Nvidia commits billions to Lumentum, Synopsys, Nokia, XAI, OpenAI, Intel in March alone
CNBC just said something that caught my eye: “This month alone, Nvidia has committed $2 billion each to Lumentum, Coherent, before that $2 billion into Synopsys, a billion into Nokia, stakes in XAI, OpenAI and Intel.” That is an extraordinary…
CNBC just said something that caught my eye: “This month alone, Nvidia has committed $2 billion each to Lumentum, Coherent, before that $2 billion into Synopsys, a billion into Nokia, stakes in XAI, OpenAI and Intel.”
That is an extraordinary amount of capital deployed in a single month, and it tells you exactly what Jensen Huang is building. Not a chip company, but the operating system for the entire AI economy.
The Marvell Partnership Is the Headline
The centerpiece of the CNBC segment was Marvell Technology (NASDAQ:MRVL | MRVL Price Prediction). Marvell designs custom AI chips for hyperscalers like Amazon — chips that can compete directly with Nvidia’s own GPUs. The new partnership flips that tension into an opportunity. As Huang put it: “Together, we’ll be able to address the customers, whether they would like to use all Nvidia gear or they would like to augment their Nvidia gear with their specialized processors. And together we’ll be able to address a much, much larger TAM.”
Marvell’s data center segment generated $1.52 billion in Q3 FY2026, up 38% year-over-year, and the company’s full-year FY2026 revenue growth is forecast to exceed 40%. Shares rose 22.5% in March alone.
Locking In the Optical Layer
Lumentum Holdings (NASDAQ:LITE) and Coherent (NYSE:COHR) each received $2 billion commitments. Both companies sit at the optical interconnect layer of AI infrastructure — the plumbing that moves data between GPUs at scale. Lumentum’s CEO recently noted the company had a backlog exceeding $400 million in optical circuit switches alone, with Q3 FY2026 revenue guidance implying over 85% year-over-year growth. Coherent’s data center segment hit $1.21 billion last quarter, up 34% year-over-year.
Synopsys, Nokia, and Intel Round Out the Spree
Synopsys (NASDAQ:SNPS) received a $2 billion commitment tied to an expanded strategic partnership to revolutionize engineering and design. Synopsys posted Q1 FY2026 revenue of $2.41 billion, up 65.4% year-over-year. Nokia (NYSE:NOK) landed a $1 billion equity investment tied to an AI-RAN partnership, with Nokia’s CEO describing AI as “a long-term structural shift that is expanding the role of networks.” And Intel (NASDAQ:INTC) saw a $5 billion sale of Intel common stock to Nvidia completed, strengthening Intel’s balance sheet as it ramps its Intel 18A process node.
Nvidia’s shares are up 60.95% over the past year even as the company deploys capital aggressively. With $96.58 billion in free cash flow generated in FY2026, Nvidia can afford to buy the ecosystem it needs. The message from March is clear: Nvidia intends to ensure the AI buildout runs through its infrastructure no matter whose chips end up on the racks.
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I've been writing about stocks and personal finance for 20+ years. I believe all great companies are tech companies in the long run, and I invest accordingly.
