Nvidia (NVDA) owns $90.7 billion of other companies. Its public stock portfolio has lost $16.4 billion since June 30.

What Nvidia owns publicly

The public half is the part anyone can check. Nvidia files a 13F, and the one filed August 14 listed eight positions worth $63,439,974,569 as of June 30. Seven of them are large enough to matter. The eighth is 833,325 shares of Generate Biomedicines worth $14.1 million, which rounds to nothing at this scale, so we left it out of the table. Marked to Monday's closes, the same shares are worth about $47.1 billion.

Intel is the whole story of that decline. Nvidia's 214.8 million shares were marked at about $140 each on June 30 and closed at $89.51 on Monday. That single position accounts for roughly two thirds of the $16.4 billion the book has given back. The caveat is that a 13F is a snapshot: it shows what Nvidia held on June 30, not what it holds now, so the current figures assume the positions haven't changed.

The 13F's $63.4 billion and the balance sheet's $42.8 billion also don't cover the same securities, so the two numbers were never going to match. Timing explains part of the gap, since Intel gave back a third of its value between June 30 and July 26. Scope explains the rest. The balance sheet's marketable equity line leaves out $5.0 billion of public stock that's locked up through December 2027 and parked in other assets, and it includes $10.8 billion of unregistered warrants and convertible preferred stock that a 13F, which only lists exchange-traded securities, never shows. Count everything public and Nvidia held $47.7 billion of other companies' listed stock at fair value on July 26. The company's own fullest tally, sitting in the 10-Q's liquidity discussion, is $99 billion of equity investments already made across the public and private books, plus $25 billion committed and not yet funded.

The private investments and commitments

The private half needs a distinction the headline numbers blur: money already out the door versus money promised. The $47.9 billion of non-marketable equity on the balance sheet is funded. It's the carrying value of stakes Nvidia has actually paid for, held at cost plus $9.1 billion of cumulative markups, and it went from $3.8 billion in July 2025 to $22.3 billion in January to $47.9 billion by late July. That growth came despite $12.3 billion leaving the category during the quarter, when SpaceX's shares began trading publicly and moved over to the marketable line.

The commitments are a separate pile. Nvidia has agreed to put $30 billion into OpenAI as part of a $110 billion round that also drew $50 billion from Amazon and $30 billion from SoftBank, up to $10 billion into Anthropic, and $5 billion into Ilya Sutskever's Safe Superintelligence. Whatever has been paid in so far sits inside the $47.9 billion. The rest lives in a line the 10-Q labels equity investment commitments: $25 billion that hasn't been funded, $18 billion of it due by the end of this fiscal year. A commitment can be renegotiated or tripped by a contingency, which is why it isn't on the balance sheet.

One line that circulates in these lists is worth correcting, because it double-counts. Nvidia put about $10 billion into xAI in January as part of a $20 billion round. In February, SpaceX acquired xAI, every xAI share became a SpaceX share, and that position is now the 122.8 million SPCX shares in the 13F. The xAI money and the SpaceX stake are the same money. Counting both inflates the total by $10 billion. We wrote about what SpaceX's own AI segment looks like after the Pentagon deployed Grok earlier Monday.

The number that isn't on the balance sheet

On August 17, Nvidia agreed to provide up to $105 billion backing the financing of an OpenAI data center at SB Energy's PORTS Technology Campus in Pike County, Ohio, terms it lays out in the same 10-Q's commitments note. SB Energy is building and managing the site under 20-year leases to OpenAI, covering an initial 4.25 gigawatts across nine phases, the first expected in service in Nvidia's fiscal 2029, with an option for roughly 3.8 gigawatts more. The guarantees cover defined portions of OpenAI's lease and power payments if it defaults, not the full cost of the site, and in exchange the campus exclusively hosts Nvidia hardware. It's a guarantee, not an equity stake, so it doesn't show up as an investment, and it's larger than every equity position Nvidia owns put together. It also shrank on the way to signing: talks were reported at up to $250 billion in July, cut to under $120 billion by mid-August, and settled at $105 billion.

The supply-chain and ecosystem deals around all of this are smaller, so here they are in one place:

The bottom three rows should be held loosely, because none has been formally announced. The Information reported on August 26 that Nvidia agreed to buy Hugging Face for $12.9 billion, which would be its largest acquisition ever, though neither company has confirmed it and no signed contract has been reported. The Poolside deal would license development technology and bring over more than 100 of its staff. The Perplexity talks are just talks. We covered the MediaTek convertible when that deal was announced.

There's a wrinkle in all of this that gets skipped. On March 4, at Morgan Stanley's tech conference, Jensen Huang said the $30 billion OpenAI investment "might be the last time" Nvidia invests in the lab before it goes public, and said much the same about Anthropic, on the logic that the early-stage window closes once a company lists. What followed was the Ohio backstop, the Corning and IREN agreements and a reported $12.9 billion acquisition. The pullback was specific to frontier labs, and everything else kept going.

The circularity we flagged at the top is measurable, too. About $26 billion of the June 30 public book, the SpaceX, CoreWeave and Nebius positions, is companies that train on Nvidia hardware or rent it out as a business, and all three private commitments, OpenAI, Anthropic and Safe Superintelligence, are labs that run on it. The Ohio site the $105 billion guarantee backs will exclusively host Nvidia gear. Intel is the exception, a manufacturing bet rather than a customer, and it's also the position doing most of the damage.

The reason to keep the categories straight is that they behave differently. Market value moves every day and runs through the income statement: Nvidia booked $1.5 billion of unrealized gains on public equities in the quarter and $12.5 billion in the first half, which is GAAP earnings from stock it didn't sell. Committed capital is a promise that may not be funded. A guarantee is a liability that only appears if something goes wrong. Adding them into one number produces a figure that describes none of them, and the $16.4 billion the public book has shed since June 30 is a reminder that at least one of those categories can go backwards fast. Nvidia closed Monday at $220.78.