Pomegra
Nvidia's $63.44 billion equity portfolio, led by Intel and SpaceX, added $15.9 billion in GAAP gains last quarter - a material wildcard for the August 26 earnings print.
- Nvidia's 13F filing reveals $63.44B in equities; Intel ($29.99B) and SpaceX ($20.98B) together represent 80.3% of holdings.
- Approximately $15.9B in unrealized equity gains inflated Q1 FY27 GAAP net income to $58.3B, well above the operating baseline.
- The portfolio's mark-to-market mechanics introduce a material variable into Q2 FY27 GAAP results due August 26, 2026.
Lead
Nvidia (NVDA), headquartered in Santa Clara, California, disclosed $63.44 billion in U.S.-listed equities in its latest 13F regulatory filing, published August 15, 2026, reflecting positions as of June 30. Two strategic partners dominate the book: Intel (INTC) at $29.99 billion and SpaceX at $20.98 billion, together accounting for 80.3% of the portfolio. The disclosure arrives ten days before Nvidia reports second-quarter fiscal 2027 earnings - and the same mark-to-market accounting that added approximately $15.9 billion to GAAP net income in the April quarter will reprice again when the August 26 print lands.From Chip Supplier to Strategic Anchor Investor
Neither position is a passive financial bet. Nvidia committed $5 billion to an Intel private placement at $23.28 per share in September 2025, paired with a joint semiconductor development agreement, with the deal closing in December 2025. By June 30, 2026, with Intel trading near $140 per share, that stake - 214.78 million shares - had expanded to roughly $30 billion. In January 2026, Nvidia deployed $10 billion into xAI's $20 billion Series E funding round. When SpaceX acquired xAI in an all-stock merger valued at $1.25 trillion in February 2026, Nvidia's xAI position converted into approximately 122.8 million SpaceX Class A shares. SpaceX's listing on Nasdaq on June 12, 2026 - the largest initial public offering ever recorded, raising $85.7 billion - established a market price; at $170.86 at quarter-end, the stake was valued at $20.98 billion.
Both companies are exclusive Nvidia hardware customers, with xAI using Nvidia chips across its AI infrastructure on Earth and in orbit, and Intel anchored to the joint development framework tied to next-generation chip design.
Why Did Equity Gains Inflate GAAP Earnings?
Under U.S. generally accepted accounting principles, publicly traded equity securities must be marked to fair value through the income statement each quarter. As Intel shares surged from their $23.28 placement cost and SpaceX's Nasdaq debut established an elevated public market price, the unrealized appreciation flowed directly into Nvidia's other-income line. In Q1 FY27 - the quarter ended April 26, 2026 - approximately $15.9 billion in equity gains entered GAAP net income, helping push the headline figure to $58.3 billion, a 211% increase year over year. Non-GAAP operating income for the same period was $53.5 billion on a 65.6% operating margin - a more precise measure of the core semiconductor business.
The gap between GAAP and non-GAAP results is now large enough to shift headline earnings-per-share comparisons by a material amount, making Nvidia's reported financials structurally sensitive to Intel and SpaceX share-price movements - two externally priced securities that Nvidia does not control.
How Does This Affect the August 26 Earnings Print?
The Q2 FY27 report will capture fair-value changes across the portfolio for the period ended July 26, 2026. If Intel and SpaceX shares appreciated, GAAP net income will again exceed the non-GAAP figure by a wide margin. If either declined meaningfully, the reverse holds. With the two positions totaling more than $51 billion, even a 5% aggregate swing represents a multi-billion-dollar income effect. Revenue guidance from management stands at approximately $91 billion; consensus estimates cluster between $93 billion and $95 billion - a roughly 67% year-over-year increase that reflects sustained Blackwell chip demand from hyperscalers. But GAAP earnings per share, the headline most retail investors track, will depend as much on Intel and SpaceX closing prices on July 26 as on data-center shipment volumes.
Portfolio Context: Who Else Is in the Book
Beyond Intel and SpaceX, Nvidia's 13F lists CoreWeave at approximately $4.7 billion, Nebius Group at $4.69 billion, and Coherent at $3.07 billion. The filing also confirms Nvidia has fully exited its stake in Arm Holdings (ARM). The total portfolio grew from approximately $18.4 billion at the March quarter-end, a 245% sequential increase driven by Intel's appreciation and the addition of the SpaceX position after its Nasdaq listing.
The concentration is notable by any measure: two positions in the same customer-supplier ecosystem now account for more than four-fifths of a $63 billion investment book at one of the world's highest-valued companies.
Outlook
Nvidia's equity portfolio has shifted from a modest strategic-investment ledger into a concentrated $63.44 billion holding that moves GAAP earnings by billions each quarter. Intel and SpaceX are both locked into exclusive chip relationships with Nvidia, intertwining financial and commercial exposure. As the August 26 print approaches, the central questions are whether revenue clears $91 billion, how Blackwell margins hold, and how large the next mark-to-market adjustment will be. All three will determine how investors read a quarterly result where accounting classification matters nearly as much as silicon shipments.
