Nvidia Posts Record Quarter, Holds $43B in Private-Company Stakes
May 21, 2026
Nvidia closed its fiscal first quarter with another record, but the figure that drew the most attention was not its revenue.
In an earnings filing, the chipmaker disclosed that its stakes in privately held companies had nearly doubled in three months, climbing from $22 billion to $43 billion.
The company that supplies the chips at the heart of the AI boom is now also a major investor in the firms buying them.
Record Revenue Driven by Data Center Demand
For the quarter ending April 26, 2026, Nvidia reported revenue of $81.6 billion, up 85% from a year earlier and a record high.
Data center revenue led the results at $75.2 billion, a 92% year-over-year increase. Compute products generated $60.4 billion and networking $14.8 billion, the latter up 199% from a year earlier. GAAP net income reached $58.3 billion.
The company also authorized a new $80 billion share repurchase program. At the same time, it guided to $91 billion in revenue for the next quarter — about 12% growth from the just-reported quarter — a slower sequential pace than its recent gains.
Non-Marketable Investment Holdings Nearly Doubled in Three Months
What surprised the market was the scale of Nvidia’s investments in non-marketable assets — primarily stakes in privately held companies, rather than holdings that can be freely traded on public exchanges.
According to the company’s financial disclosures, this balance grew from approximately $22 billion at the start of the quarter to around $43 billion by quarter-end, nearly doubling. It is disclosed in the accounts as “Non-marketable securities,” which totaled approximately $43.4 billion overall.
The increase was driven mainly by approximately $18.58 billion in new acquisitions during the three-month period. Compared to $649 million in similar purchases a year earlier, Nvidia’s pace of investment has accelerated sharply.
Note that Nvidia’s strategic partnerships with publicly traded companies such as Corning and IREN are being pursued separately from this non-marketable investment balance. Pending investment agreements that have not yet closed are also not reflected in this figure.
Nvidia’s Expanding Role in the Circular AI Economy
Nvidia’s investment targets overlap with the AI companies that need its GPUs. Nvidia has been pursuing an approximately $30 billion investment in OpenAI, with CEO Jensen Huang stating in March that the deal had been finalized. The detailed structure of the transaction has not been disclosed.
On the earnings call, CEO Jensen Huang pointed to a large capacity buildout ahead for Anthropic, telling investors that “the amount of capacity we’re going to bring online for Anthropic this year and next year is going to be quite significant.” He added that Nvidia’s coverage for Anthropic had been largely zero until now.
No Revenue Yet From H200 Sales to China
Chinese exports had little impact on the results. CFO Colette Kress said that while the high-end H200 GPU has been approved for U.S. export, the company has “yet to generate any revenue” and remains “uncertain whether any imports will be allowed” into China.
What to Watch Next
Nvidia expects sequential revenue growth to slow to about 12% next quarter, raising the question of how long data center demand can keep climbing at this pace.
The structure of the $30 billion OpenAI commitment has not been disclosed, and together with future deals that have not yet closed, the size of Nvidia’s holdings could shift further. Whether the H200 can clear import rules and generate revenue in China also remains unresolved.
Sources
NVIDIA – NVIDIA Announces Financial Results for First Quarter Fiscal 2027
TechCrunch – Nvidia posts another record quarter, reveals $43B of holdings in startups
DataCenterDynamics – Nvidia posts record quarterly revenue of $81.6bn
