Bottom line: Nvidia's latest SEC filing describes a growing investment portfolio spanning chips, optical networking, telecom equipment, design software, and cloud infrastructure. Several of those bets have also produced substantial gains, including its Intel stake, which is now worth nearly $25 billion.
Nvidia bought $5 billion in Intel stock last year as part of the companies' AI infrastructure partnership, creating one of the company's most valuable equity positions. The stake was valued at $24.9 billion in the latest filing.
The Intel deal was both a financial investment and a strategic move. The companies said they would work on Intel x86 RTX system-on-chip for PCs that pair Intel processors with Nvidia graphics. They also announced plans for custom Nvidia data-center x86 processors. The investment gave Intel added support during a difficult period and created a closer relationship between the two chip giants.
The filing shows a change in Nvidia's Arm holdings, too. Nvidia has sold its 1.1 million shares in the company, which were worth $178 million last August. The company is still expected to pursue Arm-based CPU development, even though it no longer holds Arm stock.
A blast from the not-so-distant past (July 2020):
Nvidia is now worth more than Intel
Nvidia also reported a $20.9 billion stake in SpaceX. That investment is tied to SpaceX's growing AI ambitions. SpaceX's xAI has committed to using Nvidia hardware exclusively in its AI data centers on Earth and in orbit. The stake could become more valuable if SpaceX's stock recovers, but its current importance appears to be strategic.
Credit: App Economy Insights
The company is also investing in technology that supports larger AI systems. Nvidia put $2 billion into Coherent earlier this year. Coherent makes lasers, optical materials, and semiconductors, and it is expected to supply Ultra-High-Power Continuous-Wave lasers for Nvidia data-center platforms using co-packaged optics.
Co-packaged optics is becoming more important in large AI data centers because it can help move data between processors at higher speeds while reducing some of the limits of traditional electrical connections. Coherent's shares have risen sharply since Nvidia announced the investment.
Nvidia has made a similar bet on telecom infrastructure. In October, it announced plans to invest $1 billion in Nokia to support AI-RAN development and the shift from 5G to 6G. Nvidia's Nokia holdings are now worth $2.2 billion.
The company's investment in Synopsys fits into its broader AI strategy. Synopsys has been adding AI features to its electronic design automation software, which is used to design chips and other advanced systems. Nvidia bought $2 billion worth of Synopsys stock last December. The stake is now valued at $2.15 billion.
Nvidia continues to hold stock in some of its customers. Its CoreWeave position grew from 24.2 million shares valued at $3.9 billion last year to 47.2 million shares worth $4.6 billion. The increase in shares suggests Nvidia added to its position as CoreWeave's stock price fell.
Its position in Nebius stayed at 1.19 million shares. However, the value of that stake rose from $65.8 million in 2025 to $328.7 million.
With quarterly revenue above $80 billion and net income nearing $60 billion, Nvidia has the cash to make large investments. Its holdings suggest it is betting on the companies and technologies that will help shape the next phase of AI infrastructure.
Nvidia's $5 billion Intel bet is now worth nearly $25 billion, and its SpaceX stake isn't far behind
