Tech Giants' AI Equity Stakes Surge on SpaceX IPO, Anthropic Revaluation

Nvidia (NVDA), Alphabet (GOOGL), Amazon (AMZN) and Microsoft (MSFT) disclosed sharply higher equity investment values in Q2, driven by SpaceX's (SPCX) June IPO and revaluations of AI unicorns Anthropic and OpenAI, according to 13F and 10-Q filings. Nvidia's public equity portfolio reached $63.44 billion as of June 30, up $45.07 billion quarter-over-quarter. SpaceX holdings were valued at $20.98 billion (33.1% of the portfolio), while Intel (INTC) stock was worth $29.99 billion (47.3%), reflecting a gain of more than 200% on its $5 billion September 2025 private placement. Alphabet's public holdings jumped to $99.08 billion from $4.02 billion, with its SpaceX stake alone valued at $94.2 billion, or 95.1% of the portfolio — the result of a $900 million seed investment made in 2015. Amazon's public portfolio rose 68.1% to $4.42 billion, led by Rivian at $2.75 billion. Microsoft recorded $4.96 billion in after-tax net income from its OpenAI investment for fiscal 2026, reversing a prior-year loss. Analysts caution that the cross-shareholding model linking AI startups, cloud providers and chipmakers amplifies gains but could trigger cascading losses if AI valuations decline.