Nvidia‘s (NASDAQ:NVDA | NVDA Price Prediction) graphics processing units (GPUs) dominate the artificial intelligence (AI) ecosystem, powering the vast majority of AI training and inference workloads. Market data and company filings confirm its chips hold leading share in data centers.
Yet Nvidia is not content with owning only the GPU layer of the supply chain and customer stack. The company seeks to act as architect of the broader AI operating system. Its investment portfolio serves as the primary mechanism to extend influence across hardware, software, cloud infrastructure, and networking.
From Small Holdings to Massive Scale
Two years ago, Nvidia’s investment portfolio operated as a modest initiative valued around $230 million. It focused on smaller companies and chip designers, including an earlier stake in Arm Holdings (NASDAQ:ARM). By the end of 2025, however, the public equity portfolio alone had reached more than $13 billion, according to its 13F filing. This expansion stems directly from cash generated by Nvidia’s core GPU sales, particularly in the data center segment, which have driven record revenue.
Nvidia has deployed capital into companies central to its operations. It holds a significant stake in Intel (NASDAQ:INTC), valued at approximately $7.9 billion as of Dec. 31, following a $5 billion investment announced last September. The partnership calls for joint development of custom data center and client CPUs using Nvidia NVLink technology, with Intel handling design and manufacturing elements. This provides Nvidia with exposure to the x86 ecosystem and gives it options when it comes to chip manufacturing.
In CoreWeave (NASDAQ:CRWV), Nvidia maintains a stake valued in the billions, with an additional $2 billion investment revealed last month at $87.20 per share. CoreWeave operates as an AI-focused cloud provider specializing in inference workloads and large-scale GPU clusters. The arrangement supplies Nvidia with cloud capacity without requiring a full in-house buildout.
Nvidia also invested $2 billion in Synopsys (NASDAQ:SNPS) in December as part of a strategic partnership aimed at advancing chip design and engineering tools. Synopsys supplies electronic design automation software that is essential for every advanced semiconductor.
The company also committed $1 billion to Nokia (NYSE:NOK) in October to accelerate AI-RAN development for 5G-Advanced and 6G networks.
Superior Cash Generation Is Enabling the Buy-In
Nvidia’s GPU business produces substantial free cash flow, allowing it to act as a major investor across its own ecosystem. SEC filings and earnings releases show ongoing purchases of non-marketable equity securities alongside the public stakes. By backing suppliers and large customers, Nvidia is aligning incentives and securing priority access to capacity and technology.
This strategy has drawn allegations of circular financing, particularly around investments in customers such as CoreWeave that purchase high volumes of Nvidia GPUs. Nvidia executives, including CEO Jensen Huang, have publicly rejected the characterization as overstated. Regardless, the approach delivers a practical Plan B. The Intel collaboration, for example, creates a contingency manufacturing route should its primary partner Taiwan Semiconductor Manufacturing (NYSE:TSM) face geopolitical or supply disruptions.
Nvidia is placing capital across the full AI value chain — from compute hardware and design tools to cloud deployment and networking. The moves extend its competitive position beyond GPU hardware leadership by embedding influence at multiple layers.
Obvious risks remain, including valuation volatility in its portfolio holdings and execution challenges in the partnerships. Yet the investments lock in ecosystem participation and considerably broaden Nvidia’s moat through deeper integration.
Key Takeaway
Nvidia’s stock continues to trade in the same banded range it has for the past six months. Investors, however, can build a clear case for explosive growth ahead based on sustained AI demand and the expanding infrastructure strategy. Nvidia reports earnings after the market closes today, and while high expectations are in place, the update could serve as the catalyst that initiates the stock’s next upward leg.
Top Gaining Stocks
Top Losing Stocks