Nvidia has dramatically expanded its role in the AI boom. In the three months ending April 2026, the company deployed $18.6 billion into venture-style investments, according to its latest financial disclosures.
This spending spree boosted Nvidia’s nonmarketable equity securities to $42.3 billion, up from just $3.2 billion a year earlier. The move transforms Nvidia from a pure hardware supplier into a major financier of the AI ecosystem.
While most recipients of the capital remain undisclosed, one known deal is a $300 million investment in Decart, an AI startup now valued at nearly $4 billion.
Nvidia generated $48.6 billion in free cash flow during the same quarter. The $18.6 billion venture spend represents roughly 38% of that cash flow, meaning the company can sustain this investment level without taking on debt or diluting shareholders.
But there are risks. The $42.3 billion in nonmarketable securities ties Nvidia heavily to private company valuations-assets that are not liquid. The company is also betting overwhelmingly on the AI sector, the same sector that drives its core GPU revenue, creating concentration risk on both sides of its business.