Nvidia was slipping on Monday. The chip maker's recent strong run looked set to pause following a report of another multibillion-dollar investment.

Nvidia shares were down 2.2% at $219.11 in morning trading. The stock has recently been trading at its highest level since early June.

Investors might be taking a closer look at Nvidia's reported agreement to invest up to $3 billion in Lancium, the privately held energy-infrastructure company helping develop the Stargate data-center project for OpenAI. Technology-focused news outlet The Information reported the agreement on Friday.

Nvidia has agreed to invest $2 billion for a 20% stake in Lancium -- which is backed by investment company Blackstone -- with the option to invest a further $1 billion if certain milestones are met, The Information reported.

Nvidia didn't immediately respond to a request for comment from Barron's.

Nvidia has been active in making investments across its supply chain and beyond in recent months, taking small stakes or securing options to invest in companies including Corning, Marvell Technology, Lumentum, Coherent, CoreWeave, Nebius, Synopsys, and Nokia.

Investing in Lancium would be in line with Nvidia's strategy to ease bottlenecks in the artificial-intelligence ecosystem but could also raise questions about how it is deploying its cash. According to FactSet, Nvidia has made 66 private-company investments in calendar 2025 and 2026.

Raymond James analysts recently argued Nvidia could boost its shares by directing more money to stock buybacks. Nvidia plans to return 50% of free cash flow to shareholders through dividends and buybacks this year, although it intends to increase that percentage in the future.