NVIDIA's 13F just tripled — without buying a single share.
Every public position, 5 quarters, side-by-side.
Values in $ millions ($M) at quarter-end market value, taken line-by-line from the SEC information tables. Column totals equal the SEC-reported 13F aggregate to the dollar. "—" = pre-hold, "$0" = post-exit.
| Company | Tkr | Sector | Q-4 · 6/30/25 | Q-3 · 9/30/25 | Q-2 · 12/31/25 | Q-1 · 3/31/26 | Q0 · 6/30/26 | Move |
|---|---|---|---|---|---|---|---|---|
| Intel Corp | INTC | Semiconductors | — | — | $7,925 | $9,478 | $29,989 | Hold |
| Space Exploration Technologies | SPCX | Space · Starlink · xAI | — | — | — | — | $20,976 | New |
| CoreWeave Inc | CRWV | AI cloud infra | $3,959 | $3,322 | $1,739 | $3,658 | $4,700 | Hold |
| Coherent Corp | COHR | Optical networking | — | — | — | $1,855 | $3,072 | Hold |
| Nokia Oyj | NOK | Telecom / RAN | — | — | $1,077 | $1,338 | $2,210 | Hold |
| Synopsys Inc | SNPS | EDA / chip design | — | — | $2,265 | $1,912 | $2,151 | Hold |
| Nebius Group NV | NBIS | AI cloud infra (EU) | $66 | $134 | $100 | $124 | $329 | Hold |
| Generate Biomedicines | GENB | AI drug discovery | — | — | — | $10 | $14 | Hold |
| Arm Holdings plc | ARM | Semi IP / CPU arch | $178 | $156 | $0 | $0 | $0 | Exited |
| Applied Digital Corp | APLD | Neocloud / data ctrs | $78 | $177 | $0 | $0 | $0 | Exited |
| Recursion Pharmaceuticals | RXRX | AI biotech | $39 | $38 | $0 | $0 | $0 | Exited |
| WeRide Inc | WRD | Autonomous driving (CN) | $14 | $17 | $0 | $0 | $0 | Exited |
| SEC-reported 13F total | $4,333 | $3,844 | $13,105 | $18,374 | $63,440 | |||
Reconciliation note. Every cell is the SEC information-table value for that CUSIP; each column sums to the cover-page tableValueTotal exactly ($4,333,080,800 · $3,843,681,339 · $13,104,819,528 · $18,374,354,150 · $63,439,974,569). Share counts: Intel 214,776,632 (unchanged since Q4 '25); SpaceX 122,764,805; CoreWeave 47,213,353 (unchanged since the Q1 '26 add); Coherent 7,788,161; Nokia 166,389,351 ADRs; Synopsys 4,821,717; Nebius 1,190,476; Generate 833,325. Not a single share count changed between Q1 and Q2 2026. No 13F-HR/A amendments have been filed for any of the five periods, so no confidential-treatment positions have been unmasked. The July 2026 edition (Teardown No. 04, Q1 2026 cutoff) is preserved unchanged; it triangulated the smaller positions (Nebius, Applied Digital, Arm, Recursion, WeRide) from share counts × prices, and those cells are replaced here by filed values — Nebius in particular was understated by roughly half. Accession numbers: 0001045810-25-000199 (Q2'25), -25-000219 (Q3'25), -26-000011 (Q4'25), -26-000042 (Q1'26), -26-000065 (Q2'26).
Two names carry 80% of the 13F book.
INTC + SPCX = 80.3% of the portfolio; the top six = 99.5%. Nebius ($329M) and Generate ($14M) are the tail. Cost bases from NVIDIA's announced deal terms; market values from the filing.
Intel Corp
Space Exploration Technologies
CoreWeave Inc
Coherent Corp
Nokia Oyj
Synopsys Inc
A $45B quarter with no trades.
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. Q2 2026 had one new line (by conversion) and no sales; the mark-to-market moves are listed so the quarter isn't read as a buying spree.
New positions & >25% additions
Positions closed & short-tenure flags
Five theses — one supply chain, now with an AI lab on top.
Every 13F position (and every off-13F structured deal) maps to a layer of the AI stack NVIDIA is trying to accelerate or secure. The Q2 change is that the lab layer — previously entirely private — now has a $21B public line. Themes sum to the SEC total.
Owning the CPU + foundry + EDA layer
- Intel Corp $29,989M
- Synopsys Inc $2,151M
The xAI bet, now tradable
- Space Exploration Technologies $20,976M
Interconnect is the new bottleneck
- Coherent Corp $3,072M
- Nokia Oyj $2,210M
Financing the GPU renters
- CoreWeave Inc $4,700M
- Nebius Group (common only) $329M
The book that still dwarfs the 13F's real-company lines
- Balance sheet (Jul 26, 2026) $51,157M
- Cumul. unrealized gain +$9.1B
- Undrawn commitments $25.0B
The tail, and what was pruned
- Generate Biomedicines $14M
- Arm · Applied Digital Exited $156M · $177M
- Recursion · WeRide Exited $38M · $17M
The shadow portfolio: $51B on the balance sheet, $25B still to deploy.
These positions live in Note 6 of NVDA's Q2 FY27 10-Q ("Non-marketable Equity Securities", quarter ended July 26, 2026) or in instruments — pre-funded warrants, convertibles, commitments, a pending acquisition — that don't appear on the 13F. Sources: 10-Q Note 6, 8-K of Sep 2, 2026, and Tier-1 outlets (CNBC, Reuters, Bloomberg, The Information).
| Investee / Deal | Instrument | Size (Approx) | Status & Source |
|---|---|---|---|
| OpenAI Foundation-model lab |
Equity, part of the $122B round | $30B | Announced Feb 27, closed Mar 31, 2026, under the Sep 2025 up-to-$100B framework · CNBC, Reuters |
| Anthropic Foundation-model lab |
Series G equity ($380B post-money) | Up to $10B | February 2026 · exact deployed amount not disclosed · CNBC, TradingKey |
| xAI → SpaceX Graduated to the 13F |
Series E → SPCX Class A common | ~$10B → $21.0B | Jan 2026 stake, converted Feb 2026, 13F-reportable from Jun 12 IPO · the $12.3B Q2 reclassification out of non-marketable · 10-Q Note 6, CNBC |
| Hugging Face Open-model platform · 18M developers |
Acquisition (definitive agreement) | $11.9B + $1.0B retention | Signed Sep 2, 2026 · closing expected H1 2027 pending regulatory approval · NVIDIA's largest-ever deal · 8-K Sep 2, 2026 |
| MediaTek Custom silicon partner |
Convertible bonds | $3.5B | Announced Aug 31, 2026 · off-13F until converted · TradingKey |
| Nebius Group EU neocloud, in addition to $329M common |
Pre-funded warrants | $2.0B | March 2026 · ~9.3% beneficial stake per July 13G, but only 1.19M common on the 13F · 10-Q, SEC 13G |
| Marvell · Lumentum Custom silicon · optical |
Structured equity (not common) | $2.0B + $2.0B | March 2026, announced alongside Coherent · neither appears on the 13F · Reuters, Bloomberg |
| IREN · Corning Data-center power · optical fiber |
Warrants (30M sh @ $70 · $500M) + procurement | Up to $2.1B · up to $3.2B | May 2026 · warrants are not 13(f) securities until exercised · Benzinga, company releases |
| Poolside · Cloverleaf Coding-model lab · data-center developer |
$1B equity + $6B licensing · minority equity | ~$1B · undisclosed | August 2026 · TradingKey |
| Groq Inc Inference-silicon startup |
Non-exclusive tech license | $2.9B paid in H1 FY27 | $986M of consideration still accrued at Jul 26 (from $3.9B in Jan) · a license, not equity · 10-Q cash-flow statement |
| In talks Thinking Machines Lab · Perplexity |
Equity | ~$2.5B · undisclosed | Reported Sep 3 and Aug 2026 by The Information · not yet in any filing · TradingKey |
| Infrastructure financiers Equity-method investments |
LP interests | $3.3B carried | VIE maximum loss exposure $4.7B incl. committed amounts · 10-Q Note 6 |
| Total equity commitments Aggregate undrawn |
AI model makers, infrastructure financiers | $25.0B | $18B rest of FY27 · $3B FY28 · $2B FY29 · $2B FY30 · 10-Q Note 6 |
| Lock-up equity Publicly-held with transfer restrictions |
Short-term + long-term lock-ups | $36.9B + $5.0B | At Jul 26, 2026 (vs $10.5B + $4.8B in Jan) · long-term portion locked through Dec 2027 · 10-Q Note 5 |
Reconciliation. The 10-Q rolls privately-held securities from $22.3B (Jan 25) to $47.9B (Jul 26): +$31.0B net additions, +$7.5B unrealized gains, −$12.7B reclassified "following public market trading" — the xAI stake becoming SpaceX stock — and −$0.2B of impairments; the balance-sheet line including equity-method stakes is $51.2B. Cumulative unrealized gains on the private book are $9.1B, from $0.7B a year earlier. Publicly-held equity is carried at $47.7B at Jul 26 — $36.9B Level 1 plus $10.8B Level 2, the latter almost certainly the SpaceX shares marked at a lock-up discount — versus the 13F's $63.4B at Jun 30; the gap is that discount plus four weeks of price moves. The equity book now moves NVIDIA's own P&L: $7.8B of gains from equity securities in Q2 FY27 and $23.7B in the first half sit in GAAP other income and explain why GAAP EPS ($2.46) ran ahead of non-GAAP ($2.22). With $25B still committed and Hugging Face to close, the shadow book is on track to pass $75B 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).
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