The Nvidia Circular: How Jensen is Financing His Own Demand

Nvidia has significantly expanded its investment portfolio, with over $40 billion in equity bets committed in 2026 alone. Its strategy focuses on vertically integrating the AI supply chain by backing companies that develop AI models, provide data center infrastructure, or innovate in silicon photonics.

Foundation AI & Software Models

OpenAI: Its largest single investment, totaling $30 billion.

Anthropic: Participation in massive funding rounds for this AI safety and research company.

xAI: Investment in Elon Musk’s AI company following its merger with SpaceX.

Recursion Pharmaceuticals (RXRX): A key investment in the biotech space, utilizing AI for drug discovery.

Physical Infrastructure & Data Centers

Corning: A $3.2 billion investment to build U.S. facilities for optical technologies and fiber-optic cables essential for high-speed GPU racks.

IREN (formerly Iris Energy): An agreement to invest up to $2.1 billion in this data center operator to deploy 5 gigawatts of Nvidia-designed infrastructure.

CoreWeave: A $2 billion investment in this specialized "neocloud" provider that focuses exclusively on GPU-accelerated workloads.

Nebius Group: A $2 billion investment in this AI cloud company for infrastructure deployment and fleet management.

Silicon, Photonics & Components

Marvell Technology: A $2 billion strategic partnership and investment focusing on silicon photonics.

Lumentum: A $2 billion investment to advance optical and photonics technologies.

Coherent: A $2 billion investment alongside Lumentum to secure critical photonics supply chains.

Intel: A strategic $5 billion bet that has notably appreciated to over $25 billion as of mid-2026.