Ahead of Nvidia’s earnings report, the AI chipmaker’s quarterly 13F filing to the Securities and Exchange Commission last week offers a glimpse into the most valuable company on Earth’s biggest holdings.
Nvidia’s largest investment stakes in public companies are in “neocloud” firm CoreWeave (CRWV) and AI infrastructure provider Applied Digital (APLD). Nvidia also has big stakes in British chip designer Arm (ARM) and another neocloud called Nebius (NBIS).
CoreWeave is by far Nvidia’s largest holding. The chipmaker held 24 million shares worth $3.3 billion as of Nov. 14. Nvidia’s second largest investment is in Applied Digital — the chipmaker owns 7.7 million shares worth $177 million in the data center firm.
DA Davidson analyst Gil Luria told Yahoo Finance that Nvidia’s relationship with CoreWeave is an “egregious” example of how the biggest AI players have become increasingly entangled through a web of circular investments that have spurred bubble fears on Wall Street.
CoreWeave is one of Nvidia’s biggest customers and has been first to bring its Blackwell AI systems to market. The neocloud has also used its store of Nvidia chips as collateral for big loans, and that debt finances further purchases of Nvidia’s chips.
Making things more complicated, Nvidia is a customer of CoreWeave and recently committed to purchasing up to $6.3 billion worth of computing capacity from CoreWeave if it is unable to sell that capacity to its other customers.
“While we have a very strong relationship with Nvidia, we get no preferential access and we’re not exclusive to them,” CoreWeave told Yahoo Finance.
Meanwhile, Nvidia is upping its game in the private investment world, with $23.7 billion worth of VC investments in AI firms through 59 deals between the start of 2025 and Monday, according to Pitchbook data.
Read more about Nvidia’s investments here.
