NVIDIA’s debut 13F revealed something Wall Street didn’t see coming: the world’s most valuable chip designer parked $29,989,261,126 into shares of its most storied rival, Intel, a position that swallows 47.27% of its entire $63+ billion equity portfolio. CEO Jensen Huang is buying the picks, shovels, foundries, fabs, fibers and clouds that make the AI supercycle run, well beyond GPUs. Here are five names inside that portfolio where the money is already moving, and where retail can still ride the wake.
1. Nokia: The Surprise AI-RAN Play Hiding in a $10 Stock
Everyone forgot Nokia. NVIDIA didn’t. The Finnish equipment maker sits at 3.48% of NVIDIA’s book, and it is making moves. The legacy name just agreed to buy NXP’s Chandler, Arizona semiconductor fab for indium phosphide production, the exact material the AI datacenter is starving for as it swaps copper for light. On top of that, Nokia launched the industry’s first commercial AI-RAN platform, a network architecture NVIDIA has been publicly courting for a year.
Nokia (NYSE:NOK | NOK Price Prediction) reported Q2 FY2026 revenue of $5.49 billion, up 5.92% year over year; but the number that matters is the AI & Cloud line: $509 million in customer revenue that more than doubled year over year, plus a staggering $3.20 billion in Q2 AI & Cloud order intake. Nokia CEO Justin Hotard put a bow on it: “demand remains strong, while supply continues to be the main industry constraint, prompting our customers to place longer-term orders.”
Shares are up nearly 150% over the past year, and the market is only starting to price in the AZ fab. The next name is the one physically building infrastructure alongside NVIDIA in Texas.
2. Coherent: NVIDIA’s Optical Co-Conspirator in Sherman, Texas
Coherent is holding the shovel in AI infrastructure. The company broke ground with NVIDIA on a Sherman, Texas facility to manufacture the optical interconnects that stitch together next-generation GPU clusters. Every Blackwell and Vera Rubin rack shipping into a hyperscaler needs Coherent’s photonics inside it. NVIDIA’s 13F now shows Coherent at 4.84% of the portfolio.
Coherent (NYSE:COHR) delivered Q4 FY2026 revenue of $2.05 billion, up 33.74% year over year, with the Datacenter & Communications segment ripping to $1.615 billion, roughly 79% of revenue and up 59% year over year pro forma. Management is now guiding to a $20 billion+ incremental serviceable market by calendar 2030 from co-packaged optics, thermal solutions, and optical circuit switches.
The stock has more than tripled in a year. And yet the loudest bet in NVIDIA’s portfolio is the $30 billion Intel position itself. For perspective, Nvidia boasts a market capitalization of $5.3 trillion.
3. Intel: The $30 Billion Bet on Its Oldest Rival
NVIDIA holding 214,776,632 shares of the company it beat to a pulp in the GPU wars is either the greatest hedge in tech history or a signal that Intel Foundry is about to become the second-source supplier NVIDIA cannot live without. Either way, the stake is not passive money.
Intel (NASDAQ:INTC) posted Q2 FY2026 revenue of $16.13 billion, up 25.42% year over year, topping expectations, with the Data Center & AI segment surging to $6.26 billion, up 59% year over year and non-GAAP EPS printing $0.42 versus the $0.22 estimate. CEO Lip-Bu Tan called it “the strongest revenue growth in more than 15 years” and confirmed Intel 18A output ran roughly 25% above target.
Shares are up roughly 160% year to date. Analysts still peg an $114.88 target, reflecting upside potential of about 20%. The next name is the one Jensen is not just investing in, but literally selling every GPU to.
4. CoreWeave: The Premier GPU Cloud NVIDIA Is Building Its Ecosystem Around
CoreWeave was the first cloud to stand up NVIDIA’s Vera Rubin NVL72. It sits at 7.41% of NVIDIA’s portfolio, $4.7 billion. When NVIDIA needs a customer that can actually absorb its supply, it looks here first, and the numbers explain why.
CoreWeave (NASDAQ:CRWV) reported Q2 FY2026 revenue of $2.58 billion, up 112.32% year over year, with a $104 billion revenue backlog as of June 30, 2026. Meanwhile, adjusted EBITDA doubled to $1.51 billion, a 59% margin. CEO Michael Intrator noted the company added more than $25 billion in net new customer commitments in early Q3, with Caterpillar, Grammarly and Isomorphic Labs among the new logos.
Shares jumped 8% in the past week alone. The smallest position in NVIDIA’s book may be the most direct bet of all.
5. Nebius: The One NVIDIA Literally Funded
NVIDIA owns Nebius shares and also wrote the company a $2.0 billion pre-funded warrant in H1 2026. That is capital flowing straight into the balance sheet of an AI cloud that turns around and buys NVIDIA GPUs. The loop is unusually tight, and Nebius’ growth is what keeps it spinning.
Nebius Group (NASDAQ:NBIS) reported Q2 FY2026 revenue of $582.3 million, up 454.04% year over year from $105.1 million. The Nebius AI Cloud segment alone hit $574.9 million, up 514%, and adjusted EBITDA swung to $285.7 million from $9.5 million a year ago. Its remaining performance obligations now hover at $37.49 billion, giving multi-year revenue visibility that most cloud names would kill for.
Shares are up 214.6% year to date and 36.3% in the past week, with Reddit sentiment scoring in the 72 to 88 range across r/stocks and r/wallstreetbets. That is what an NVIDIA-funded balance sheet looks like when it moves the market.
The Bottom Line
Jensen Huang’s first 13F is a treasure map. Foundry capacity (Intel), optical plumbing (Coherent), edge and RAN silicon (Nokia), premier GPU tenancy (CoreWeave) and directly funded AI cloud growth (Nebius) all trace back to one thesis: the supply chain around NVIDIA is more valuable than most of the S&P 500. We rounded up seven more of these AI infrastructure suppliers, from power to cooling to networking, in a free report you can grab here. The stakes are already public. The question is whether you own any of them before the next filing.
Contact [email protected] for any questions or corrections.
Top Gaining Stocks
Top Losing Stocks