Buried in the company’s latest Form 10-Q is a striking figure: Nvidia’s non-marketable equity securities—essentially its private-company investments—swelled to $42.3 billion as of April 26, up from $22.3 billion a year earlier.Source: Nvidia 10-Q SEC filingThe scale of the increase is remarkable. During the quarter alone, Nvidia deployed $17.9 billion into private companies, helping transform what many investors view as a chipmaker into something that increasingly resembles an AI-focused investment fund.Nvidia’s $200 Million-A-Day AI Shopping SpreeThe pace of investment may be the most eye-catching detail.Nvidia’s $17.9 billion of additions during the quarter works out to nearly $200 million per day, a deployment rate that rivals some of the largest venture capital firms in Silicon Valley.The company did not disclose the names of the private companies behind the investments, leaving investors guessing where exactly Nvidia is placing its bets. What the filing does show is that the company isn’t slowing down. Nvidia reported an additional $27 billion of investment commitments, representing future capital it has agreed to deploy.Taken together, Nvidia’s existing private portfolio and future commitments represent nearly $70 billion of exposure to private-company investments.