Nvidia has expanded its stakes in other companies from seven to 99 billion dollars within twelve months, as reported by CNBC citing the financial statements of the chip manufacturer. Two years ago, the sum was only 2.2 billion dollars. Thus, Nvidia is becoming one of the largest shareholders of its own customers in addition to its chip business.
Balance sheet shows three growing investment positions
The current value comes from Nvidia’s quarterly report for the fiscal quarter ending July 26, 2026: investments in publicly traded companies grew from 3.2 to 42.8 billion dollars, and non-public shares from 3.8 to 51.2 billion dollars. Additionally, there are almost five billion dollars in shares that are locked until December 2027.
According to CFO Colette Kress, almost 50 billion dollars of this is attributed to so-called frontier AI labs, companies that train their own AI foundation models. The largest single item in this group is the roughly 30 billion dollar stake in OpenAI from the 110 billion dollar funding round in February 2026. Nvidia justifies the investments by pointing out that the labs’ growth outpaces their own credit capacity and infrastructure.
The company has also committed to another 25 billion dollars that have not yet been disbursed. The portfolio is growing alongside the core business: in the second fiscal quarter, Nvidia had already reported doubled revenue of 96 billion dollars, driven by the data-center business.
An xAI bet turns into a SpaceX stock package
How strongly price gains drive the portfolio shows in the second-largest item: the stake in SpaceX was worth about 21 billion dollars at the end of June, as reported by Fortune. Nvidia had originally put up to two billion dollars into Elon Musk’s AI startup xAI in 2025, combining equity and debt in a special-purpose vehicle that used the money to buy Nvidia chips for xAI. When xAI merged into SpaceX ahead of its IPO, the stake converted into SpaceX shares, and its value grew tenfold in under a year.
The second-largest individual position remains Intel: the originally five billion dollar stake from a chip partnership announced in September 2025 was worth about 30 billion dollars at the end of June, a pure price gain with no fresh capital involved. Similar but smaller stakes followed at Nebius and CoreWeave: Nvidia has held 9.3 percent of AI cloud provider Nebius since March and put two billion dollars into CoreWeave in January. Late August brought a 3.5 billion dollar convertible bond for chip partner MediaTek, after which Nvidia’s stock initially fell.
Alphabet and Amazon still hold larger portfolios
Despite the sum, Nvidia trails the biggest tech investors: Alphabet and Amazon each report investment portfolios exceeding 100 billion dollars in their own financial statements. That puts Nvidia in third place among the industry’s strategic investors. Nvidia’s own stock last traded at 228 dollars, close to its yearly high of nearly 236 dollars, up roughly 34 percent over twelve months.
Nvidia frames the strategy as building its own ecosystem: companies that take Nvidia’s capital typically also buy its chips, most recently through the agreed acquisition of Hugging Face for 12.9 billion dollars. Critics see this as a circular cash-flow pattern that inflates revenue on both sides. Analysts also note that the stakes give Nvidia influence over the technology direction its customers take. Following the MediaTek convertible bond, the cost of credit-default swaps on Nvidia bonds had already briefly spiked to a record high, an independently unverified market observation that several investment banks cited at the time.
Whether investors will come to view these reciprocal cash flows between Nvidia and its portfolio companies as a long-term credit risk for the chipmaker remains an open question. The next look at the balance sheet comes with the third fiscal quarter, which Nvidia is expected to report in November 2026.
