NVIDIA's latest 13F filing reveals a dramatic shift in its public equity portfolio, with Intel and Synopsys emerging as the company's two largest holdings. The semiconductor giant now owns over 214 million Intel shares valued at approximately $7.9 billion, representing 61% of its overall public equity portfolio. This positions Intel as NVIDIA's single largest investment.

NVIDIA's strategic moves extend beyond simple equity stakes. The company announced a $5 billion Intel investment at $23.28 per share in September 2025, which has since generated nearly 50% returns as Intel stock spiked 23% following the announcement. Synopsys represents another major position, with NVIDIA holding over 4.8 million shares worth $2.2 billion after a $2 billion purchase in December 2025 at $414.79 per share. These investments align with NVIDIA's broader AI infrastructure strategy.

The filing also reveals NVIDIA's selective approach to neocloud investments. While the company sold its position in Applied Digital, it maintained stakes in CoreWeave and Nebius, suggesting confidence in these companies' AI infrastructure models. The portfolio consolidation from six to five positions, combined with strategic exits from smaller names like Recursion and WeRide, signals a more focused approach to building its AI ecosystem. This targeted strategy reflects NVIDIA's evolving priorities within the competitive AI infrastructure landscape.