Nvidia held $99 billion worth of public and private investments on its books at the end of its second fiscal quarter.
Where Nvidia is investing across the AI stack
Nvidia's $99 billion investment portfolio is strategically distributed across three categories: publicly held stocks, non-marketable securities, and equity-method investments. Public holdings include major companies like Intel, Space Exploration Technologies, and CoreWeave. Privately, Nvidia has made significant investments in 'frontier AI labs' such as OpenAI, Anthropic, and Safe Superintelligence, as well as infrastructure financiers like SoftBank's SB Energy. The overall strategy focuses on four key areas: frontier labs (AI development), neocloud layer (GPU capacity rental providers like CoreWeave and Nebius), physical plumbing (photonics and optics partners such as Coherent, Lumentum, Marvell Technology, and Nokia), and a small segment of applications through its venture arm, NVentures.
What Nvidia portfolio companies can retail investors buy?
While direct investment in Nvidia's private holdings like OpenAI is not accessible to retail investors, public companies within its portfolio are available. These include Intel, SpaceX, CoreWeave, Coherent, Nokia, Nebius, Lumentum, and Marvell. The article highlights CoreWeave, Coherent, and Marvell as the top three choices for retail investors. CoreWeave is a direct play on AI factory expansion, Coherent is crucial for optical interconnects in dense chip clusters, and Marvell is a key partner in networking and silicon-photonics integration. Other public investments like Intel, SpaceX, and Nokia are noted to be less attractive due to existing market conditions or niche focus.
