Nvidia's stakes in its own chip buyers hit $99B, up from $7B a year ago

GaryMarcus · x · 2026-09-08

Gary Marcus amplified HedgieMarkets' analysis of Nvidia's circular investment structure.

Nvidia now holds $99 billion in equity in companies that buy its chips—up from $7 billion a year ago—with half of it locked in private companies that can't be sold on the open market.
Breakdown: $30B in OpenAI, $12.9B in Hugging Face, $3.5B in MediaTek, $2B each in CoreWeave and Nebius, plus over $40B in financing commitments this year.
The same day, Jensen Huang declared AGI has arrived, citing OpenAI's Astra model trained on 100,000-GPU Nvidia clusters—a claim OpenAI itself hasn't made. "The man selling the chips called the finish line."
The quoted take: this is the most concentrated bet on a single technology cycle any company has ever made. If valuations keep climbing, Jensen looks like a genius; if not, Nvidia is left holding tens of billions in illiquid stakes in companies that need Nvidia's money to keep buying Nvidia's chips.

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