WEEX Labs：一文解析Nvidia佈局持倉背後的機會

In the AI super cycle, NVIDIA is no longer content to merely play the role of a chip "pick-and-shovel seller" and is accelerating its strategic layout 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 holdings. 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 deeply analyze NVIDIA's latest "capital bill," providing insights into the strategic layout and investment opportunities behind its investment holdings.

Upstream Materials

Corning (GLW)

Corning is not only a fiber optic giant but also a pioneer in the next-generation 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 factory, while previously disclosing equity investments of up to $3.2 billion.

Upstream Architecture Design

Synopsys (SNPS)

Synopsys, as a leader in Electronic Design Automation (EDA), provides the foundational toolchain for NVIDIA's chip design.

 Through its shareholding, NVIDIA ensures priority access and deep collaboration on the next-generation chip architecture design toolchain, establishing 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, which are widely used in NVIDIA's data center network architecture.

On March 31 this year, NVIDIA announced a $2 billion subscription for 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 consecutive 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 services. Its proprietary 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 the fields of 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 total addressable market.

Coherent (COHR) & Lumentum (LITE)

The demand for high-bandwidth, low-latency interconnection for AI training has fueled the explosion of 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 architectures.

• Coherent demonstrates a high degree of vertical integration advantage 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 the large-scale deployment of NVIDIA H100/H200 and the next-generation Blackwell architecture clusters, making it a leading global AI-native cloud platform.

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

NVIDIA's strategic capital injection not only provides financial support but also extends its role from a "chip supplier" to a closed-loop "chip + cloud service" ecosystem, 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 aided its rebuilding but also ensured deep binding of the European market to NVIDIA's architecture.

IREN (IREN)

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

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

Other Tracks

Generate Biomedicines (GENB)

As one of NVIDIA's newest positions, Generate Biomedicines is a clinical-stage biotechnology company using a generative AI platform to develop protein therapies, focusing 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 simulation and generative model training.

Amidst the wave of AI Agents and Physical AI, such cross-sector investments are expected to open up incremental markets in the biomedical field for NVIDIA.

Summary

From the above, it is clear that NVIDIA's investment layout is not solely about pursuing financial returns, but rather a systematic ecosystem building centered around the "AI Full-Stack Dominance" strategy.

In terms of strategic intent, through a "vertical integration + strategic venture capital" model, NVIDIA is using capital to connect the arteries of the tech industry to its core body, 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 highly 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 antitrust scrutiny that might arise from large disclosures of common stock holdings, 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 footprint is expected to further extend into biomedicine, robotics, and sustainable energy. The synergies of its portfolio are expected to gradually materialize in 2026-2027, 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 listed NVIDIA-related US stock assets and derivative products, providing investors with 24/7 efficient trading channels and real-time data support. We will continue to track NVIDIA's ecosystem dynamics 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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