A Deep Dive Into NVIDIA’s Latest Portfolio Moves

Key Points

• NVIDIA has been making multi-billion-dollar deals left and right as the company looks to strengthen its AI supply chain
• However, several recent investments did not show up in its latest 13F filing
• See why this was the case and what SEC filings say about the company's position in CoreWeave versus Nebius

Over the past several months, semiconductor giant and the world’s most valuable company, NVIDIA NASDAQ: NVDA, has not been shy about making equity investments.

The firm has announced multi-billion dollar stakes in several companies in 2026.

However, the company’s latest 13F filing reveals some interesting wrinkles, leaving off multiple stocks that NVIDIA publicly said it had taken positions in.

The company also massively increased its position in a top neo-cloud and purchased shares in a little-known biotech company.

These are the biggest takeaways from NVIDIA’s Q1 2026 13F filing, complete with a breakdown of these seemingly mysterious omissions.

Coherent, Lumentum, and Marvell: Why 1 Showed Up and 2 Didn’t

During Q1, NVIDIA announced $2 billion investments in three semiconductor stocks. However, only one showed up on its filing. That company is Coherent NYSE: COHR, which makes optical transceivers and other optical networking components. As data center demand for optical networking has taken off, so have Coherent shares. Over the last 12 months, Coherent stock is up 350%.

Its investment in Coherent comes as NVIDIA looks to help the company increase its production capacity, supporting the roll-out of NVIDIA’s optical networking solutions. NVIDIA also made a “multibillion-dollar purchase commitment” for Coherent’s products.

However, NVIDIA also announced a very similar investment in Lumentum NASDAQ: LITE on the same day in early March. Interestingly, Lumentum did not show up on NVIDIA’s 13F. Looking at the regulatory filings related to these investments reveals the reason why.

With Coherent, NVIDIA purchased the company’s common stock—the same type of stock that any investor can easily purchase. On the other hand, with Lumentum, NVIDIA bought its “Series A Convertible Preferred Stock," which does not appear on the SEC’s List of Section 13F Securities. Thus, NVIDIA’s buy was not reportable in its 13F. If NVIDIA converts these securities into common stock, they will show up in future 13Fs.

The case appears to be the same with NVIDIA’s $2 billion investment in Marvell Technology NASDAQ: MRVL, which also did not show up on its 13F. The moral of the story is that these investments are very real, but the deal structures are keeping them off the 13F filing for now.

CoreWeave Gets Big-Time Injection of NVIDIA Capital, But What About Nebius?

Another intriguing move is the fact that NVIDIA greatly increased its holdings of neo-cloud CoreWeave NASDAQ: CRWV. Overall, NVIDIA’s shares held in CoreWeave increased by 95% from 24.28 million to 47.21 million. As CoreWeave also appreciated, the dollar size of its position increased even more, by 110%.

At the end of Q1, NVIDIA’s investment in CoreWeave was worth $3.657 billion, making the stock its second-largest holding. The $2 billion common stock investment NVIDIA announced in January is reflected its latest 13F.

On the other hand, NVIDIA’s 13F did not show an increase in its shares held in its other neo-cloud position, Nebius NASDAQ: NBIS. According to the filing, NVIDIA’s investment in Nebius sits near $123 million at the end of Q1, making the stock its second smallest holding at 0.7%. However, NVIDIA also announced an additional $2 billion investment in Nebius during mid-March.

Once again, looking at the regulatory filing shows why. Rather than buying Nebius’s common stock, NVIDIA purchased $2 billion worth of pre-funded warrants. Practically speaking, this is the same as buying common stock, as NVIDIA has already paid the $2 billion, which Nebius recorded in its cash from financing. However, until NVIDIA exercises the warrants and converts them into common stock, they will not show up on NVIDIA’s 13F.

Thus, at first glance, 13F appears to show NVIDIA giving preference to CoreWeave, investing $2 billion in the firm while leaving its Nebius position stable. However, a close examination shows that this is not the case. NVIDIA invested $2 billion in both companies in Q1, but only the CoreWeave investment is visible in its 13F at this point.

Intel, Synopsys, Nokia Hold Steady, NVIDIA Dips Toe Back Into Biotech

NVIDIA did not increase its shares held of Intel NASDAQ: INTC, Synopsys NASDAQ: SNPS, or Nokia NYSE: NOK in Q1. Intel continues to be its largest holding at 51.6% of the portfolio, Synopsys is third at 10.4%, and Nokia is fifth at 7.3%. Note that these percentages only account for the holdings on the 13F, excluding the investments in Lumentum, Marvell, and the additional allocation to Nebius.

NVIDIA also made a very small $10.4 million investment in Generate Biomedicines NASDAQ: GENB. Generate puts AI at the forefront of its drug discovery process. Its leading product candidate is GB-0895, intended to treat severe asthma. Notably, this isn’t the first time NVIDIA has invested in a biotech company. It held a position in Recursion Pharmaceuticals NASDAQ: RXRX for over a year but sold it in Q4 2025. Over the life of its reportable investment in Recursion, the position lost approximately half of its value.