Nvidia's Holdings: A $99 Billion Investment
Nvidia now holds $99 billion in shares of companies that buy its chips. This substantial investment, revealed in the company’s quarterly filing, marks a significant increase from $7 billion a year earlier and $2.2 billion two years prior.
The Breakdown: Public vs Private
The figure comprises $48 billion in publicly traded stocks and other marketable securities, and another $48 billion invested in private companies and non-marketable holdings.
Publicly Traded Holdings:
- $30 billion in Intel
- $21 billion in SpaceX
- Various other investments between $2 billion to $5 billion each in CoreWeave, Coherent, Synopsys, and Nokia.
Private Investments:
These include frontier AI labs and cloud providers, with investments too large or structured differently to be easily liquidated. Nvidia has committed nearly $50 billion to frontier AI labs alone, with the largest single commitment being $30 billion to OpenAI.
Recent Deals
In a single week, Nvidia confirmed the acquisition of Hugging Face for $12.93 billion and participated in Nscale’s pre-IPO round. Additionally, it is reportedly in talks to supply half the capital for a $6 billion raise at Thinking Machines Lab.
Nvidia’s Perspective: A Flywheel Effect
Nvidia describes these investments as strengthening its competitive position by:
- Enhancing growth opportunities
- Cultivating its ecosystem
- Powering a "flywheel" effect, where its investments in frontier labs and cloud providers drive demand for its chips.