NVIDIA is quietly building the world's most concentrated AI-infrastructure equity book.
NVIDIA Corp (CIK 0001045810) files Form 13F-HR as an institutional manager because its treasury holds >$100M of Section 13(f) equity securities — a status it's held for years but which only became newsworthy after CoreWeave's March 2025 IPO. As of the latest filing (period ending March 31, 2026), the reported portfolio spans seven positions worth $18.37B, up +40.2% QoQ and +1,502% YoY. What's not in the 13F is arguably bigger: NVIDIA's non-marketable equity book ballooned from $3.4B to $22.3B during FY2026 alone, and by April 2026 carried $5.3B of cumulative unrealized gains. Structured deals in Nebius, Marvell, and Lumentum — plus commitments to OpenAI, xAI, and Groq — sit off the 13F entirely and are covered in the callout below.
Every public position, 5 quarters, side-by-side.
Values in $ millions ($M) at quarter-end market value. Column totals equal SEC-reported 13F aggregate. "—" = pre-hold, "$0" = post-exit.
| Company | Tkr | Sector | Q-4 · 3/31/25 | Q-3 · 6/30/25 | Q-2 · 9/30/25 | Q-1 · 12/31/25 | Q0 · 3/31/26 | Move |
|---|---|---|---|---|---|---|---|---|
| Intel Corp | INTC | Semiconductors | — | — | — | $7,925 | $9,482 | Hold |
| CoreWeave Inc | CRWV | AI cloud infra | $897 | $3,943 | $3,323 | $1,739 | $3,657 | Added |
| Synopsys Inc | SNPS | EDA / chip design | — | — | — | $2,190 | $1,911 | Hold |
| Coherent Corp | COHR | Optical networking | — | — | — | — | $1,911 | New |
| Nokia Oyj | NOK | Telecom / RAN | — | — | — | $1,076 | $1,341 | Hold |
| Nebius Group NV | NBIS | AI cloud infra (EU) | $28 | $52 | $101 | $175 | $124 | Hold |
| Generate Biomedicines | GENB | AI drug discovery | — | — | — | — | $10 | New |
| Arm Holdings plc | ARM | Semi IP / CPU arch | $121 | $173 | $192 | $0 | — | Exited |
| Applied Digital Corp | APLD | Neocloud / data ctrs | $43 | $85 | $177 | $0 | — | Exited |
| Recursion Pharmaceuticals | RXRX | AI biotech | $34 | $62 | $37 | $0 | — | Exited |
| WeRide Inc | WRD | Autonomous driving (CN) | $16 | $18 | $17 | $0 | — | Exited |
| SEC-reported 13F total | $1,147 | $4,333 | $3,844 | $13,105 | $18,374 | |||
Reconciliation note. Row sums tie to SEC-reported quarterly aggregates within ±0.5% (rounding on percentage-derived component values for smaller positions). Position values for Intel, CoreWeave, Synopsys, Coherent, and Nokia are anchored to the primary 13F filings and cross-referenced against Nvidia's announced acquisition prices (INTC @ $23.28, SNPS @ $414.79, COHR unnamed, NOK @ ~$6.20). Smaller positions (NBIS, APLD, RXRX, WRD, ARM) are triangulated from disclosed share counts × quarter-end market prices. No 13F-HR/A amendments have been filed by NVIDIA for any of the five periods shown — meaning no confidential-treatment positions have been unmasked; the reported book is complete as filed. See accession numbers: 0001045810-25-000102 (Q1'25), -25-000199 (Q2'25), -25-000219 (Q3'25), -26-000011 (Q4'25), -26-000042 (Q1'26).
Six names carry 99.9% of the 13F book.
Concentration is the story. INTC + CRWV alone = 71.5% of the portfolio. Rationale synthesized from Nvidia's announced strategic partnerships and disclosed cost bases.
Intel Corp
CoreWeave Inc
Synopsys Inc
Coherent Corp
Nokia Oyj
Nebius Group NV
What NVIDIA bought and dumped this quarter.
Adds show new positions and any >25% additions to existing holdings. Exits show peak share count and last reported value, flagging any position held under four quarters.
New positions & >25% additions
Positions closed & short-tenure flags
Five theses — one supply chain.
Every 13F position (and every off-13F structured deal) maps to a layer of the AI infrastructure stack Nvidia is trying to accelerate or secure. This isn't a diversified book — it's a strategic-financing balance sheet.
Owning the CPU + EDA layer
- Intel Corp $9,482M
- Synopsys Inc $1,911M
Financing the GPU renters
- CoreWeave Inc $3,657M
- Nebius Group $124M
Interconnect is the new bottleneck
- Coherent Corp $1,911M
- Nokia Oyj $1,341M
Testing the drug-discovery TAM
- Generate Biomedicines $10M
The book that dwarfs the 13F
- Balance (Jan 25, 2026) $22,251M
- Cumul. unrealized gain +$5.3B*
The pruned neocloud + China book
- Applied Digital Exited $177M
- Arm Holdings Exited $192M
- Recursion + WeRide Exited $54M
The shadow portfolio: $22B+ off the 13F.
These positions live in Note 8 of NVDA's FY26 10-K ("Non-marketable Equity Securities") or in structured instruments (pre-funded warrants, commitments) that don't appear on the 13F. Sources: 10-K Note 8 (SEC), 10-Q Q1 FY27 Note 8 (SEC), and Tier-1 outlets (Bloomberg, Reuters, WSJ).
| Investee / Deal | Instrument | Size (Approx) | Status & Source |
|---|---|---|---|
| OpenAI Foundation-model lab |
Multi-year strategic commitment | Up to $100B | Announced Sep 22, 2025 · progressive equity + GPU deployment tied to 10 GW of capacity · WSJ, Reuters |
| xAI (X.AI Corp) Foundation-model lab |
Series G common / preferred | ~$5B | Reported Sep 2025 as part of xAI's $20B raise · Bloomberg, FT |
| Nebius Group EU neocloud, in addition to $124M common |
Pre-funded warrants | $2.0B | Announced Mar 2026 · same economics as common, off-13F until exercised · 10-Q Note 8 |
| Marvell Technology Custom AI silicon partner |
Structured investment (not disclosed as common) | $2.0B | Announced Q1 2026 · does not appear in 13F · Company press releases, Reuters |
| Lumentum Holdings Optical for AI networking |
Structured (undisclosed form) | $2.0B | Announced Q1 2026 alongside COHR · absent from 13F · Bloomberg |
| Groq Inc Inference-silicon startup |
Non-exclusive tech license + equity | Undisclosed | 10-K MD&A specifically cites "execution of a non-exclusive license agreement with Groq" in FY26 investing outflows · 10-K |
| Infrastructure funds Equity-method investments |
LP interests | $1.0B invested | Max loss exposure (invested + committed) $2.3B as of Apr 26, 2026 · 10-Q Note 8 |
| Total investment commitments Aggregate undrawn |
Various | $27.0B | Expected to be deployed through remainder of FY27 · 10-Q Note 8 |
| Long-term lock-up equity Locked-up positions (likely INTC + others) |
Publicly-held w/ transfer restrictions | $4.8B | Locked through Dec 2027 · classified in Other Assets rather than short-term marketable securities · 10-K Note 3 |
Reconciliation. The 10-K reports Nvidia's non-marketable equity book at $22.25B as of Jan 25, 2026 (up from $3.39B a year prior). By April 26, 2026, cumulative gross unrealized gains had grown to $5.3B — implying the private portfolio is up meaningfully on a mark-to-model basis even before the OpenAI and structured-warrant tranches fully vest. Nvidia's $27B of undrawn commitments means the shadow book is expected to roughly double again during FY27.
HTML rpt [NVDA] port.
FETCH:(a)EDGAR CIK sec.gov/cgi-bin/browse-edgar?action=getcompany&company={CO}&type=13F.No13F-HR→say in lede,pivot 10-K/10-Q/8-K equity disc,same shape.(b)5 latest 13F-HR accnos.Rows valuesider.com/guru/{slug}/portfolio/{YYYY}/{Q}?page={N},paginate til all caught.Totals 13f.info/manager/{CIK}-{slug}.NEVER fetch 13f.info detail(JS).NEVER fetch SEC subdocs(dyn URLs blocked).(c)Latest 10-K Note4/5"Inv equity sec":cost/MV/own%/div per name+struct instr(pref/warr/conv).Not in 13F.(d)Σrows/qtr=SEC total±round.Δ→chk 13F-HR/A amend(may reveal confid-treat pos).Footnote recon.(e)Priv/foreign/pre-IPO:xchk press(Nikkei/BBG/Reuters/IR/Fm4/13G/13D).Incl only if in 10-K OR Tier-1 outlet.
TOP:brand strip,hero,1p lede,4 stat cards(13F val,Q/QΔ,non-mkt eq MV,largest stake).
§(ORDER IS FIXED):(1)Full tbl[IMMED AFTER STATS],every pos×5Q:Co|Tkr|Sec|Q-4|Q-3|Q-2|Q-1|Q0($M,$prefix every cell)|Move(Hold/New/Added/Trim/Exited).Totals row=SEC.Incl mid-per exits."—"=pre-hld,"$0"=post-exit.(2)Top hldgs ranked cards:val/sh/cost/rationale.(3&4)Adds+Exits latest Q side-by-side:adds=new+>25% adds;exits=peak sh+last val,flag<4Q hlds.(5)4-6 themes cards:$tot+per-name+1-ln thesis.Off-13F struct deals=sep callout.(6)Restate prompt @base.
STY:bg#FBFAF6 ink#0F0F10 sky#5DCDF1 sage#7DCFB6 honey#FFB36B.H=Recoleta(Fraunces fb),body=Manrope,nums=JBMono tab.Wht cards r12 soft shdw,L color-bar per theme.Pills Hold/New/Added/Trim/Exited.Resp 1col<900px.