Nvidia held $99 billion in equity investments as of July 26, up from $2.2 billion two years earlier, as it expanded from a chip designer into a major strategic investor. The portfolio included about $48 billion in publicly traded stocks and marketable securities, $48 billion in private and other non-marketable securities, and $3 billion in equity-method investments, alongside $25 billion in additional commitments. Its disclosed public holdings were concentrated in Intel and SpaceX, which together represented more than 80% of the portfolio. The SpaceX stake emerged after Nvidia invested more than $10 billion in xAI, which SpaceX acquired in an all-stock transaction. Nvidia says its investments support the AI ecosystem and growth opportunities, while critics including Michael Burry and Mark Cuban question whether the strategy amounts to financing demand for Nvidia chips. Investors are watching whether the approach accelerates growth or increases balance-sheet and competitive risks.