[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"article-nvidia-40b-ai-equity-spree-raises-questions-en":3,"tags-nvidia-40b-ai-equity-spree-raises-questions-en":35,"related-lang-nvidia-40b-ai-equity-spree-raises-questions-en":46,"related-posts-nvidia-40b-ai-equity-spree-raises-questions-en":50,"series-industry-f1796e06-acf1-49be-b2b6-47bd628dc9b7":87},{"id":4,"title":5,"content":6,"summary":7,"source":8,"source_url":9,"author":10,"image_url":11,"keywords":12,"language":19,"translated_content":10,"views":20,"is_premium":21,"created_at":22,"updated_at":22,"cover_image":11,"published_at":23,"rewrite_status":24,"rewrite_error":10,"rewritten_from_id":25,"slug":26,"category":27,"related_article_id":28,"status":29,"google_indexed_at":30,"x_posted_at":10,"tweet_text":10,"title_rewritten_at":10,"title_original":10,"key_takeaways":31,"topic_cluster_id":10,"embedding":10,"is_canonical_seed":21},"f1796e06-acf1-49be-b2b6-47bd628dc9b7","Nvidia’s $40B AI equity spree raises new questions","\u003Cp data-speakable=\"summary\">\u003Ca href=\"\u002Ftag\u002Fnvidia\">Nvidia\u003C\u002Fa> has topped $40 billion in 2026 equity commitments across the AI supply chain.\u003C\u002Fp>\u003Cp>Nvidia is no longer just selling GPUs. In 2026, the company has pushed past $40 billion in equity commitments, with fresh deals for \u003Ca href=\"https:\u002F\u002Fwww.iren.com\" target=\"_blank\" rel=\"noopener\">IREN\u003C\u002Fa> and \u003Ca href=\"https:\u002F\u002Fwww.corning.com\" target=\"_blank\" rel=\"noopener\">Corning\u003C\u002Fa> adding $5.3 billion of potential investment in a single week.\u003C\u002Fp>\u003Cp>That matters because Nvidia is using its cash pile to shape the market that buys its own hardware. The company reported $97 billion in free cash flow last fiscal year, and its stock has climbed more than 11-fold in four years, pushing its market value to about $5.2 trillion.\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Metric\u003C\u002Fth>\u003Cth>Figure\u003C\u002Fth>\u003Cth>Why it matters\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>2026 equity commitments\u003C\u002Ftd>\u003Ctd>More than $40 billion\u003C\u002Ftd>\u003Ctd>Shows how aggressively Nvidia is backing AI infrastructure\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>IREN investment right\u003C\u002Ftd>\u003Ctd>Up to $2.1 billion\u003C\u002Ftd>\u003Ctd>Extends Nvidia into data center capacity\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Corning investment right\u003C\u002Ftd>\u003Ctd>Up to $3.2 billion\u003C\u002Ftd>\u003Ctd>Ties Nvidia to optical and fiber components\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>OpenAI investment\u003C\u002Ftd>\u003Ctd>$30 billion\u003C\u002Ftd>\u003Ctd>Largest single bet in Nvidia’s portfolio\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Intel investment value\u003C\u002Ftd>\u003Ctd>Over $25 billion\u003C\u002Ftd>\u003Ctd>Shows how fast one equity bet can appreciate\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Private investments last fiscal year\u003C\u002Ftd>\u003Ctd>$17.5 billion\u003C\u002Ftd>\u003Ctd>Signals the scale of Nvidia’s balance-sheet strategy\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch2>Why Nvidia is writing checks all over AI\u003C\u002Fh2>\u003Cp>Nvidia’s strategy is simple to describe and hard to ignore: put money into the companies that build, power, cool, and buy AI systems, then sell them more Nvidia hardware. That includes model makers like \u003Ca href=\"https:\u002F\u002Fopenai.com\" target=\"_blank\" rel=\"noopener\">OpenAI\u003C\u002Fa>, cloud infrastructure firms such as \u003Ca href=\"https:\u002F\u002Fwww.coreweave.com\" target=\"_blank\" rel=\"noopener\">CoreWeave\u003C\u002Fa>, and newer infrastructure players like \u003Ca href=\"https:\u002F\u002Fwww.nebius.com\" target=\"_blank\" rel=\"noopener\">Nebius\u003C\u002Fa>.\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1778422250445-78ed.png\" alt=\"Nvidia’s $40B AI equity spree raises new questions\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>The logic is straightforward. AI demand is still constrained by chips, power, networking, and data center space. If Nvidia helps fund the companies that relieve those bottlenecks, it also helps expand the market for its own systems. That is why the company is not limiting itself to one corner of the stack.\u003C\u002Fp>\u003Cul>\u003Cli>IREN gives Nvidia exposure to data center buildout.\u003C\u002Fli>\u003Cli>Corning links Nvidia to fiber and optical components.\u003C\u002Fli>\u003Cli>OpenAI, CoreWeave, and Nebius tie Nvidia to compute demand.\u003C\u002Fli>\u003Cli>Marvell, Lumentum, and Coherent connect Nvidia to photonics and silicon work.\u003C\u002Fli>\u003C\u002Ful>\u003Cp>The pattern is bigger than a few headline deals. Nvidia has signed at least seven multibillion-dollar investments with public companies this year and has taken part in roughly two dozen private rounds, according to FactSet. That is a lot of capital, and it is moving fast.\u003C\u002Fp>\u003Ch2>The circular money problem is getting louder\u003C\u002Fh2>\u003Cp>There is a real debate here, and it is not subtle. Some investors see smart supply-chain planning. Others see a loop where Nvidia funds the same companies that then buy Nvidia gear, which makes demand look stronger than it might be on its own.\u003C\u002Fp>\u003Cp>Matthew Bryson of Wedbush Securities said Nvidia’s dealmaking fits “squarely into the circular investment theme.” That is the cleanest way to describe the worry: money goes out, orders come back, and the line between organic demand and financed demand gets blurry.\u003C\u002Fp>\u003Cblockquote>“It smells like you are pre-funding the purchase of your own GPUs and products,” said Jordan Klein, chip analyst at Mizuho.\u003C\u002Fblockquote>\u003Cp>That criticism matters because Nvidia’s balance sheet is now part of the story. The company said its non-marketable equity securities rose to $22.25 billion at the end of January, up from $3.39 billion a year earlier. It also reported $8.92 billion in gains on private and public holdings, compared with $1.03 billion in the prior fiscal year.\u003C\u002Fp>\u003Cp>Those are not side notes. They are proof that Nvidia’s investments are already affecting earnings, valuation, and investor expectations. If the stock market starts to wobble, those gains can shrink fast.\u003C\u002Fp>\u003Ch2>How the biggest bets compare\u003C\u002Fh2>\u003Cp>The scale of Nvidia’s portfolio is easier to understand when you line up the numbers. The company’s $30 billion stake in \u003Ca href=\"\u002Ftag\u002Fopenai\">OpenAI\u003C\u002Fa> is still the headline bet, but the Intel position is the one that has produced the most striking mark-to-market gain so far.\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1778422249795-apjb.png\" alt=\"Nvidia’s $40B AI equity spree raises new questions\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>Intel’s stock is up well over 200% this year, which pushed Nvidia’s $5 billion investment there to more than $25 billion in value. That is a huge paper gain, but it also shows how much Nvidia’s results now depend on equity markets, not just chip shipments.\u003C\u002Fp>\u003Cul>\u003Cli>\u003Ca href=\"https:\u002F\u002Fwww.intel.com\" target=\"_blank\" rel=\"noopener\">Intel\u003C\u002Fa>: Nvidia’s $5 billion bet is now worth over $25 billion.\u003C\u002Fli>\u003Cli>\u003Ca href=\"https:\u002F\u002Fwww.lumentum.com\" target=\"_blank\" rel=\"noopener\">Lumentum\u003C\u002Fa> and \u003Ca href=\"https:\u002F\u002Fwww.coherent.com\" target=\"_blank\" rel=\"noopener\">Coherent\u003C\u002Fa>: each received a $2 billion Nvidia investment in March.\u003C\u002Fli>\u003Cli>\u003Ca href=\"https:\u002F\u002Fwww.marvell.com\" target=\"_blank\" rel=\"noopener\">Marvell Technology\u003C\u002Fa>: got a separate $2 billion strategic investment.\u003C\u002Fli>\u003Cli>\u003Ca href=\"https:\u002F\u002Fwww.cnbc.com\u002F2026\u002F05\u002F09\u002Fnvidia-embraces-ai-investor-topping-40-billion-in-equity-bets-2026.html\" target=\"_blank\" rel=\"noopener\">CNBC’s report\u003C\u002Fa> says Nvidia’s 2026 commitments already exceed $40 billion.\u003C\u002Fli>\u003C\u002Ful>\u003Cp>The IREN and \u003Ca href=\"\u002Fnews\u002Fwhy-nvidia-corning-deal-matters-ai-infrastructure-en\">Corning deal\u003C\u002Fa>s also point to a broader shift in what Nvidia wants to own around the \u003Ca href=\"\u002Ftag\u002Fgpu\">GPU\u003C\u002Fa> business. IREN is expected to deploy up to 5 gigawatts of Nvidia’s DSX-branded infrastructure designs, while Corning is building three new U.S. facilities for optical technologies tied to Nvidia’s rack-scale systems.\u003C\u002Fp>\u003Cp>That suggests Nvidia is not just financing demand. It is shaping the physical infrastructure that demand depends on, from glass and fiber to power and rack design.\u003C\u002Fp>\u003Ch2>What this means for the next earnings call\u003C\u002Fh2>\u003Cp>Nvidia’s next earnings report should tell investors whether this strategy is still a smart use of cash or whether it is starting to distort the picture. The company has already said its investments are meant to “expand and deepen” its ecosystem, and \u003Ca href=\"\u002Ftag\u002Fjensen-huang\">Jensen Huang\u003C\u002Fa> has argued that Nvidia does not pick winners, it supports the whole field.\u003C\u002Fp>\u003Cp>The problem is that markets rarely care about intent when the numbers get this large. If more of Nvidia’s growth story is tied to equity stakes, the company will have to prove that demand for GPUs remains strong even without financial support attached.\u003C\u002Fp>\u003Cp>My read is simple: watch the mix of revenue growth, investment gains, and customer concentration in the next report. If Nvidia keeps turning cash into supply-chain control without slowing chip sales, rivals will have a harder time catching up. If the loop starts to look self-funded, the questions around AI demand will get much louder.\u003C\u002Fp>\u003Cp>For now, the headline is clear: Nvidia is acting like an industrial investor as much as a chip company, and the market has to decide whether that is smart capital allocation or a sign that \u003Ca href=\"\u002Ftag\u002Fai-infrastructure\">AI infrastructure\u003C\u002Fa> still needs a financial backstop.\u003C\u002Fp>","Nvidia has topped $40 billion in 2026 equity commitments as it backs AI suppliers, cloud firms, and model makers.","www.cnbc.com","https:\u002F\u002Fwww.cnbc.com\u002F2026\u002F05\u002F09\u002Fnvidia-embraces-ai-investor-topping-40-billion-in-equity-bets-2026.html",null,"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1778422250445-78ed.png",[13,14,15,16,17,18],"Nvidia","AI infrastructure","equity investments","OpenAI","Corning","IREN","en",4,false,"2026-05-10T14:10:30.606964+00:00","2026-05-10T14:10:30.596+00:00","done","b81f77ca-a30b-4cd9-b1f6-8291c2f40937","nvidia-40b-ai-equity-spree-raises-questions-en","industry","848d0b77-57e1-4abf-87f6-7b49473d668e","published","2026-05-11T09:00:15.52+00:00",[32,33,34],"Nvidia has crossed $40 billion in 2026 equity commitments across AI infrastructure.","The biggest debate is whether these deals expand demand or inflate it through circular financing.","The next earnings call will show how much of Nvidia’s growth now depends on investments, not just chip sales.",[36,38,40,42,44],{"name":17,"slug":37},"corning",{"name":16,"slug":39},"openai",{"name":13,"slug":41},"nvidia",{"name":14,"slug":43},"ai-infrastructure",{"name":15,"slug":45},"equity-investments",{"id":28,"slug":47,"title":48,"language":49},"nvidia-40b-ai-equity-spree-raises-questions-zh","Nvidia 40 億美元 AI 投資潮","zh",[51,57,63,69,75,81],{"id":52,"slug":53,"title":54,"cover_image":55,"image_url":55,"created_at":56,"category":27},"6ff3920d-c8ea-4cf3-8543-9cf9efc3fe36","circles-agent-stack-targets-machine-speed-payments-en","Circle’s Agent Stack targets machine-speed payments","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1778871659638-hur1.png","2026-05-15T19:00:44.756112+00:00",{"id":58,"slug":59,"title":60,"cover_image":61,"image_url":61,"created_at":62,"category":27},"1270e2f4-6f3b-4772-9075-87c54b07a8d1","iren-signs-nvidia-ai-infrastructure-pact-en","IREN signs Nvidia AI infrastructure pact","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1778871059665-3vhi.png","2026-05-15T18:50:38.162691+00:00",{"id":64,"slug":65,"title":66,"cover_image":67,"image_url":67,"created_at":68,"category":27},"b308c85e-ee9c-4de6-b702-dfad6d8da36f","circle-agent-stack-ai-payments-en","Circle launches Agent Stack for AI payments","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1778870450891-zv1j.png","2026-05-15T18:40:31.462625+00:00",{"id":70,"slug":71,"title":72,"cover_image":73,"image_url":73,"created_at":74,"category":27},"f7028083-46ba-493b-a3db-dd6616a8c21f","why-nebius-ai-pivot-is-more-real-than-hype-en","Why Nebius’s AI Pivot Is More Real Than Hype","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1778823055711-tbfv.png","2026-05-15T05:30:26.829489+00:00",{"id":76,"slug":77,"title":78,"cover_image":79,"image_url":79,"created_at":80,"category":27},"b63692ed-db6a-4dbd-b771-e1babdc94af7","nvidia-backs-corning-factories-with-billions-en","Nvidia backs Corning factories with billions","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1778822444685-tvx6.png","2026-05-15T05:20:28.914908+00:00",{"id":82,"slug":83,"title":84,"cover_image":85,"image_url":85,"created_at":86,"category":27},"26ab4480-2476-4ec7-b43a-5d46def6487e","why-anthropic-gates-foundation-ai-public-goods-en","Why Anthropic and the Gates Foundation should fund AI public goods","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1778796645685-wbw0.png","2026-05-14T22:10:22.60302+00:00",[88,93,98,103,108,113,118,123,128,133],{"id":89,"slug":90,"title":91,"created_at":92},"d35a1bd9-e709-412e-a2df-392df1dc572a","ai-impact-2026-developments-market-en","AI's Impact in 2026: Key Developments and Market Shifts","2026-03-25T16:20:33.205823+00:00",{"id":94,"slug":95,"title":96,"created_at":97},"5ed27921-5fd6-492e-8c59-78393bf37710","trumps-ai-legislative-framework-en","Trump's AI Legislative Framework: What's Inside?","2026-03-25T16:22:20.005325+00:00",{"id":99,"slug":100,"title":101,"created_at":102},"e454a642-f03c-4794-b185-5f651aebbaca","nvidia-gtc-2026-key-highlights-innovations-en","NVIDIA GTC 2026: Key Highlights and Innovations","2026-03-25T16:22:47.882615+00:00",{"id":104,"slug":105,"title":106,"created_at":107},"0ebb5b16-774a-4922-945d-5f2ce1df5a6d","claude-usage-diversifies-learning-curves-en","Claude Usage Diversifies, Learning Curves Emerge","2026-03-25T16:25:50.770376+00:00",{"id":109,"slug":110,"title":111,"created_at":112},"69934e86-2fc5-4280-8223-7b917a48ace8","openclaw-ai-commoditization-concerns-en","OpenClaw's Rise Raises Concerns of AI Model Commoditization","2026-03-25T16:26:30.582047+00:00",{"id":114,"slug":115,"title":116,"created_at":117},"b4b2575b-2ac8-46b2-b90e-ab1d7c060797","google-gemini-ai-rollout-2026-en","Google's Gemini AI Rollout Extended to 2026","2026-03-25T16:28:14.808842+00:00",{"id":119,"slug":120,"title":121,"created_at":122},"6e18bc65-42ae-4ad0-b564-67d7f66b979e","meta-llama4-fabricated-results-scandal-en","Meta's Llama 4 Scandal: Fabricated AI Test Results Unveiled","2026-03-25T16:29:15.482836+00:00",{"id":124,"slug":125,"title":126,"created_at":127},"bf888e9d-08be-4f47-996c-7b24b5ab3500","accenture-mistral-ai-deployment-en","Accenture and Mistral AI Team Up for AI Deployment","2026-03-25T16:31:01.894655+00:00",{"id":129,"slug":130,"title":131,"created_at":132},"5382b536-fad2-49c6-ac85-9eb2bae49f35","mistral-ai-high-stakes-2026-en","Mistral AI: Facing High Stakes in 2026","2026-03-25T16:31:39.941974+00:00",{"id":134,"slug":135,"title":136,"created_at":137},"9da3d2d6-b669-4971-ba1d-17fdb3548ed5","cursors-meteoric-rise-pressures-en","Cursor's Meteoric Rise Faces Industry Pressures","2026-03-25T16:32:21.899217+00:00"]