13F Big Reveal | NVIDIA's Q4 Holdings Fully Exposed! 60% of Portfolio 'Bold Bet' on Intel, New Positions in Synopsys and Nokia, What’s Jensen Huang Planning?

NVIDIA's Latest Investment Landscape Revealed!

According to NVIDIA's 13F report filed with the U.S. Securities and Exchange Commission (SEC), as of the end of Q4,a total of 5 companies were held,including: chip giant $Intel (INTC.US)$ , EDA (chip design software) giant $Synopsys (SNPS.US)$ , data center operator $CoreWeave (CRWV.US)$ , veteran communication giant $Nokia Oyj (NOK.US)$ , and data center operator $NEBIUS (NBIS.US)$ 。

At the same time, it alsoClear the positionincludes data center operators $Applied Digital (APLD.US)$ , chip stocks $Arm Holdings (ARM.US)$ , AI healthcare $Recursion Pharmaceuticals (RXRX.US)$ , and autonomous driving leader $WeRide (WRD.US)$ 。

As a global leader in the AI computing power sector, NVIDIA’s capital deployment is becoming a strategic indicator of technological industry development.

The market believes that NVIDIA's investment decisions are based on a deep understanding and forward-looking judgment of AI technology development, often representing the direction of the industry. Companies receiving its investment may enjoy multiple benefits such as technical support, chip supply, and ecosystem resources.

So, what are the long-term investment values of these five AI companies invested in by NVIDIA? Which one has the most explosive potential? Futu will analyze them one by one for fellow investors.

I. Epic portfolio adjustment: Shifting from ARM to the x86 camp?

Data shows that NVIDIA made a significant new position in Q4 $Intel (INTC.US)$, with a holding value as high as 7.925 billion US dollars, accounting for 60.48%。

In fact, as early as last year, there were reports that NVIDIA announced a $5 billion investment in Intel, collaborating to develop data center and personal computer (PC) products. NVIDIA CEO Jensen Huang stated in the announcement that this 'historic collaboration' closely integrates NVIDIA’s artificial intelligence (AI) and accelerated computing technologies with Intel’s CPUs and vast x86 ecosystem, 'marking the fusion of two world-class platforms that will lay the foundation for the next era of computing.'

At the same time, NVIDIA chose Clear the position $Arm Holdings (ARM.US)$ This move in and out may hint at a significant strategic shift for NVIDIA. With the surge in AI computing power demand, NVIDIA might be placing more value on Intel's potential capacity in wafer foundry (IFS) and advanced packaging.This investment might not just be a financial move but could also be a strategic binding for supply chain security.

II. Expanding the Moat of the Ecosystem: EDA and Communication Technology

Aside from Intel, NVIDIA’s two other newly established positions are also noteworthy:

$Synopsys (SNPS.US)$： The holding is valued at $2.265 billion, accounting for 17.28%. In December last year, NVIDIA and Synopsys, the world’s largest electronic design automation (EDA) supplier, announced an expanded strategic partnership. NVIDIA will purchase Synopsys common shares at $414.79 per share, totaling $2 billion. Both parties will also collaborate to accelerate various engineering, simulation, and design processes to shorten R&D time.

Synopsys is the world’s largest EDA company. The company provides tools for chip design, verification, electromagnetic and optical simulation, system analysis, and sells high-speed interface IPs such as USB, PCIe, and DDR, which are widely used in semiconductor, automotive, industrial, aerospace, and AI product development. Most advanced chips rely on Synopsys’ design and verification processes, including NVIDIA.

As chip manufacturing approaches its physical limits, future GPU designs must depend on AI-driven EDA tools. By heavily investing in Synopsys, NVIDIA aims to ensure it has priority support and influence over the design tools for the next-generation Blackwell architecture or even more advanced ones. This is a solid allocation akin to 'selling shovels to gold miners.'

$Nokia Oyj (NOK.US)$： The holding is valued at $1.077 billion. Last October, Nokia announced that NVIDIA would purchase $1 billion worth of new Nokia shares, with Nokia issuing over 166 million new shares to NVIDIA. The two companies also formed a strategic partnership to jointly develop next-generation 6G cellular technology.

The efficiency of AI clusters increasingly depends on the interconnection speed within data centers. Nokia’s patent accumulation in optical networks and future 6G communication might become key to solving data transmission bottlenecks. NVIDIA’s move here could be a reserve for future 'Edge AI' and high-speed optical module technology.

III. Sticking to Computing Power Infrastructure

Among NVIDIA's unchanged holdings, $CoreWeave (CRWV.US)$ still holds significant importance, with firm conviction in continued ownership. $NEBIUS (NBIS.US)$ 。

As a GPU-focused cloud service provider, CoreWeave is NVIDIA’s ‘favorite child’-like partner. Continuing to hold CoreWeave demonstrates NVIDIA's confidence in the sustainability of the 'compute power leasing' business model. This also ensures that NVIDIA’s chips can be immediately transformed into compute services through CoreWeave and delivered to end AI ventures, maintaining an ecosystem loop.

NEBIUS is a Dutch AI infrastructure company formed by the former core team of Yandex. This represents NVIDIA’s smaller-scale ‘seed planting’ globally, aimed at maintaining compute power partnerships in the European market.

Finally, in the list of liquidated positions, Apart from $Arm Holdings (ARM.US)$ , also included are $Applied Digital (APLD.US)$ 、 $Recursion Pharmaceuticals (RXRX.US)$ and players in the autonomous driving field $WeRide (WRD.US)$ . This shows that NVIDIA is narrowing its focus, concentrating capital on ‘hard tech’ and ‘production capacity’ giants that have direct strategic synergy with its core business.

Summary

NVIDIA’s portfolio makes one thing clear: Production capacity and tools outweigh concepts. In 2026, as AI enters deeper waters, NVIDIA is no longer casting a wide net but instead focusing its efforts, heavily investing in Intel to address potential production capacity concerns while leveraging Synopsys to secure design advantages.For investors, following the 'Chip Lord' to reassess Intel's value might be the most important task this quarter.

Similarly, this is an exercise filled with a sense of 'crisis' and 'defensiveness,' as NVIDIA is using real resources to build itself a wider and deeper moat.

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