Many investors closely watch 13F filings from institutional money managers. While chip giant NVIDIA (NASDAQ: NVDA) isn’t typically seen in that role, it must file as well, since it manages over $100 million in U.S.-traded securities.
Below is a breakdown of the six stocks listed on NVIDIA’s most recent 13F.
Examining these holdings provides insight into the types of technology that this pioneering company is betting on.
All return data calculates the change in price through the May 21 close, since NVIDIA revealed its initial stake in these companies, including their initial rise.
NVIDIA’s Top 3 Chip and AI Infrastructure Investments Don’t Fall Far From the Tree
[content-module:CompanyOverview|NASDAQ: ARM]By far, NVIDIA’s largest 13F holding was CoreWeave (NASDAQ: CRWV).
CoreWeave accounted for 78% of NVIDIA’s total reported 13F holdings in Q1.
Aside from owning approximately 7% of CoreWeave, the company is also one of NVIDIA’s biggest customers.
CoreWeave uses its close relationship with NVIDIA to rent out the company’s most advanced AI chips to customers before anyone else.
On its last earnings call, CoreWeave said it was the first to deploy NVIDIA’s GB200 Grace Blackwell systems at scale.
Since going public in March, CoreWeave has increased by a staggering 169%, driven largely by the excitement surrounding its NVIDIA relationship.
[content-module:CompanyOverview|NASDAQ: ARM]The next two largest NVIDIA 13F holdings are Arm (NASDAQ: ARM) and Applied Digital (NASDAQ: APLD).
They represent around 10% and 4% of NVIDIA’s total $1.15 billion 13F portfolio.
NVIDIA actually tried to fully acquire ARM in 2020 for $40 billion; however, the transaction fell through due to regulatory issues.
ARM provides “IP cores," essentially the basic designs of chips that companies base their advanced chips on.
As such, ARM is a very important but somewhat underappreciated player in semiconductors.
[content-module:CompanyOverview|NASDAQ: APLD]Applied Digital is somewhat similar to CoreWeave, renting out computing power to customers.
However, it still gets a good amount of its revenue from cryptocurrency miners, something that CoreWeave no longer dabbles in.
The company is also tiny, comparatively, worth only around $1.5 billion.
Since November 2024, when NVIDIA first reported owning Applied Digital, the stock is down approximately 1%.
AI-Drug Research, Computing, & Autonomous Driving Round Out NVIDIA’s 13F Portfolio
[content-module:CompanyOverview|NASDAQ: RXRX]NVIDIA’s fourth largest 13F holding is the clinical-stage drug company, Recursion Pharmaceuticals (NASDAQ: RXRX).
The company has no medicines approved by regulators yet, and thus doesn’t generate much revenue.
Overall, the company’s free cash flow over the last 12 months was around -$400 million.
The company is attempting to use AI to accelerate drug discovery and development.
Importantly, Recursion is an NVIDIA customer that uses the firm’s chips to power its supercomputer to achieve its mission.
It is prioritizing work on four cancer treatments and two rare disease treatments.
Even after jumping 24% the day NVIDIA revealed its initial investment in February 2024, shares are down 51%.
[content-module:CompanyOverview|NASDAQ: NBIS]NVIDIA’s final two holdings are Nebius Group (NASDAQ: NBIS) and WeRide (NASDAQ: WRD), each making up around 2% of its portfolio.
Nebius’s business model is also very similar to CoreWeave’s, which is renting out AI computing power.
Like CoreWeave, it is also seeing incredible revenue growth, reporting a 385% increase in sales in Q1.
Nebius will be among the first companies that will offer NVIDIA’s new Blackwell Ultra AI factory platform.
Despite rising 7% on the day the initial NVIDIA investment came out, investors have seen shares drop nearly 7% overall.
[content-module:CompanyOverview|NASDAQ: WRD]Last up is WeRide. The company operates a variety of robotaxis and other autonomous driving vehicle platforms, primarily in China.
WeRide uses NVIDIA’s advanced chips to operate its technology.
Even including the 83% surge in shares after NVIDIA revealed its initial investment in February, they have fallen nearly 40% overall since then as of May 21.
NVIDIA’s 13F Holdings: Prudent Examination Still Reigns Supreme
There is one clear common thread among all these companies in which NVIDIA is investing: they are either customers or suppliers of NVIDIA. This makes sense considering that NVIDIA would deeply understand their businesses.
Overall, having investments from NVIDIA doesn't mean investors should blindly follow behind the tech giant and invest in these stocks.
This is especially true as merely associating with NVIDIA can often drive wild up moves in these names, only to see their shares crater back to earth.
Still, NVIDIA's investment is a positive, and directing a watchful eye toward these names makes sense.
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