In the Form 13F that NVIDIA filed with the U.S. Securities and Exchange Commission (SEC) on August 14, the fair market value of its 214,776,632 shares of Intel stock as of June 30 was reported as $29,989,261,126. This means the valuation of the shares acquired for $5 billion at the end of 2025 had grown to roughly 6.0 times that amount. However, this figure does not represent the market price on August 14 or August 17. A 13F is a quarter-end holdings statement—a snapshot cut off at June 30, a date prior to the filing date.
There is another point where the numbers can easily be misread. The approximately $30 billion figure—$29,989,261,126—represents the value of the equity stake, while the approximately $25 billion figure—$24,989,261,126—is the difference after subtracting the $5 billion acquisition cost. This does not mean NVIDIA obtained or realized that amount through a sale. Nor does this disclosure provide any basis for directly linking the stock price movement to progress in product collaboration.
What Do the Approximately $30 Billion and $25 Billion Figures Represent?
On September 15, 2025, Intel entered into an agreement to sell 214,776,632 shares to NVIDIA at $23.28 per share, for a total of $5 billion. This was a private placement, not a public offering. By placing the same share count from the June-end 13F alongside the acquisition cost, we can read the valuation and unrealized gain without conflating the two.
| Item | Figure Derived from 13F/Contract | Meaning |
|---|---|---|
| Shares Held | 214,776,632 shares | Share count recorded in the 13F as of June 30 |
| Acquisition Cost | $5 billion | Total contract value at $23.28 per share |
| Fair Market Value as of June 30 | $29,989,261,126 | Quarter-end valuation of the equity stake itself |
| Difference from Acquisition Cost | $24,989,261,126 | Unrealized arithmetic difference, assuming no shares were sold |
Dividing the 13F valuation by the share count yields an implied per-share price of $139.63 as of June 30. The difference from the acquisition cost is approximately $24.99 billion, representing an unrealized gain of roughly 500%. This is a calculation based on valuation and acquisition cost—it does not represent a disclosure of a standalone profit-or-loss figure that NVIDIA has recognized specifically for the Intel shares.
NVIDIA's 10-Q for the quarter ended April 26, 2026 explains that unrealized gains and losses on publicly held equity securities are recognized within "Other income (expense), net" on the income statement. However, the $13.4 billion in unrealized gains on public equity securities recorded for that quarter represents the aggregate across all public equity holdings, not just Intel shares. The 13F alone cannot confirm whether any trading or hedging activity occurred after acquisition, what the tax implications or sale timing restrictions might be, or the exact profit-or-loss figure recognized specifically for the Intel shares.
A 3.16x Increase Over Three Months—Not a Current August Market Price
In the previous 13F, the value of the same 214,776,632 Intel shares as of March 31 was $9,478,092,770. With the share count unchanged, the value grew by $20,511,168,356 to reach $29,989,261,126 as of June 30—a 3.16-fold increase. The implied per-share price also rose from $44.13 to $139.63.
This comparison looks at the difference in valuation for the same share count across two quarter-end dates. The fact that the 13F was filed on August 14 does not mean the June 30 valuation persisted through August 14. The SEC itself describes Form 13F as a format for reporting share counts, security names, and fair market values as of the quarter-end date. Price movements up to the filing date, or any trading activity after the quarter-end, are not reflected in the table.
Intel's prospectus for its August public stock offering listed the closing price on August 10 as $97.52. Multiplying this price by the 13F's 214,776,632 shares yields $20,946,017,952.64. This calculation serves only as a reference point to avoid mistaking the approximately $29.9 billion figure from the end of June for a "current value" as of August. It is neither the valuation as of August 17, nor does it indicate the reasons behind any stock price movement.
Shareholder Rights and Product Collaboration Are Proceeding Separately
The $5 billion stock purchase agreement stipulates that it does not grant NVIDIA management participation rights or information rights beyond those of an ordinary shareholder. This condition indicates that NVIDIA's equity stake cannot be equated with an acquisition of control over Intel's management. Meanwhile, the joint announcement by both companies on September 18, 2025 outlined plans for multi-generational joint product development, separate from the stock agreement.
For data centers, the plan calls for Intel to build NVIDIA-custom x86 CPUs, which NVIDIA will integrate into AI infrastructure. For PCs, the plan states that Intel will bring to market x86 SoCs that integrate NVIDIA RTX GPU chiplets. While the joint announcement outlined these two product directions, it did not disclose product names or release dates. The same applies to volume and revenue projections. The announcement's cautionary notes also state that there is uncertainty regarding the timing and success of products emerging from the collaboration.
Here, the rise in equity valuation and progress in product development cannot be treated as a single, unified narrative. This 13F contains holdings data as of the end of June, while the joint announcement contains development plans. There has also been no announcement that NVIDIA has selected Intel Foundry as a manufacturing partner for GPUs. Care must be taken not to conflate Intel's plans to design and manufacture CPUs with any outsourcing of NVIDIA-brand GPU manufacturing. The stock price, the equity stake, and the products are three separate matters, each to be confirmed through its own distinct official disclosure.
If the Prospectus Terms Hold, Dilution to Roughly 4.06%
In August, Intel entered into an agreement to issue and sell 210,526,315 shares at $95.00 per share in a public offering, granting underwriters an option to purchase an additional 31,578,947 shares. Using the pre-offering base share count of 5,042,964,249 shares stated in the prospectus as the denominator, NVIDIA's 214,776,632 shares would represent approximately 4.26%. If the denominator is instead the projected total outstanding share count of 5,285,069,511 shares—assuming full exercise of the additional allotment—the figure comes to approximately 4.06%.
This is a simple calculation dividing voting/equity percentage by share count; it does not confirm that NVIDIA's share holdings remained unchanged after the 13F filing. If new shares are issued as outlined in the prospectus, NVIDIA's ownership percentage would decline even while holding the same 214,776,632 shares. The prospectus estimates net proceeds of approximately $22.62 billion assuming full exercise of the additional allotment, to be used for general purposes that may include capital expenditures and working capital.
This estimated dilution does not imply that NVIDIA sold any shares. It is a calculation in which the numerator—the share count from the 13F, held constant at 214,776,632 shares—remains fixed, while only the denominator—Intel's total outstanding share count—increases. Therefore, the share count in the June-end 13F, Intel's outstanding share count as of August, and any subsequent holdings disclosures are documents that each answer a distinct question.
The total value of the eight securities listed in the June-end 13F was $63,439,974,569, with the Intel stake accounting for 47.2719% of that total. This is not NVIDIA's share of its total assets or total investments, but rather the composition ratio among only the securities listed in the 13F. The total for the previous 13F was $18,374,354,150; this quarter's total includes not only the rise in Intel's valuation but also the newly listed Space Exploration Technologies stake, valued at $20,975,594,582. The rise or fall in the Intel stake's value should not be treated as equivalent to the rise or fall of the entire 13F-reportable portfolio.
Rather than fixating on a single stock price figure, it is necessary to separately verify through future disclosures: how NVIDIA's share count changes, whether Intel and NVIDIA disclose product names, release timing, and shipment volumes, and whether the standalone profit-or-loss figure for the Intel shares is ever disclosed.