Nvidia's $63B Stock Portfolio Is Mostly Its Own Customers

Nvidia's quarterly 13F filing with the SEC, submitted on 14 August, disclosed $63.44 billion of U.S.-listed equity holdings as of 30 June. Two positions account for 80.3% of it: about $21 billion of SpaceX and about $30 billion of Intel. Both companies have committed to buying Nvidia silicon.

The SpaceX position is 122.8 million Class A shares, Nvidia's second-largest holding and one that did not exist in filable form until SpaceX began trading on 12 June. It traces back to Nvidia's investment in xAI, which SpaceX absorbed in February at a $1.25 trillion valuation, converting Nvidia's stake into public stock. Nvidia is now the sixth-largest holder of a company whose founder has said it will use Nvidia GPUs exclusively and expects a substantial share of next year's Vera Rubin allocation.

The Intel line is the more striking one on paper. Nvidia held 214.8 million shares worth roughly $30 billion at quarter-end, built on a $5 billion investment made under the September 2025 agreement to co-develop data-centre and PC chips. Intel roughly quintupled over twelve months, turning that $5 billion into an unrealised gain of about $25 billion in under seven months — a better return than Nvidia earned on most of what it actually manufactured in the same period.

The rest of the book is small and scattered: Coherent, Generate Biomedicines, Nebius, Nokia and Synopsys fill out the remaining six slots. The concentration is the point. Nvidia's equity portfolio is not diversified financial exposure; it is a set of positions in firms that buy or co-develop its hardware, which means the same demand cycle drives both its revenue and its balance sheet.

That cuts both ways, and the second quarter's mark was close to the high. By early August, SpaceX had drifted to roughly $17.2 billion and Intel to about $22 billion, some $12 billion of paper losses in six weeks. The filing also landed alongside reporting that Nvidia's proposed financing guarantee for OpenAI's data-centre programme had been cut from $250 billion to under $120 billion after investors pushed back on the scale of the commitment.

None of this is hidden — a 13F is a public quarterly snapshot, and circular investment has been a visible feature of this cycle since Nvidia started writing cheques to the companies queueing for its GPUs. What the filing does is put a number on it. When a chipmaker's third-largest asset class is equity in its own customers, the distinction between a sales pipeline and an investment portfolio gets harder to draw, and both get repriced by the same news.