Nvidia's investment portfolio topped $99 billion at the close of its fiscal second quarter, spanning frontier AI labs, cloud-compute providers, and optics suppliers. Among the public names in that book, The Motley Fool singles out CoreWeave, Coherent, and Marvell Technology as its top picks.
A $99 billion map of the AI supply chain
Nvidia's investment portfolio totaled roughly $99 billion at the close of its fiscal second quarter, which ended July 26. That capital splits into three buckets: publicly held stocks worth $47.7 billion, non-marketable securities worth $47.9 billion, and equity-method investments totaling $3.3 billion. Those public equity stakes split between listed common stock and a smaller layer of convertible preferred stock in public companies.
According to Nvidia's 13F filing, the largest public holdings are Intel, Space Exploration Technologies, and CoreWeave. Nvidia invested $5 billion in Intel last September, while its SpaceX stock came from a payment to xAI that converted into a public holding after the two companies merged.
Frontier labs, neoclouds, and the optics layer
According to Nvidia CFO Colette Kress: "invested nearly $50 billion in the frontier AI labs", she said on the company's second-quarter earnings call. The three largest of those stakes are OpenAI at $30 billion, Anthropic at up to $10 billion, and Safe Superintelligence at $5 billion.
Beyond the labs, CoreWeave and Nebius both build server racks on Nvidia hardware and rent that capacity to developers who cannot get enough supply from Amazon Web Services, Microsoft Azure, and Google Cloud Platform. A third layer covers the physical plumbing of the AI stack. Coherent's $2 billion investment shows up directly on the 13F because it went into common stock. Lumentum and Marvell Technology each received $2 billion of convertible preferred stock that won't appear until it converts. Nvidia's $12.9 billion acquisition of Hugging Face is not counted in the $99 billion total because the deal was announced after the quarter closed.
Which of these stocks retail investors can buy
Retail investors cannot buy OpenAI or Nvidia's other private holdings directly, but they can buy the public names Nvidia already owns: Intel, SpaceX, CoreWeave, Coherent, Nokia, Nebius, Lumentum, and Marvell.
The Motley Fool's Adam Spatacco says the best of that group are CoreWeave, Coherent, and Marvell. CoreWeave owns GPUs and rents capacity to hyperscalers and smaller developers, making it a direct beneficiary of the current capital-expenditure cycle. Coherent specializes in the optics bottleneck inside dense chip clusters, while Marvell is the networking and silicon-photonics partner Nvidia works with to integrate custom silicon into its hardware.
Intel shares have already rallied hard since Nvidia's investment nearly a year ago. SpaceX still needs to prove its launch, satellite, and AI ambitions can scale enough to justify its trillion-dollar valuation. Nokia, meanwhile, is more niche, specializing in AI-RAN for edge devices rather than core infrastructure.
Source: The Motley Fool
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