NVIDIA's $5 billion investment in Intel stock, made in September 2025 as part of a strategic AI infrastructure partnership, has generated nearly $25 billion in unrealized gains, bringing the total value of that stake to approximately $30 billion, according to an SEC filing this week. The investment supported Intel during a difficult period and has become one of NVIDIA's most lucrative positions outside its core GPU business.
In the same filing, NVIDIA disclosed nearly $21 billion in SpaceX stock holdings and stakes exceeding $10 billion in various customers, partners, and suppliers. The NVIDIA-SpaceX alignment is notably strategic: SpaceX's xAI has committed to exclusively using NVIDIA hardware in its AI data centers both on Earth and in orbit. NVIDIA also holds $2.15 billion in Synopsys (EDA tools), $2.2 billion in Nokia (AI-RAN), and $2 billion in Coherent (Ultra-High-Power lasers for co-packaged optical interconnects). The company fully exited its Arm Holdings stake (1.1 million shares, worth $178 million) and has substantially increased its position in CoreWeave (now $4.7 billion).
With quarterly revenue exceeding $80 billion and net income near $60 billion, NVIDIA is effectively using cash reserves for strategic bets on infrastructure partners and suppliers critical to its data-center ecosystem. The shift from foundry neutrality to vertical integration—stocking Coherent optics, Synopsys tools, and cloud partners like CoreWeave—reflects growing confidence in NVIDIA's ability to move up the stack and co-optimize systems. Architects should note the portfolio: it reveals NVIDIA's bet that not just GPU demand but the entire surrounding infrastructure (optics, EDA, networking, cloud operators) is worth owning a slice of.