Hey there, bargain hunter.

Everyone tracks what Nvidia sells. Fewer people track what it buys.

Nvidia’s Q1 2026 13F filing – disclosed in May 2026 – shows a portfolio worth approximately $18.4 billion across seven disclosed holdings. That’s not a rounding error. That’s a strategic map. And if you believe Jensen Huang has better-than-average visibility into where AI infrastructure spending actually goes, this list is worth your time.

Here are five positions worth watching closely.

1. CoreWeave (CRWV) – The Conviction Play

Nvidia’s largest disclosed equity position, and it keeps growing. The Q1 2026 filing shows Nvidia nearly doubled its stake to 47.2 million shares worth approximately $3.66 billion – up from 24.3 million shares just two quarters prior. CoreWeave builds and operates GPU-accelerated cloud infrastructure, essentially buying Nvidia’s most powerful chips in bulk and leasing that compute power to AI developers. Its backlog stood at $55.6 billion as of Q3 2025, with OpenAI ($22.4B committed) and Meta ($14.2B) as anchor tenants. Microsoft currently accounts for 67% of revenue, which is a concentration risk worth monitoring. But the demanchatddd acceleration from new AI developers is real. Nvidia’s willingness to keep buying this stock in the open market is about as direct a signal as you’ll find.

2. Intel (INTC) – The Surprising Heavyweight

This one raised eyebrows. In Q4 2025, Nvidia initiated a 214.8 million-share stake in Intel at $23.28 per share – a $5 billion commitment that instantly became its largest disclosed holding at over 51% of the total disclosed portfolio. The two companies announced a joint plan to co-develop custom data center and personal computing products. Intel is not a pure AI growth story. But this is Nvidia locking in a hardware partner and, candidly, hedging its own supply chain. Whether Intel can execute is a different question. The Nvidia endorsement provides a floor worth noting.

3. Synopsys (SNPS) – The Quiet Infrastructure Bet

Synopsys makes the software engineers use to design semiconductors – electronic design automation, or EDA. On December 1, 2025, Nvidia invested $2 billion in Synopsys common stock at $414.79 per share alongside a multi-year partnership covering GPU-accelerated chip design, agentic AI, and Omniverse digital twins. The thesis here is subtle: AI-assisted chip design is becoming its own field, and Nvidia is now financially tied to the company whose tools its rivals also depend on. Synopsys represents roughly 10.4% of Nvidia’s disclosed portfolio as of Q1 2026. The check was written with product-level conviction, not purely financial. Near-term analyst pressure on the stock is real, but the partnership runs deeper than a price target.

4. Nokia (NOK) – Telecom Finds the AI Era

Slight tangent, but it matters: Nokia is not the company most people remember. In October 2025, Nvidia invested $1 billion in Nokia at $6.01 per share, becoming a 2.9% shareholder. The deal came alongside a strategic partnership to shape the AI-RAN market and support the evolution of data center networking. Nokia is adapting its 5G and 6G RAN software to run on Nvidia’s architecture, and the two companies are actively exploring how Nokia’s data center switching and optical technologies fit into Nvidia’s future AI infrastructure. Nokia’s pivot from mobile networking toward data centers is still early. But Nvidia’s check was a statement about where that pivot leads – and who they want in the room when it gets there.

5. Coherent (COHR) – The Optics Play Nobody Saw Coming

On March 2, 2026, Nvidia invested $2 billion in Coherent at $256.80 per share as part of a multi-year strategic agreement focused on advanced optics technologies for next-generation AI infrastructure. The deal includes a multi-billion-dollar purchase commitment from Nvidia and future access rights to advanced laser and optical networking products. Coherent builds the optical interconnects that move data between chips and across racks at AI-scale speeds. Its most recent quarterly revenue came in at $1.81 billion, up 21% year-over-year. The addressable market for co-packaged optics alone is now projected to reach $15 billion. Coherent’s stock jumped sharply on the announcement. The part people skip: Nvidia’s purchase commitment extends to the end of the decade, which means this isn’t a one-quarter story.

What’s interesting is that Nvidia’s Q1 2026 13F actually omits several publicly announced positions – including Marvell and Lumentum – because those deals were structured in ways that fall outside standard 13F reporting requirements. The portfolio is almost certainly larger than what the filing shows. These five are the ones we can verify. The others are still worth watching when disclosure eventually catches up.

Jensen Huang is building a web, not just a chip company. Whether every bet pays off is unknown. What’s not unknown is the direction he’s pointing.