WEEX Labs: หนึ่งบทวิเคราะห์เจาะลึกโอกาสเบื้องหลังการจัดพอร์ตการลงทุนของ Nvidia

In the AI super cycle, NVIDIA is no longer content with merely playing the role of a "pick-and-shovel seller" for chips. It is accelerating its strategic布局 across the AI industry chain.

Within NVIDIA’s core investment portfolio of over $18 billion, Intel (INTC), CoreWeave (CRWV), Synopsys (SNPS), Coherent (COHR), and Nokia (NOK) constitute its five most important core positions. Recently, NVIDIA has aggressively increased its bets through a combination of direct purchases, convertible bonds, and massive prepayments, marking the official 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 conduct an in-depth analysis of NVIDIA's latest "capital bill," exploring the strategic布局 and investment opportunities behind its portfolio holdings.

Upstream Materials

Corning (GLW)

Corning Incorporated is not only a fiber optic giant but also a pioneer in the next generation of advanced packaging technology: glass substrates. Glass substrates are widely regarded as a key material for sustaining the exponential growth of chip performance.

NVIDIA has paid Corning several hundred million dollars in prepayments to support the construction of its new factories, alongside a previously disclosed equity investment of up to $3.2 billion.

Upstream Architecture Design

Synopsys (SNPS)

Synopsys, as a leader in Electronic Design Automation (EDA), provides the toolchain that is the cornerstone of NVIDIA's chip design.

Through its shareholding, NVIDIA ensures priority access and deep collaboration on the toolchain for next-generation chip architecture design, building extremely high technical barriers.

This holding is also a major component of NVIDIA's primary investment portfolio, significantly reducing the mass production risks for new platforms like 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 this year, NVIDIA announced a $2 billion subscription to Marvell Technology's Series A Convertible Preferred Stock. Earlier this month, Jensen Huang publicly praised Marvell as "the next trillion-dollar company," directly triggering a strong rally for MRVL in the US stock market.

Nokia (NOK)

Nokia has transformed from a traditional telecommunications equipment provider into a vertical leader in optical network businesses. Its in-house indium phosphide wafer fab capacity and packaging capabilities provide a structural competitive advantage over traditional industry rivals.

NVIDIA and Nokia have deep strategic cooperation in areas such as 6G networks, AI-RAN (AI Radio Access Network), and edge computing.

Investing in Nokia helps NVIDIA push AI computing power from data centers down to the edge of telecommunications networks, expanding its addressable market.

Coherent (COHR) & Lumentum (LITE)

The demand for high-bandwidth, low-latency interconnection for AI training has triggered an explosion in the silicon photonics and laser markets. NVIDIA recently injected $2 billion each into optical technology firms Lumentum (LITE) and Coherent (COHR) to accelerate AI data center network architecture.

• Coherent demonstrates a high degree of vertical integration advantages in the optical communications field, providing optical modules, components, and semiconductor devices to meet the full-stack reliability needs of the NVIDIA ecosystem.

• Lumentum focuses more on high-end laser chips (such as EML lasers) and Optical Circuit Switches (OCS), specializing in providing high-power, low-power optical engine solutions for AI clusters.

Downstream Cloud Services

CoreWeave (CRWV)

CoreWeave is one of NVIDIA's most important cloud partners, specializing in providing high-performance GPU cloud services for AI training and inference.

Its core advantage lies in its ability to大规模 deploy NVIDIA H100/H200 and next-generation Blackwell architecture clusters, making it a leading global AI-native cloud platform.

According to the latest filing by NVIDIA with the U.S. Securities and Exchange Commission (SEC), the total value of its investment portfolio has reached approximately $18.37 billion. Among its major holdings, CoreWeave ranks second only to Intel (INTC).

NVIDIA's strategic capital injection not only provides financial support but also extends its role from a "chip supplier" to a closed-loop ecosystem of "chips + cloud services," significantly increasing its penetration in the high-margin cloud market.

Nebius (NBIS)

As a major AI infrastructure provider in Europe, Nebius focuses on data center construction and GPU cluster operations.

Against the backdrop of tight computing power supply in Europe, NVIDIA's capital injection into Nebius not only supports its reconstruction but also ensures a deep lock-in on NVIDIA's architecture in the European market.

IREN (IREN)

This former Bitcoin mining company is aggressively transitioning into an AI data center operator.

On May 7 this year, NVIDIA announced an investment of up to $2.1 billion in IREN. Simultaneously, the two parties signed a multi-billion dollar computing power deployment cooperation agreement, directly securing scarce Power Capacity.

Other Sectors

Generate Biomedicines (GENB)

As one of NVIDIA's newest holdings, Generate Biomedicines is a clinical-stage biotechnology company using a generative AI platform to develop protein therapies. It focuses on accelerating drug discovery and design through machine learning.

GENB's platform is highly dependent on NVIDIA's CUDA ecosystem and high-performance computing capabilities, enabling accelerated biomolecular simulations and generative model training.

Amidst the wave of AI Agents and Physical AI, such cross-sector布局 could open up incremental markets for NVIDIA in the biomedical field.

Summary

From the above, it is clear that NVIDIA's investment布局 is not solely about pursuing financial returns. Instead, it is a systematic ecosystem co-building effort centered on the strategy of becoming the "AI Full-Stack Dominant Player."

In terms of strategic intent, through the "vertical integration + strategic venture capital" model, NVIDIA is using capital to connect the arteries of the tech industry to its own core, locking in future orders in advance, securing supply chain priority, and establishing absolute dominance over the entire AI ecosystem.

In terms of capital operations, NVIDIA employs extremely sophisticated transaction structures. By extensively using tools like cash prepayments, private placements, and convertible bonds, it can rapidly inject funds and sign GW-level exclusive deployment agreements while skillfully avoiding the antitrust scrutiny that might arise from bulk disclosures of common stock, achieving long-term value anchoring.

Looking ahead, with the iteration of architectures like Blackwell and Rubin, and the rise of the Sovereign AI wave, NVIDIA's investment landscape is expected to further extend into biomedicine, robotics, and sustainable energy. The synergistic effects of its portfolio are projected to materialize gradually between 2026 and 2027, becoming a core catalyst driving revenue and market cap outperformance.

To help investors capture the capital code of this trillion-dollar AI empire, WEEX TradFi has launched NVIDIA-related US stock assets and derivatives, providing investors with 24/7 efficient trading channels and real-time data support. We will continue to monitor the dynamics of the NVIDIA ecosystem and uncover more structural opportunities.

Risk Disclaimer: US stocks and innovative crypto assets are highly volatile. NVIDIA's strategic investments focus more on long-term industrial synergy, with significant short-term market fluctuations. Investors are advised to allocate rationally based on their own risk tolerance.

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