The AI data center owns itself: six operating companies, one circular 13F map

Every figure below was read from the filed Form 13F-HR information table on sec.gov for the quarter ended June 30, 2026 (deadline August 14, 2026), and reconciled line by line against the cover-page total in each filing's primary_doc.xml. All seven books cited reconcile to the dollar. Where a filer reports one issuer across several lines, the lines are summed and derivative lines — those with a putCall value — are excluded. Two statements are rankings rather than filed figures ("largest filer of X", "top ten"); those come from our own parsed 13F store and are labelled where they appear. Commercial relationships are quoted from the counterparty's own 8-K or 10-Q, with the accession. Research, not investment advice.

If you hold the AI infrastructure names, you probably hold several of them, and you probably think of that as diversification across a supply chain — the chip, the foundry, the optics, the cloud that rents the racks. The Q2 13Fs say the companies themselves think about it differently. Six operating companies in that chain disclose a stock portfolio to the SEC. Almost everything in those portfolios is the rest of the chain.

First, the surprising part: almost none of them file

A Form 13F is required of institutional investment managers with over $100 million in discretionary US-listed holdings. An operating company can land in that definition too, and when it does, the public gets a quarterly list of what the company owns.

We checked the EDGAR filing history under the company's own CIK for fifty-six names across the data-center chain — GPUs, CPUs, memory, foundry, networking, optics, servers, power, EDA and the neoclouds. Only seven have ever filed a 13F, and six filed one for the June quarter: NVIDIA, Alphabet, Amazon, AMD, Intel and Cisco. Qualcomm has a 13F history but filed none for this quarter. SoftBank Group Corp. — the Tokyo holding company, CIK 0001065521 — files one as well.

Microsoft, Oracle, Broadcom, Dell, Super Micro, Micron, Marvell, CoreWeave, Nebius, Arm, TSMC and everyone else in the list have no 13F filings on EDGAR at all. So this map is not the whole of corporate cross-holding in AI infrastructure. It is the part that has to be disclosed on a form, and that turns out to be enough.

NVIDIA's portfolio is a diagram of NVIDIA's business

NVIDIA's 13F-HR (accession 0001045810-26-000065, filed August 14) reports eight positions worth $63,439,974,569. Here is all of it:

Seven of the eight lines are companies NVIDIA buys from or sells to. $63,425,916,376 of $63,439,974,569 — 99.98% of the disclosed book. The one name that isn't, Generate Biomedicines, is two hundredths of a percent of it. Split by direction: customers that buy NVIDIA compute (CoreWeave, Nebius, SpaceX) are $26,003,985,497, or 40.99%; silicon and component partners (Intel, Coherent, Synopsys) are $35,212,280,298, or 55.50%. The role labels are ours; the numbers are filed.

The book also barely moves. Comparing the March report (0001045810-26-000042, seven lines, $18,374,354,150) with the June one, every single carried-over share count is identical — Intel 214,776,632, CoreWeave 47,213,353, Synopsys 4,821,717, Coherent 7,788,161, Nokia 166,389,351, Nebius 1,190,476, Generate 833,325. The $45,065,620,419 increase is one new line (SpaceX) plus revaluation. Nothing was traded. Nine months earlier, in the September 2025 report (0001045810-25-000219), the whole book was $3,843,681,339 across six names.

The same money on both sides of the contract

The interesting cases are not the stakes. They are the stakes that sit next to a commercial agreement with the same counterparty, disclosed in that counterparty's own filing.

NVIDIA and Intel. Intel's Form 8-K (accession 0000050863-25-000155, Item 3.02) says NVIDIA "agreed to purchase 214,776,632 shares of the Company's common stock … at $23.28 per share, representing an aggregate purchase price in cash of $5.0 billion." The share count in that 8-K and the share count on NVIDIA's 13F are the same number, to the share — NVIDIA has not sold any of it. The press release furnished as Exhibit 99.1 to the same 8-K explains what the money bought alongside the stock: "Intel will build NVIDIA-custom x86 CPUs that NVIDIA will integrate into its AI infrastructure platforms and offer to the market." Cost $5.0 billion; filed mark on June 30, $29,989,261,126.

SoftBank and Intel. Intel's earlier 8-K (0000050863-25-000126) records SoftBank buying 86,956,522 shares at $23.00 for $2.0 billion. Same identical share count on SoftBank's 13F, where Intel is $12,141,739,167 — 66.81% of SoftBank's entire $18,174,540,337 disclosed book.

Put those two together. Two companies in the compute chain hold 301,733,154 Intel shares marked at $42,131,000,293, against $7.0 billion of cash paid. Intel's own Q2 10-Q (0000050863-26-000157) reports 5,043 million shares issued and outstanding, so the pair hold 5.98% of Intel's common stock. And Intel's own 13F (0000050863-26-000176) is three lines and $620,621,529: Mobileye and Joby Aviation. Intel holds none of the companies that hold Intel. This is a one-way edge, not a swap.

NVIDIA and CoreWeave. CoreWeave's Q2 10-Q (0001769628-26-000366) reports "a securities purchase agreement with NVIDIA Corporation for a private placement of approximately 23 million shares of our Class A common stock at a purchase price of $87.20 per share, for aggregate gross proceeds of $2.0 billion" in January 2026. NVIDIA's December 2025 13F carried 24,277,573 CoreWeave shares; its March 2026 13F carried 47,213,353. The difference is 22,935,780 shares — the placement, visible from the other side. The same 10-Q's risk factors state that "as a result of our obligations in our current customer contracts, all of the GPUs used in our infrastructure today are NVIDIA GPUs," and that "our current customers have contractually specified our use of NVIDIA GPUs." The supplier owns 10.29% of the Class A shares its customer had outstanding at July 31, 2026.

Amazon and X-energy. Amazon's 13F (0001104659-26-092052) is six lines and $4,423,057,466, of which $1,208,766,365 — 27.33% — is X-Energy, 65,836,948 shares. X-energy's own 10-Q (0001193125-26-347752) names Amazon as one of its three customers, notes that "Amazon made an equity investment in X-energy in 2024," and then describes what the contract gives the shareholder: "we have granted Amazon first-priority allocation of Xe-100 manufacturing queue slots across 2031 to 2039," a "right of first refusal on a portion of our scheduled delivery," and an obligation "to offer Amazon the most favorable pricing and commercial terms available to any non-affiliate customer." The largest disclosed shareholder and the priority-queue customer are the same company.

AMD and Cerebras. AMD's Q2 results exhibit (0000002488-26-000121) announces "a collaboration with Cerebras to bring together AMD Helios and Cerebras Wafer-Scale Engine." AMD's 13F carries Cerebras at $175,577,207 — 13.38% of AMD's own $1,311,750,821 book, which also holds SpaceX ($565,456,044) and the contract manufacturer Sanmina ($291,308,240).

Cisco and CoreWeave. Cisco's book is small — $405,215,728 across six lines, two of which are iShares ETFs — but 1,063,980 CoreWeave shares appear in five consecutive reports: June 2025 (0000950123-25-006291), September (0001193125-25-237071), December (0001193125-26-010524), March (0001193125-26-156984) and June 2026 (0001193125-26-302050). The share count never changes. The value line goes $173,492,579, $145,605,663, $76,191,608, $82,426,531, $105,908,569 — that is the mark moving, not a position.

NVIDIA describes the pattern in its own words in the Q2 FY2027 10-Q (0001045810-26-000075): "We have entered and may in the future enter into commitments, guarantees, and other commercial agreements, including long-term capacity purchase obligations, financial guarantees, and other forms of credit support and financing arrangements to support our customers' and partners' buildout of data center infrastructure." The same filing shows marketable equity securities of $42,783 million at July 26, 2026 against $12,886 million at January 25, 2026, non-marketable securities of $51,157 million against $22,251 million, and "gains from equity securities, net" of $23,707 million for the first half — against $2,073 million a year earlier. Those are balance-sheet and income-statement lines on a different date and a different scope from the 13F; they are cited beside it, not added to it.

The edge list

Every disclosed holder-to-issuer edge inside the chain, from the seven books. Values are the filed June 30 marks; "% of book" is the line as a share of that filer's own reported total.

Drawn as a graph, with the arrow pointing from holder to issuer:

                        SUPPLIERS                 CUSTOMERS
                    +---------------+        +------------------+
                    |               |        |                  |
  NVIDIA  --47.3%-->|  INTEL        |        |  CoreWeave  <----+-- 7.4%  NVIDIA
  SoftBank --66.8%->|  (holds back: |        |             <----+-- 26.1% Cisco
                    |   nothing)    |        |  Nebius     <----+-- 0.5%  NVIDIA
  NVIDIA  --4.8%--->|  Coherent     |        |  SpaceX     <----+-- 33.1% NVIDIA
  NVIDIA  --3.4%--->|  Synopsys     |        |             <----+-- 95.1% Alphabet
  Alphabet -0.7%--->|  Arm          |        |             <----+-- 43.1% AMD
  SoftBank -1.5%--->|  TSMC         |        |             <----+-- 10.0% Cisco
  Amazon  --3.0%--->|  Astera Labs  |        +------------------+
  Amazon  --2.7%--->|  Marvell      |
  Amazon  -27.3%--->|  X-Energy     |   (Amazon also holds priority
  AMD     -22.2%--->|  Sanmina      |    queue slots 2031-2039 and a
  AMD     -13.4%--->|  Cerebras     |    right of first refusal)
                    +---------------+

Percentages are the position's share of the holder's own reported book, not of the issuer.

The other thing every one of these names has in common

Behind the operating companies sits a much shorter list of managers. We took 24 data-center-chain issuers with a CUSIP in our store, summed each manager's non-derivative lines per issuer for the June quarter, ranked them, and counted how many issuers put each manager in its top ten. This ranking is store-derived, not read off a filing — but the books of the three largest were then read from their XML and reconcile exactly.

NVIDIA is the only operating company on that list — it is a top-ten filer of Coherent, CoreWeave, Intel and Synopsys. Everything above it is an index or asset-management complex. Note that Vanguard appears twice: Vanguard Group Inc has filed a 13F notice rather than a holdings report since March 2026, and its book now arrives across eleven separate manager filings, so its managers are counted separately here.

Scale, read from the filings themselves: BlackRock's book is $6,729,538,649,155 across 49,968 lines (0002012383-26-003238), of which NVIDIA alone is $388,869,850,000 — 5.78%. Vanguard Capital Management's is $4,680,129,845,935 (0002100119-26-001527), NVIDIA 6.59%. State Street's is $3,371,239,854,465 (0000093751-26-000507), NVIDIA 5.99%. BlackRock's Intel position, summed over 23 information-table lines, is $59,549,257,550 on 426,478,962 shares — 1.99x NVIDIA's, and 0.88% of its own book.

So there are two overlapping webs here, not one. The operating companies hold each other in sizes that are enormous relative to their books and small relative to the issuers. The index complexes hold all of them in sizes that are enormous relative to the issuers and small relative to their books.

And a third web: the venture holders with one line

At the other extreme are filers whose entire disclosed book is a single node of this chain. All four below were read from their own XML and reconcile to the cover total exactly:

Magnetar is the sharpest case of a shareholder who is also a counterparty. CoreWeave's own 10-Q lists a "Magnetar Loan" maturing January 2029 at 12% with $189 million outstanding, and explains it: "In June 2026, the Company paid $100 million to MagAI Ventures in partial settlement of amounts outstanding under the MagAI Capacity Agreement." The same 10-Q's Note 14 records that Magnetar-managed funds "collectively held a significant equity interest in the Company," that Magnetar sat on the board until March 2025, and that it stopped being a related party under ASC 850 that month. Nearly half of Magnetar's disclosed 13F book is the borrower.

What a 13F does not tell you

Plenty, and it matters more than usual for this story.

A 13F covers long US-listed positions held with discretion by a manager over the $100 million threshold. It says nothing about how a position was acquired or when, within the quarter. It does not cover private stakes, foreign-listed lines, short positions, or debt — and debt is where a lot of the financing in this chain actually sits. It does not distinguish a strategic corporate stake from a treasury investment. It does not show the commercial agreement that sits next to the stake; for that you have to go and read the other company's 10-Q, which is what we did above for each edge we claim.

And it only covers the six operating companies that file. Most of the chain does not, so the real cross-holding graph in AI infrastructure is larger than the one drawn here by an unknown amount. What is on this map is filed. What is missing is not measurable from 13Fs at all.

Run it yourself

The fastest first step is one page: /holders/NVDA/owns shows a company's own 13F portfolio — every disclosed line, shares, filed value and share of book — and it works the same way for Alphabet, Amazon, AMD, Intel and Cisco. Turn the graph around with /holders/INTC or /holders/CRWV to see who reports holding those issuers instead. Every number above can be traced back from those pages to the accession and the information table on sec.gov, which is where we read them.

If you want the same data inside an agent, the same holdings tools are on the EvidInvest MCP server alongside the filed statements. It is free to start, credit packs begin at $10, and there is no subscription.

The reason to build the map before the next 13F deadline is that the edges change quietly. NVIDIA's September 2025 book held Applied Digital, Arm and Recursion; none of the three appears in the December, March or June reports. The form only tells you the position is gone, never why. Our Thesis Monitor reads each new filing against what you already believed, which is the part a quarterly snapshot cannot do on its own.

Research, not investment advice.