Who Nvidia owns
Nvidia's biggest stock holding isn't an AI cloud. It's Intel — and it's more than half the portfolio.
Every quarter Nvidia has to file a Form 13F — a public list of the US stocks it owns. The one covering 31 March 2026 came out in May, and it's $18.4B across seven names.
Most people guess CoreWeave, or one of the AI clouds. It's Intel, at $9.5B — 52% of the whole thing.
And it isn't a trade. In September 2025 Nvidia bought $5B of newly issued Intel stock at $23.28 a share, straight from Intel, as part of a deal to co-develop products: Intel builds Nvidia-customised x86 CPUs, and the two architectures get connected over Nvidia's NVLink. The 13F shows 214,776,632 shares — which is exactly $5B divided by $23.28. Same shares, still held.
The rest of the list is the same idea pointed at different layers of the stack: • Synopsys ($1.9B) — the software chips are designed in. $2B placement, Dec 2025. • Coherent ($1.9B) — optics. $2B, March 2026, alongside the same amount into Lumentum. • Nokia ($1.3B) — networking, tied to an AI-RAN partnership. $1B, Oct 2025. • CoreWeave ($3.7B) and Nebius ($0.1B) — AI clouds that run Nvidia chips.
Two things the 13F does not show. Marvell, where Nvidia took a $2B stake on 31 March 2026 to bring Marvell's custom AI chips onto NVLink — announced too late in the quarter to appear. And the private ones: roughly $30B into OpenAI and about $10B into Anthropic, which a 13F never covers because they aren't listed stocks.
A portfolio is not an accusation. These are disclosed, arm's-length placements and nothing here says anything improper happened. What it does show is the shape: Nvidia is buying equity in the layer above it, the layer below it, and in two companies that also compete with it.
Sources: NVIDIA Corp Form 13F-HR (SEC EDGAR, filed 15 May 2026); Intel and NVIDIA newsrooms; CNBC; Bloomberg. Not financial advice.
