NEW YORK, July 21, 2026, 09:05 EDT
- Nvidia shares hovered at around $205.54, gaining roughly 1.1% ahead of Tuesday’s market open.
- An SEC filing indicated a beneficial ownership stake of 9.3% in Nebius Group, with the majority of the holding being warrant-linked.
- An initial estimate places the position’s value at $4.06 billion based on Monday’s closing price. This represents just 0.08% of Nvidia’s total market capitalization.
NVIDIA Corporation gained roughly 1.1% ahead of Tuesday’s opening bell. According to a filing, the company holds a passive stake in Nebius Group NASDAQ:NBIS.
The filing did not indicate a new July acquisition. The July 13 event date corresponds with the SEC’s 60-day ownership policy. Nvidia acquired the main warrant on March 11.
By the end of trading on Monday, Nebius’s warrant shares were valued near $3.85 billion. That total topped Nvidia’s $2 billion cash outlay by $1.85 billion. The initial gross gain stood at 92%.
The paper gain appears significant. However, the entire $4.06 billion stake represents just around 0.08% of Nvidia’s total market capitalisation.
| Metric | Nvidia or filing data | Comparison |
|---|---|---|
| Premarket quote | $205.54, up 1.1% | Nebius: $196.19, up 7.4% |
| Beneficial ownership | 22.256 million shares | 9.3% of Class A shares |
| Warrant component | 21.066 million shares | 94.7% of disclosed shares |
| March warrant cost | $2.00 billion | $94.94 per underlying share |
| Monday underlying value | $3.85 billion | $1.85 billion, or 92%, above cost |
| Total position value | $4.06 billion | Roughly 0.08% of Nvidia’s $5.00 trillion value |
*Initial calculations by reporters are based on Nebius’s closing price of $182.62 on Monday. Figures do not account for taxes, accounting rules, liquidity considerations, or limits from warrants.
Almost 95% of the reported shares are connected to warrants. Nvidia is unable to exercise or sell these shares until September 11.
Nebius climbed 7.4%, sharply outpacing Nvidia, which added 1.1%. The difference indicates investors viewed the customer as the bigger winner.
The strategic value could outweigh the immediate financial gain. Nebius stated that funds from March would support AI cloud infrastructure and new data centers.
Nebius was described as “an AI cloud designed for the agentic era” by Chief Executive Jensen Huang at the time of the announcement. Reuters
Nvidia’s recent quarterly results highlight the significance of this customer segment. Data Center revenue jumped 92% to $75.2 billion, with overall revenue climbing to $81.6 billion.
Interest is expanding outside cloud providers. On Monday, Bristol Myers Squibb NYSE:BMY announced plans to acquire a DGX SuperPOD from Vera Rubin. Financial details were not released.
Chief technology officer Greg Meyers described it as “10 times more compute capacity per watt spent.” Reuters
The chip sector continues to face volatility. The Philadelphia semiconductor index closed Friday more than 20% off its peak in late June, though it was still up 66% for 2026.
Alphabet NASDAQ:GOOGL and Intel NASDAQ:INTC are due to report results this week. Investors are watching their outlooks on spending and data centers, which may influence Nvidia’s forecasts.
Key risks include reduced AI investment, additional export restrictions, and increased oversight of customer financing. Nvidia’s $91 billion forecast for the quarter does not factor in any China data-center compute sales.
The Nebius filing does not reflect a new purchase or order. Instead, it indicates Nvidia is allocating excess funds to expand its range of buyers. Short-term results continue to rely on deployments, profit margins and earnings.
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