Le partecipazioni azionarie di Nvidia nel settore IA crescono, secondo un deposito SEC

Le partecipazioni azionarie di Nvidia nel settore dell’intelligenza artificiale sono cresciute notevolmente nell’ultimo anno, secondo il deposito trimestrale della società presso la U.S. Securities and Exchange Commission, che mostra il produttore di chip con decine di miliardi di dollari in partecipazioni in società pubbliche e private mentre amplia il supporto finanziario per i clienti e i partner che costruiscono sulla sua hardware.

Nel suo Form 10-Q for the quarter ended 26 luglio 2026, filed on 26 agosto 2026, Nvidia reported marketable equity securities of $42.783 billion and non-marketable securities of $51.157 billion on its balance sheet. The filing also carried $4.957 billion of long-term publicly-held equity securities, subject to lock-up restrictions through dicembre 2027, within other assets.

The year-earlier Form 10-Q for the quarter ended 27 luglio 2025 shows how quickly the portfolio has expanded. At that date, Nvidia reported publicly-held equity securities of $3.199 billion and non-marketable equity securities of $3.799 billion. The most recent quarter’s marketable and non-marketable equity lines are each individually more than ten times their year-earlier counterparts.

Cosa rivela il deposito

I titoli di partecipazione non negoziabili di Nvidia sono principalmente partecipazioni in società private, contabilizzate al costo al netto di svalutazioni e adeguate per variazioni di prezzo osservabili. Il saldo di tali partecipazioni private ammontava a $47.898 billion as of 26 luglio 2026, up from $3.799 billion a year earlier. During the first half of fiscal 2027, the company recorded $31.005 billion in net additions to non-marketable equity securities and $7.504 billion in unrealized gains on them.

Separately, Nvidia held $3.3 billion of investments in infrastructure financiers accounted for under the equity method as of 26 luglio 2026. Those equity-method investments deemed to be variable interest entities carried a maximum loss exposure, including carrying values and future committed amounts, of $4.7 billion.

The value of the public-equity holdings has been lifted by rising share prices. Nvidia recorded net gains from equity securities of $7.771 billion in the second quarter and $23.707 billion in the first half of fiscal 2027 within other income. Net unrealized gains on publicly-held equity securities held at the end of the period were $12.5 billion for the first half of the fiscal year.

The filing also shows $36.9 billion of investments that remained subject to short-term lock-up restrictions on the ability to sell.

Scopo dichiarato e operazioni recenti

In its commitments note, Nvidia said it had committed to make certain equity investments in AI model makers, infrastructure financiers and other private companies, subject to contingencies. The filing’s equity-investment commitment line totaled $25 billion as of 26 luglio 2026. Nvidia describes these strategic commitments across its supply, infrastructure and partner ecosystems as intended to capitalize on future growth opportunities and support its business.

Chief Executive Jensen Huang has framed the approach as turning the company’s compute into an investable asset. Announcing a set of compute-financing partnerships, Huang said Nvidia began by building chips and is now helping create what he called a new class of productive, investable infrastructure in AI factories.

The portfolio spans frontier AI labs, cloud providers and infrastructure companies. On 26 gennaio 2026, Nvidia invested $2 billion in CoreWeave Class A common stock at $87.20 per share as part of an expanded collaboration aimed at building more than 5 gigawatts of AI factories by 2030. On 3 settembre 2026, the company agreed to acquire Hugging Face for $12,930,300,000, the open-model platform used by more than 18 million developers.

Beyond direct equity, Nvidia has moved to mobilize outside capital. On 10 agosto 2026, it announced partnerships with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to establish independent compute-financing platforms intended to mobilize over $500 billion of third-party capital for AI infrastructure over time, subject to definitive agreements. In agosto 2026, the company also entered into guarantees capped at $105 billion to provide credit support for a data-center buildout with SB Energy on behalf of an affiliate of OpenAI, tied to roughly 4.25 gigawatts of IT load in Ohio, according to the 10-Q.

Contesto finanziario

The investment expansion comes as Nvidia’s core business generates large cash flows. In its second-quarter fiscal 2027 results, the company reported revenue of $96.2 billion for the quarter ended 26 luglio 2026, up 106% from a year earlier, with Data Center revenue of $89.0 billion, up 117%. Net cash provided by operating activities was $74.421 billion for the first half of the fiscal year.

During the second quarter, Nvidia returned approximately $26.0 billion to shareholders through share repurchases and cash dividends, and reported approximately $99.0 billion remaining under its share repurchase authorization as of the end of the quarter. The company’s purchases of equity securities totaled $42.404 billion in the first half of fiscal 2027, up from $1.245 billion in the same period a year earlier, per the 10-Q’s cash flow statement.