Nvidia and Income From Other Holdings
AI chipmaker Nvidia ($NVDA) will file its next quarterly earnings release on May 20, and presumably the company will report zillions in net income because that’s what Nvidia has been doing since the start of the AI boom several years ago.
In advance of that earnings release, however, we wanted to call out a niche but telling part of Nvidia’s net income: all the money it makes simply by owning shares in other companies.
Here’s what we mean. Large businesses and asset management firms must file a Form 13-F with the Securities and Exchange Commission, which discloses the equity investments those firms have in other companies. So an analyst can look up a company’s Form 13-F holdings, see how many shares of other companies that company owns, and estimate the value of those equity holdings. As those holdings change in value from one quarter to the next, the original company must report the change in the Other Income(Loss) line on its income statement.
For example, back in March we noted that Walmart ($WMT) reported “Other Losses” of $2.12 billion in Q4 2025. In its earnings release, Walmart noted that those losses “net losses were primarily driven by a decrease in the underlying stock price of our investment in Symbotic,” a warehouse automation business.
If you look at a company’s 13-F disclosures, you can match those holdings in other companies to their respective share price performance. Then you can get a sense of what the Other Income(Loss) number might be.
So, back to Nvidia. The chipmaking giant filed a Form 13-F on Feb. 17 that listed holdings in several significant tech companies as of Jan. 29, 2026, the close of Nvidia’s most recent quarter:
Now let’s do some math. The 214.77 million shares of Intel were worth $46.47 per share on Jan. 29, for a total value of $9.98 billion.
By April 30, however (the close of Nvidia’s next fiscal quarter), Intel had shot up to $99.62 per share. Assuming Nvidia hasn’t sold any of those shares, its holdings are now worth $21.4 billion — a gain of $11.4 billion.
To be clear, these would be paper gains in net income, because all Nvidia needs to do is hold onto the shares and revalue them at current market prices. (Or more precisely, at quarter-close prices.) Plus, Nvidia might have sold some shares or purchased others during the quarter, which also would affect the value of those holdings.
Still, you could also run the same calculations for its holdings in Coreweave (another AI infrastructure darling) or any of the other holdings on the 13-F. And who knows, we might discover totally new holdings when Nvidia files its next 13-F, presumably sometime later this month.
In its most recent quarter (the one that ended on Jan. 31), Nvidia reported a total of $42.96 billion in net income, but that included $6.1 billion of the famous Other Income. See Figure 2, below, with the Other Income line shaded in grey.
Thankfully Nvidia is polite enough to exclude that Other Income number in an adjusted non-GAAP income disclosure, which was $39.55 billion for the quarter (and which included several other adjustments beyond the investments adjustment).
You can find Form 13-F filings through Calcbench by using our SEC Filings page. Go the page and you’ll see a button the left that says “Filing Type.” Click on that, and then check the box that says “Institutional Ownership Form 13-F.” (See Figure 3, below.)
That will pull up the 13-F filings, and you click on specific companies to research to your heart’s content!
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