Nvidia's share portfolio is essentially two customers: $21 billion of SpaceX and $30 billion of Intel
Nvidia's 13F filing with the SEC on 14 August disclosed $63.44 billion of US-listed equity holdings as of the end of June, and Intel and SpaceX together are more than 80% of it. The SpaceX position — about 122.8 million shares, worth roughly $21 billion — is new, since SpaceX only began trading on 12 June. The Intel stake, 214.8 million shares worth about $30 billion at the end of June, grew out of a $5 billion investment. Nvidia also exited Arm entirely. Both holdings have shrunk since the filing date: SpaceX fell from $170.86 at the end of June to about $140 by 14 August, and the Intel stake is nearer $22 billion after Intel's own $20 billion share offering closed on 12 August.
Why it mattersNvidia sells chips to both of these companies. Musk has said SpaceX will use Nvidia silicon exclusively, and Nvidia and Intel agreed last September to co-develop chips for data centres and PCs. Holding tens of billions in your own buyers' stock is neither illegal nor unusual in this industry any more, but it means Nvidia's balance sheet now moves with its customers' share prices as well as with its own sales. The roughly $10 billion of paper value that evaporated between the end of June and mid-August is the first demonstration of what that costs.
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