Nvidia shares closed at $230.36 on September 4, within 2.3% of their record high of $235.74, as investors assessed the chipmaker's rapidly expanding artificial-intelligence investment strategy. The stock rose 0.84% during the session, supported by broader strength in AI-linked semiconductor names after Dell raised its annual outlook and reported $60 billion in AI server orders.
According to Nvidia’s August 26 Form 10-Q, the company held $99 billion in equity investments as of July 26, plus another $25 billion in equity investment commitments. That compares with roughly $7 billion in combined public and non-marketable equity holdings a year earlier, representing an increase of about 1,315%. The filing showed $42.8 billion in marketable equity securities and $51.2 billion in non-marketable securities on its balance sheet.
Public equity positions reportedly declined from $63.44 billion on June 30 to about $46.43 billion by early September, largely because of a drop in Nvidia’s Intel stake from around $30 billion to roughly $19 billion. Other listed holdings include CoreWeave, SpaceX, Coherent, Nokia, Synopsys, Nebius, and Generate Biomedicines, along with warrants or convertible instruments in Corning, IREN, Marvell, Lumentum, and MediaTek.
Nvidia’s private portfolio is broader, with about $48 billion across 163 active private investments. Major positions include a $30 billion investment in OpenAI at a $730 billion valuation, up to $10 billion in Anthropic, roughly $5 billion in Safe Superintelligence, $1 billion in Poolside, about $800 million in Reflection AI, and a recent agreement to invest $1.5 billion in SB Energy. Nvidia also agreed to acquire Hugging Face for about $12.93 billion, expanding its reach beyond chips into an AI development platform used by more than 18 million developers.
Nvidia reported fiscal second-quarter revenue of $96.2 billion, up 106% year over year, and earnings per share of $2.22, beating the consensus estimate of $2.09. Analyst consensus remains a Moderate Buy with an average price target of $324.83, while Sanford C. Bernstein has a $400 target and Bank of America has a $350 target. The board has approved an $80 billion share repurchase plan and a quarterly dividend of $0.25 per share.
