In the AI super cycle, NVIDIA is no longer content to merely play the role of “shovel seller” in the chip market and is accelerating its strategic layout across the AI industry chain.
In NVIDIA's core investment portfolio exceeding $18 billion, Intel (INTC), CoreWeave (CRWV), Synopsys (SNPS), Coherent (COHR), and Nokia (NOK) make up its five most important core holdings. Recently, NVIDIA has aggressively increased its investments through direct purchases, convertible bonds, and substantial advance payments, marking the entry of the global AI industry chain into a new phase of "vertical integration."
Source: https://oec.world/en/profile/manager/nvidia-corp
This article will delve deeply into NVIDIA's latest "capital bill," analyzing the strategic layout and investment opportunities behind its holdings.
Upstream Materials
Corning (GLW)
Corning is not only a giant in fiber optics but also a pioneer in next-generation advanced packaging technology—glass substrates, which are widely viewed as key materials for sustaining the exponential growth of chip performance.
NVIDIA has made hundreds of millions of dollars in advance payments to Corning to support its new plant's construction, along with previously disclosed equity investments of up to $3.2 billion.
Upstream Architecture Design
Synopsys (SNPS)
As a leader in electronic design automation (EDA), Synopsys' toolchain is the cornerstone of NVIDIA's chip design.
NVIDIA secures priority access and deep collaboration on next-generation chip architecture design toolchains through its holdings, thereby creating extremely high technological barriers.
This holding is also part of NVIDIA's major investment portfolio, which can significantly reduce the mass production risks of new platforms such as Blackwell.
Network Interconnection
Marvell (MRVL)
Marvell focuses on high-speed Ethernet and custom ASIC chips, with its products widely used in NVIDIA's data center network architecture.
On March 31 of this year, NVIDIA announced a $2 billion subscription to Marvell's Series A Convertible Preferred Stock. Earlier this month, Jensen Huang publicly praised Marvell as the "next trillion-dollar company," directly causing MRVL to surge in the U.S. stock market.
Nokia (NOK)
Nokia has transitioned from traditional telecom equipment to become a vertical leader in optical networking, with its in-house indium phosphide wafer production capacity and packaging capabilities providing structural competitive advantages over traditional industry rivals.
NVIDIA and Nokia have a deep strategic partnership in the areas of 6G networks, AI-RAN (Artificial Intelligence Radio Access Network), and edge computing.
Investing in Nokia helps NVIDIA extend AI computing power from data centers to the telecom network edge, broadening its market reach.
Coherent (COHR) & Lumentum (LITE)
The demand for high-bandwidth, low-latency interconnects in AI training has driven explosive growth in the silicon photonics and laser markets. NVIDIA recently invested $2 billion each in optical technology companies Lumentum (LITE) and Coherent (COHR) to accelerate AI data center network architecture.
• Coherent demonstrates a strong advantage in vertical integration in the optical communication field, offering optical modules, components, and semiconductor devices to meet NVIDIA's ecosystem demands for full-stack reliability.
• Lumentum focuses more on high-end laser chips (such as EML lasers) and optical circuit switches (OCS), specializing in providing high-power, low-consumption optical engine solutions for AI clusters.
Downstream Cloud Services
CoreWeave (CRWV)
CoreWeave is one of NVIDIA's most important cloud partners, focusing on providing high-performance GPU cloud services for AI training and inference.
Its core advantage lies in the large-scale deployment of NVIDIA H100/H200 and the next-generation Blackwell architecture clusters, making it a leading AI native cloud platform globally.
According to the latest filings NVIDIA submitted to the U.S. Securities and Exchange Commission (SEC), its portfolio's total value has reached approximately $18.37 billion, with CoreWeave being second only to Intel (INTC) among its major holdings.
NVIDIA's strategic investment not only provides capital support but also extends its ecosystem from a "chip supplier" to a "chip + cloud service" closed loop, significantly increasing its penetration in the high-margin cloud market.
Nebius (NBIS)
Nebius is an important AI infrastructure provider in Europe, focusing on data center construction and GPU cluster operations.
Against the backdrop of a local shortage of computing power in Europe, NVIDIA's investment in Nebius not only supports its reconstruction but also ensures a deep binding of the European market to NVIDIA's architecture.
IREN (IREN)
This former Bitcoin mining company is in the midst of an aggressive transformation into an AI data center operator.
On May 7 of this year, NVIDIA announced an investment of up to $2.1 billion in IREN, and both parties simultaneously signed multi-billion-dollar power deployment cooperation agreements, directly securing scarce Power Capacity.
Other Tracks
Generate Biomedicines (GENB)
As one of NVIDIA's latest holdings, Generate Biomedicines is a clinical-stage biotechnology company utilizing a generative AI platform to develop protein therapies, focusing on accelerating drug discovery and design through machine learning.
GENB's platform heavily relies on NVIDIA's CUDA ecosystem and high-performance computing capabilities, enabling accelerated biopolymer simulation and generative model training.
Amid the waves of AI agents and physical AI, such cross-industry layouts are expected to open up an incremental market for NVIDIA in the biomedicine field.
Conclusion
It is clear from the above that NVIDIA's investment layout is not merely pursuing financial returns but is a systematic ecological collaboration built around the "AI full-stack supremacy" strategy.
Strategically, through a "vertical integration + strategic venture capital" model, NVIDIA is using capital to connect the lifeblood of the tech industry to its own body, locking in future orders in advance and securing priority in the supply chain, establishing absolute dominance over the entire AI ecosystem.
In terms of capital operations, NVIDIA has employed an extraordinarily sophisticated transaction structure. By extensively using cash prepayments, private placements, and convertible bonds, it can quickly inject funds and sign exclusive deployment agreements at the GW level while cleverly avoiding antitrust scrutiny that may arise from large public stock disclosures, achieving long-term value anchoring.
Looking forward, as the iterations of architectures like Blackwell and Rubin unfold alongside the rise of sovereign AI, NVIDIA's investment landscape is expected to further extend into biomedicine, robotics, and sustainable energy. The synergistic effects of its portfolio are expected to gradually materialize between 2026 and 2027, becoming a core catalyst for driving revenues and market capitalization beyond expectations.
To help investors capture the capital secrets of this trillion-dollar AI empire, WEEX TradFi has launched NVIDIA-related U.S. stock assets and derivative products, providing investors with a 24/7 efficient trading channel and real-time data support. We will continue to track developments in the NVIDIA ecosystem and explore more structural opportunities.
Risk Warning: U.S. stocks and innovative crypto assets are highly volatile. NVIDIA's strategic investments are more focused on long-term industrial synergy, and the market fluctuations in the short term can be significant. Investors should allocate their resources rationally according to their own risk tolerance.
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