Nvidia's investment portfolio reached $63.4 billion at the end of June, up 3.4 times from the prior quarter despite no new trades in the period, with 75% of assets concentrated in two positions, Intel and SpaceX, that both appreciated sharply after the chipmaker deployed capital late last year.

The Intel position

Nvidia agreed in September 2025 to purchase $5 billion of Intel common stock at $23.28 per share, a deal that closed in December and delivered a 214.8 million-share stake. By June 30 the holding was worth nearly $30 billion, representing 44.23% of the portfolio. The investment followed roughly four weeks after the Trump administration announced its own backing for the legacy chipmaker. Nvidia framed the collaboration as integrating its accelerated computing hardware with Intel's CPUs and x86 ecosystem, though the stake also gives the GPU leader a front-row seat to Intel's attempt to reclaim process leadership and chip away at Nvidia's own data center dominance.

The SpaceX conversion

The second large position originated from a $10 billion investment in Elon Musk's xAI in January 2026. When SpaceX acquired xAI in an all-stock deal the following month, Nvidia's stake converted into 122.8 million SpaceX shares. After SpaceX's initial public offering on June 12, the position was valued at close to $21 billion, or 30.94% of the portfolio. SpaceX's registration statement outlined a $28.5 trillion addressable market, $26.5 trillion of it tied to AI, and disclosed that xAI's data centers were operating more than half a million Nvidia GPUs as of May. The math is circular: Nvidia benefits when its largest customers expand, and its portfolio gains when those customers go public.

The cash burn question

SpaceX's second-quarter filings showed operating cash flow of $2.42 billion against capital expenditures of $18.37 billion, leaving free cash flow at negative $16 billion. The company is ramp­ing Starship production and building out data center capacity simultaneously. Intel, by contrast, generates steady cash flow from its x86 franchise even as its AI ambitions remain unproven. Nvidia's portfolio has grown on paper, but the bulk of the gain sits in a private-company-turned-public that has yet to demonstrate a sustainable operating model.

What to watch

The portfolio's trajectory now hinges on two divergent paths: whether Intel's foundry turnaround can produce competitive AI silicon at scale, and whether SpaceX can translate its AI-linked addressable market into positive cash flow before the next funding cycle. Nvidia's Data Center segment grew 117% in its fiscal second quarter, but its investment returns are now correlated with the very customers it supplies.