Nvidia Corporation Concentrates $4.3 Billion Portfolio into AI Infrastructure

Nvidia Corporation has concentrated its $4.3 billion investment portfolio primarily into two artificial intelligence firms: CoreWeave and Arm Holdings. While the company initially distributed its holdings across six AI entities including Applied Digital, Nebius Group, Recursion Pharmaceuticals, and WeRide, subsequent filings show a massive shift toward its two largest partners.

CoreWeave, an AI cloud platform provider utilizing Nvidia accelerators, represents the dominant share of the portfolio. By September 2025, this holding accounted for 86% to 91% of Nvidia Corporation's equity investments. To secure this partnership, Nvidia Corporation agreed to purchase any unsold compute capacity from CoreWeave through 2032. CoreWeave has experienced rapid growth, with Q2 revenue rising 207% year-over-year to $1.2 billion and a reported revenue backlog of $55.6 billion driven by contracts with OpenAI and Meta Platforms.

Arm Holdings, a semiconductor company licensing CPU architecture, constitutes the second-largest holding, representing between 4% and 5% of the portfolio. Arm is noted as the most profitable of the group, with $699 million in trailing 12-month earnings, and has expanded its data center market share by over 10 percentage points in three years. Under the leadership of CEO Jensen Huang, Nvidia Corporation has shifted profits from graphics and gaming to further fund these AI product and infrastructure developments.