Nvidia has built a $63.4 billion portfolio of stakes in eight AI-linked companies, spanning foundries, neoclouds, optics, telecom and biotech. Energy supply is missing from that list, and Bloom Energy, whose stock has risen nearly 2,000% in the last two years, looks like a candidate to fill the gap.
Nvidia's $63 billion stake portfolio
Nvidia's most recent 13-F filing showed it owned eight stocks worth a combined $63.4 billion at the end of the second quarter. The largest positions were Intel, at 214.8 million shares, and Space Exploration Technologies, at 122.8 million shares. CoreWeave, Nebius, Coherent, Nokia, Synopsys and Generate Biomedicines round out the list.
Each stake maps to a partnership. Nvidia invested in Intel around a deal to co-develop data center and PC products, while SpaceX CEO Elon Musk said his company would build exclusively on Nvidia's architecture, a relationship Nvidia reinforced with a stake now worth close to $20 billion. CoreWeave and Nebius buy Nvidia chips and rent out the compute; Coherent supplies the optics that manage power and heat in AI infrastructure. Nvidia put $1 billion into Nokia to help build AI-radio access network technology and $2 billion into Synopsys to speed up chip design and engineering simulation. The Generate Biomedicines stake gives Nvidia exposure to AI-driven drug discovery.
The gap: energy supply
None of the eight holdings covers energy, even though energy supply is emerging as one of the industry's biggest potential bottlenecks. According to Motley Fool: "AI needs 1,000 times more power than we currently have", Nvidia CEO Jensen Huang recently said.
Bloom Energy, a hydrogen fuel-cell company, has emerged as a fast-growing answer to that bottleneck. The company recently crossed $1 billion in quarterly revenue, and its revenue jumped 166% in its most recent quarter. Bloom also signed a $25 billion AI infrastructure power partnership with Brookfield Asset Management, one of the world's largest real estate developers.
Why Bloom fits the pattern
Bloom's technology is now used by every major U.S. hyperscaler and more than a dozen neoclouds, AI labs and data center operators, showing broad adoption across the AI supply chain. Nvidia isn't a direct partner of Bloom since it doesn't operate data centers itself, but the company's stock is up nearly 2,000% over the last two years, one of the big winners from the AI boom.
Predicting future acquisitions or investments is difficult, but it would make sense for Nvidia to add an AI energy partner to its portfolio, and Bloom Energy fits that gap.
Source: The Motley Fool
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