Nvidia now holds $99bn in shares of the companies that buy its chips
Nvidia's equity investments reached $99 billion as of July 26, representing a fourteen-fold increase in one year. Approximately half of the portfolio is held in private companies, many of which are customers purchasing Nvidia's AI chips.
The Atomic take
When your chip supplier also owns equity in the customers buying those chips, revenue growth and portfolio gains start feeding each other, which makes it harder to tell how much AI demand is genuinely independent. The fact that roughly half the $99 billion sits in private companies is the part to scrutinize, since those valuations are self-reported and far less liquid than public holdings. Watch whether regulators or auditors begin questioning how Nvidia books these stakes, and whether any of these private customers stumble on their next funding round.
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