Nvidia Doubles Down on CoreWeave — The Hidden AI Infrastructure Portfolio Revealed in 13F

Nvidia's latest 13F filing confirms the chipmaker increased its CoreWeave stake to approximately $3.66 billion. Jensen Huang's quiet strategy to control the entire AI ecosystem — far beyond GPU sales — is coming into full view.

As AI investment focus shifts from chip design to data centers and cloud infrastructure, Nvidia's latest SEC 13F filing shows the company playing a much bigger game than just selling GPUs. The filing reveals Nvidia now holds 47.2 million CoreWeave (CRWV) shares valued at approximately $3.66 billion — roughly 11% of CoreWeave's total shares outstanding.

Beyond GPUs — Buying the Entire AI Supply Chain

Nvidia's FY2026 revenue hit $215.9 billion, with more than 88% coming from its data center segment. CEO Jensen Huang realized early that chip sales represent only part of the opportunity. Quietly, Nvidia has been building strategic stakes in the companies most central to the AI ecosystem.

• Nebius Group (NBIS): AI-focused neocloud infrastructure
• Intel (INTC): Semiconductor design and manufacturing
• Synopsys (SNPS): Semiconductor EDA design software
• Nokia (NOK): Network infrastructure for AI data traffic
• Coherent (COHR): Optical networking for AI clusters

This portfolio is not random. Synopsys supplies chip design software. Nokia and Coherent build the networking infrastructure that carries AI data traffic. Nebius and CoreWeave provide cloud infrastructure purpose-built for AI workloads. In short: Nvidia is investing in the companies most likely to buy enormous amounts of Nvidia hardware for years to come.

Doubling Down on CoreWeave

Nvidia first invested $100 million into CoreWeave in 2023, long before most retail investors knew the name. It added to the position around CoreWeave's IPO, then invested roughly $2 billion for 24.2 million shares in Q4 2025. The latest 13F shows that stake has grown to 47.2 million shares valued at approximately $3.66 billion. The deal includes commitments for CoreWeave to deploy Nvidia's next-generation Rubin GPUs and Vera CPUs ahead of competitors.

"AI infrastructure buildouts require massive upfront capital commitments across the industry."

Jensen Huang, Nvidia CEO

Critics called the arrangement "circular financing" — Nvidia essentially funding customers to buy its own hardware. Huang dismissed those concerns. The argument: building AI infrastructure at scale requires massive upfront capital across the entire industry, not just at Nvidia.

Big Deals Keep Stacking Up at CoreWeave

Nvidia isn't the only heavyweight betting on CoreWeave. The company's recent contract wins read less like a startup client list and more like a who's who of AI demand.

• Meta Platforms: $21 billion AI infrastructure contract
• Jane Street: $6 billion platform commitment + $1 billion equity investment at $109/share
• Anthropic: Multi-billion dollar, multi-year deal to run Claude AI models on CoreWeave infrastructure
• Perplexity AI: Multi-year partnership for AI inference workloads

That customer list signals CoreWeave has moved well beyond a simple server rental business. It is emerging as a next-generation AI factory — the backbone of inference and training for some of the world's most demanding AI workloads, with billions in contracted demand already secured.

Risk: Still Unprofitable, Rich Valuation

CoreWeave remains unprofitable and trades at more than 9 times sales, leaving little room for execution mistakes. The stock sits roughly 42% below its 52-week high, reflecting Wall Street's remaining skepticism about whether the AI infrastructure boom will justify current valuations.

Yet Nvidia's behavior points in a different direction. Transforming from a chip supplier into a strategic partner and co-investor across the AI ecosystem, Nvidia has made CoreWeave one of its clearest long-term growth bets — and perhaps its most telling statement about where AI infrastructure is headed.