NVIDIA's Q2 holdings disclosure reveals not only a massive 90% position bet on CoreWeave, but also a diversified downstream application enterprise strategy to build a comprehensive AI ecosystem.

On Friday, according to NVIDIA's latest 13F filing disclosure, CoreWeave has become the absolute core asset in NVIDIA's investment portfolio as of June 30. NVIDIA concentrated 91.36% of its public holdings in AI cloud computing service provider CoreWeave, with a total investment value of $3.96 billion.

Beyond CoreWeave, NVIDIA also holds stakes in several other AI-related companies, including Arm, Applied Digital, Nebius, and AI healthcare company Recursion Pharmaceuticals.

NVIDIA's investments are generating returns, with CoreWeave reporting Q2 revenue of $1.2 billion, representing over triple year-over-year growth. However, the company's stock plummeted nearly 21% this week due to below-expected revenue backlog growth and plans to significantly increase capital expenditures in Q4.

Meanwhile, CoreWeave faces its first major post-IPO unlock test. According to FactSet data, approximately 84% of Class A shares will be unlocked this Friday, with these shares primarily concentrated among company insiders and NVIDIA, potentially triggering market volatility.

**90% Position Bet on CoreWeave**

CoreWeave's position in the AI cloud computing sector is becoming increasingly important. The company is the first to provide complete Blackwell GPU product portfolios at scale, specializing in designing data centers for AI workloads, with clients including notable enterprises like Cohere, IBM, and Mistral AI.

Analysts predict that driven by AI computing demand, CoreWeave's revenue could grow 127% next year, potentially reaching $11 billion.

NVIDIA's heavy investment underscores its confidence in the AI infrastructure sector. CoreWeave currently trades at approximately 36 times Wall Street analysts' projected adjusted operating revenue for the next four quarters, even higher than NVIDIA's own 31 times multiple.

CoreWeave CEO Mike Intrator stated:

"Expanding our capacity and services remains a key factor for our success in this structurally undersupplied market." The company expects data center network megawatt capacity to nearly double by year-end.

**Diversified AI Ecosystem Strategy**

Beyond CoreWeave, NVIDIA holds stakes in several other AI-related companies. Arm Holdings represents 4.11% of its investment portfolio, with this British chip design company's energy-efficient architecture widely used in smartphones and rapidly expanding into data center applications.

Applied Digital receives a 1.79% investment allocation, specializing in building and operating data center infrastructure for high-performance computing. NVIDIA also holds a 1.52% stake in NEBIUS, an Amsterdam-based company spun off from Yandex that specializes in providing cloud infrastructure for AI applications.

In the AI-driven healthcare sector, NVIDIA invested 0.90% in Recursion Pharmaceuticals, which applies machine learning to drug discovery. Additionally, NVIDIA holds a 0.32% stake in autonomous driving company WeRide, reflecting its continued focus on the automotive sector.

**CoreWeave Faces Unlock Pressure and Growth Challenges**

CoreWeave is confronting multiple challenges, currently carrying over $11 billion in total debt while still burning cash during network expansion. The massive unlock could create downward pressure on the stock price, with approximately 5.4% of outstanding shares currently short.

Despite this, CoreWeave's customer base remains robust. Tech giants Microsoft and Meta increased their capital expenditure forecasts this year and plan to maintain strong spending next year. The company reached a $4 billion four-year expansion agreement with OpenAI in May and announced the acquisition of data center infrastructure company Core Scientific for approximately $9 billion in stock last month.

MoffettNathanson analyst Nick Del Deo noted that it's impossible to determine insiders' selling intentions, while company ownership is highly concentrated among them. "This unlock event will test whether market enthusiasm for the AI infrastructure sector remains strong."