Nvidia has assembled a $99 billion equity portfolio in roughly two years, according to its latest earnings report, as the AI chipmaker expands beyond semiconductors into investments supporting its ecosystem. As of July 26, the holdings comprised about $48 billion in publicly traded stocks and other marketable securities, $48 billion in private-company shares and other non-marketable securities, and $3 billion in equity-method investments. The portfolio was about 14 times larger than the roughly $7 billion reported last summer and 45 times the $2.2 billion recorded two summers ago. Nvidia also disclosed a further $25 billion in equity investment commitments. Its quarterly disclosure of public U.S. holdings as of June 30 included a $30 billion stake in Intel, a $21 billion position in SpaceX, and investments of between $2 billion and $5 billion each in CoreWeave, Coherent, Synopsys, and Nokia. Nvidia now ranks among the largest technology investors, although Alphabet's equity portfolio stood at $232 billion at the end of June, including $94 billion of SpaceX shares after the company's June IPO. Nvidia shares rose from below $15 at the beginning of 2023 to $228 at Thursday's close, a 15-fold increase in under three years that lifted its market capitalization to $5.5 trillion and made it the world's most valuable company. The company says its investments are intended to enhance growth opportunities, cultivate its ecosystem, and strengthen its competitive position. Finance chief Colette Kress said frontier AI labs were limited by computing capacity, making Nvidia necessary to help power their growth cycle; the company had consequently invested almost $50 billion in them. Michael Burry has called the strategy overreaching, while former Shark Tank investor Mark Cuban described Nvidia's funding of AI companies as truly scary.