that Nvidia’s own announcement said was subject to required regulatory approvals. The Hugging Face acquisition carries the same condition and is not expected to close before the first half of 2027. Intel is also answerable to a second state investor: an 8-K dated 22 August 2025 commits the company to issue the Department of Commerce up to 433,323,000 shares plus warrants over 240,516,150 more in exchange for $8,869,800,000 of CHIPS Act and Secure Enclave disbursements. Competition authorities looking at vendor financing in AI infrastructure now have a filed number to work from: 41.0% of Nvidia’s disclosed equity sits in customers, and five direct customers accounted for 22%, 14%, 13%, 11% and 10% of its accounts receivable at 26 July 2026.
What the November filing will show
Three things follow mechanically, and each has a date attached.
First, the Q3 table is due by 14 November 2026. If Nvidia again leaves share counts alone, the filed value will fall for the first time since the Intel position opened, because all seven listed names have given back between 16.0% and 31.3% since 30 June. At 15 September prices the book prints at $48.08bn against $63.44bn, and Intel would drop below 45% of the total for the first time since the position opened. A rise in the reported number without a rise in share counts would tell readers nothing about Nvidia’s intentions, which is precisely the trap the August coverage fell into.
Second, Hugging Face will never appear in a 13F. On closing in the first half of 2027 it consolidates as goodwill and intangibles, the way the Groq licence arrangement already shows up as a $2,944m financing outflow and a $986m accrued purchase consideration rather than as a holding. Anyone tracking Nvidia’s strategy through 13F tables alone will miss its second-largest acquisition entirely.
Third, the December 2027 lock-up expiry on $5.0bn of publicly-held equity is the first moment at which a meaningful sale becomes possible without renegotiation. Until then, the practical read on Nvidia’s equity book is that it is a set of commitments to the companies that supply and consume its silicon, priced daily by a market that had no say in the arrangement.
Frequently asked questions
What companies does Nvidia own a stake in?
As of its 30 June 2026 Form 13F-HR, Nvidia disclosed eight US-reportable equity positions: Intel, Space Exploration Technologies (SpaceX), CoreWeave, Coherent, Nokia, Synopsys, Nebius Group and Generate Biomedicines. Intel and SpaceX together account for 80.3% of the $63,439,974,569 total. The filing covers only Section 13(f) securities, so private holdings are excluded.
How big is Nvidia’s stock portfolio?
$63,439,974,569 as filed for the quarter ended 30 June 2026, against $18,374,354,150 three months earlier. Marked to closing prices on 15 September 2026, the same share counts are worth roughly $48.08bn. Nvidia separately reported $47,898m of non-marketable, privately held equity securities at 26 July 2026, which no 13F discloses.
Why does Nvidia own so much Intel stock?
Under a securities purchase agreement dated 15 September 2025 and announced three days later, Nvidia invested $5bn in Intel common stock at $23.28 per share alongside a product collaboration under which Intel builds custom x86 data centre CPUs with NVIDIA NVLink and client SOCs containing RTX GPU chiplets. Intel issued the 214,776,632 shares on 26 December 2025, roughly 4% of the company.
Did Nvidia buy more shares last quarter?
No. Every share count in the 30 June 2026 information table matches the 31 March 2026 table exactly. The $45.07bn increase in reported value came from the new SpaceX line worth $20.98bn, which arrived through the xAI transaction rather than an open-market purchase, and $24.09bn of mark-to-market gains on existing positions.
Is Nvidia’s SpaceX stake a new investment?
Not a new cash outlay. CNBC reported on 14 August 2026 that the 122,764,805 Class A shares originated in Nvidia’s investment in xAI, which SpaceX acquired in February 2026. The holding only became 13F-reportable after SpaceX listed, which is why it appears as a new line rather than as an addition.
What does Nvidia’s 13F not show?
Short positions, debt, foreign-listed securities and private companies. In Nvidia’s case that means $47,898m of non-marketable equity securities, $10,806m of unregistered warrants and convertible preferred in public companies, $3.3bn of equity-method investments, and $108.5bn of maximum gross guarantee exposure, $105bn of it supporting OpenAI-affiliated data centre leases.