Nvidia’s Hidden Portfolio Just Doubled Down on CoreWeave Stock

Artificial intelligence is no longer just about who builds the fastest chips. Increasingly, it’s about who controls the infrastructure powering the AI boom — the cloud providers, networking gear, software tools, and data centers that keep those chips humming around the clock. That’s where Nvidia (NASDAQ:NVDA | NVDA Price Prediction) has been playing a quieter game investors may be overlooking.

Most investors know Nvidia through its GPUs. Fewer realize the company has also built a strategic investment portfolio tied directly to the AI ecosystem. And its latest 13F filing with the SEC shows Nvidia just made one message crystal clear: it sees CoreWeave (NASDAQ:CRWV) as a major piece of AI’s future.

Nvidia Is Investing Beyond GPUs

Nvidia’s AI dominance is already well established. The company generated $215.9 billion in revenue during fiscal 2026, with data center sales accounting for more than 88% of total revenue. But Jensen Huang understands something many investors miss — selling chips is only part of the opportunity.

That’s why Nvidia’s investment arm has quietly built positions in companies helping expand AI infrastructure. Its latest SEC 13F filing shows stakes in:

• Nebius Group (NASDAQ:NBIS)
• Intel (NASDAQ:INTC)
• Synopsys (NASDAQ:SNPS)
• Nokia (NYSE:NOK)
• Coherent (NASDAQ:COHR)

Surprisingly, these investments aren’t random moonshots. They form a pretty logical AI supply chain.

Synopsys supplies semiconductor design software. Nokia helps build networking infrastructure needed for AI data traffic. Coherent develops optical networking technology critical for AI clusters. Nebius and CoreWeave provide AI-focused cloud infrastructure — often called “neoclouds” because they’re purpose-built for AI workloads rather than traditional enterprise computing.

In other words, Nvidia is investing in the companies most likely to buy enormous amounts of Nvidia hardware for years to come. And no investment got more attention this quarter than CoreWeave.

Nvidia Just Made Another Massive Bet on CoreWeave

Nvidia first invested $100 million into CoreWeave back in 2023, long before most retail investors had heard the name. It later added to the position around CoreWeave’s IPO. But in the fourth quarter of 2025, Nvidia raised the stakes in a major way, investing roughly $2 billion for 24.2 million CoreWeave shares. In exchange, CoreWeave agreed to adopt Nvidia’s CPU and storage platforms, deploy future Nvidia infrastructure — including Rubin GPUs and Vera CPUs — and accelerate construction of AI factories.

Critics called the arrangement “circular financing,” arguing Nvidia was essentially funding customers to buy its own hardware. Huang brushed aside those concerns, noting AI infrastructure buildouts require massive upfront capital commitments across the industry.

Now Nvidia has doubled down again. Its latest 13F filing shows the company increased its CoreWeave stake to 47.2 million shares valued at approximately $3.66 billion. With roughly 428 million shares outstanding, Nvidia now owns about 11% of CoreWeave.

Regardless of how you look at it, Nvidia is effectively tying its future to the growth of AI cloud infrastructure. And CoreWeave has become one of the biggest independent builders of that infrastructure.

CoreWeave Keeps Landing Big Deals

The interesting part is Nvidia isn’t the only heavyweight betting on CoreWeave. Earlier this year, the company announced a multiyear agreement with Perplexity AI to power AI inference workloads. It also signed a $21 billion deal with Meta Platforms (NASDAQ:META).

Meanwhile, trading giant Jane Street committed roughly $6 billion to use CoreWeave’s AI cloud platform and separately invested another $1 billion in CoreWeave equity at $109 per share. Then there’s Anthropic, which signed a multiyear, multibillion-dollar agreement to run Claude models on CoreWeave infrastructure at production scale.

Let’s put those wins into perspective:

That customer list reads less like a startup client roster and more like a who’s who of AI demand.

Granted, risks remain. CoreWeave is still losing money. The company trades at more than 9 times sales, which leaves little room for execution mistakes. And despite all these contract wins stacking up, the stock still sits roughly 42% below its 52-week high.

That disconnect tells investors something important: Wall Street still isn’t fully convinced the AI infrastructure boom will justify today’s valuations. That said, Nvidia’s behavior suggests otherwise.

Key Takeaway

In short, Nvidia’s investment portfolio is becoming almost as strategic as its chip roadmap. The company isn’t just selling GPUs into the AI revolution — it’s helping finance, shape, and expand the infrastructure ecosystem built around them. CoreWeave has emerged as one of the clearest examples of that strategy.

When all is said and done, Nvidia’s 11% stake signals far more than a simple financial investment. It creates a vertically aligned partnership where CoreWeave expands AI data centers while Nvidia supplies the computing backbone powering them.

For investors, the key question is whether CoreWeave can eventually grow into its valuation. The company already has billions in contracted demand. It also has backing from some of the largest AI players in the market. If AI infrastructure spending continues rising at today’s pace, Nvidia’s “hidden portfolio” may turn out to be one of the company’s smartest long-term growth engines.