Nvidia’s 13F Reveals the AI Infrastructure Stack It Wants to Own

Nvidia’s latest Q1 2026 Form 13F shows a highly concentrated strategic equity book with seven disclosed holdings and roughly $18.36B in aggregate market value.

The largest position is Intel, valued at about $9.48B and representing roughly 52% of the disclosed portfolio. That is notable because Intel is not just another semiconductor name. It is a historic CPU rival, a key x86 player, and a company trying to rebuild its foundry position.

For Nvidia, this exposure may reflect more than financial upside. It may also align incentives around data center architecture, accelerator compatibility, manufacturing capacity, and the broader compute ecosystem.

The second-largest position is CoreWeave, worth about $3.66B, or 20% of the portfolio. This one is easier to understand. CoreWeave is an AI cloud provider built heavily around Nvidia GPUs. If demand for GenAI infrastructure keeps expanding, Nvidia participates not only as a supplier, but also as an equity holder in one of the platforms scaling that demand.

The next layer of the portfolio points deeper into the AI supply chain.

Synopsys, at roughly $1.91B, gives Nvidia exposure to EDA tools that help design advanced chips. Coherent, valued near $1.86B, adds exposure to optical components and high-speed connectivity, both critical as GPU clusters become larger and networking bottlenecks become more expensive.

Nokia, at about $1.34B, extends the theme toward telecom, edge networks, and future AI inference closer to end users.

The smaller position in Nebius Group suggests Nvidia is also seeding emerging AI ecosystems across cloud infrastructure.

Nvidia’s 13F is about owning pieces of the infrastructure stack where Nvidia’s hardware, software, and partner network can become harder to replace.