A few months ago, the semiconductor giant and the most important company in the world, NVIDIA NASDAQ: NVDAhe has never been shy about making equity investments.
NVIDIA Today
- 52 week interval
- $129.16
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$236.54
- Dividend Yield
- 0.02%
- The P/E ratio
- 45.62
- Target Value
- $279.06
The company has announced multi-billion dollar deals for several companies in 2026.
However, the company's latest 13F filing revealed some interesting wrinkles, leaving many of the stocks that NVIDIA had taken positions in.
The company also significantly increased its position in the neo high-end cloud and bought shares in a little-known biotech company.
These are the biggest takeaways from NVIDIA's Q1 2026 13F filing, complete with a breakdown of this seemingly inexplicable omission.
Coherent, Lumentum, and Marvell: Why 1 Appeared and 2 Didn't
During Q1, NVIDIA announced an investment of two billion dollars in three semiconductor stocks. However, only one appeared in its filing. That company is Coherent NYSE: COHRwhich makes optical transceivers and other optical network components. As the demand for optical network data center has taken off, so have the United shares. Over the past 12 months, the combined stock has risen 350%.
Consistency Today
- 52 week interval
- $73.66
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$413.00
- The P/E ratio
- 170.67
- Target Value
- $379.64
Its investment in Coherent comes as NVIDIA looks to help the company increase its manufacturing capacity, supporting the rollout of NVIDIA's optical networking solutions. NVIDIA is also making a “billion dollar purchase commitment” for Coherent products.
However, NVIDIA also announced a very similar investment in Lumentum NASDAQ: LITE on the same day in early March. Interestingly, Lumentum did not appear in NVIDIA's 13F. A look at the regulatory forms associated with these investments reveals the reason why.
With Coherent, NVIDIA bought the company's common stock—the same kind of stock that any investor could easily buy. On the other hand, through Lumentum, NVIDIA purchased “Series A Convertible Preferred Stock,” which does not appear on the SEC's Section 13F securities listing. Therefore, the acquisition of NVIDIA was not reported on its 13F. If NVIDIA converts these securities into common stock, they will appear in future 13Fs.
The case appears to be similar to NVIDIA's $2 billion investment in Marvell Technology NASDAQ: MRVLwhich also did not appear in its 13F. The moral of the story is that these investments are very real, but the deal structures end up not going into the 13F filing yet.
CoreWeave Gets Big Time Injection of NVIDIA Capital, But What About Nebius?
CoreWeave Today
- 52 week interval
- $63.80
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$187.00
- Target Value
- $129.63
Another interesting move is that NVIDIA has significantly increased its holdings of neo-cloud CoreWeave NASDAQ: CRWV. Overall, NVIDIA shares held in CoreWeave increased by 95% from 24.28 million to 47.21 million. As CoreWeave also reported, the dollar size of its position increased significantly, by 110%.
At the end of Q1, NVIDIA's investment in CoreWeave was worth $3.657 billion, making the stock the second largest. The $2 billion common stock investment NVIDIA announced in January is reflected in its latest 13F.
On the other hand, NVIDIA's 13F did not show an increase in its shares held in its other neo-cloud position, Nebius. NASDAQ: NBIS. According to the filing, NVIDIA's investment in Nebius was close to $123 million at the end of Q1, making the stock the second smallest at 0.7%. However, NVIDIA also announced an additional investment of 2 billion dollars in Nebius during March.
Again, a look at the filing shows why. Instead of buying Nebius' common stock, NVIDIA bought $2 billion worth of warrants. Roughly speaking, this is the same as buying a common stock, since NVIDIA has already paid $2 billion, which Nebius recorded with its money from the financing. However, until NVIDIA exercises the warrants and converts them to common stock, they will not appear on NVIDIA's 13F.
Therefore, at first glance, the 13F seems to show NVIDIA choosing CoreWeave, investing two billion dollars in this company while leaving its Nebius position intact. However, a careful examination shows that this is not the case. NVIDIA invested $2 billion in both companies in Q1, but only the CoreWeave investment appears on its 13F at this point.
Intel, Synopsys, Nokia Hold Steady, NVIDIA Dips Toe Back into Biotech
NVIDIA did not increase its shares held by Intel NASDAQ: INTCSynopses NASDAQ: SNPSor Nokia NYSE: NOK of q1. Intel continues to hold the largest share at 51.6% of the portfolio, Synopsys is third at 10.4%, and Nokia is fifth at 7.3%. Note that these percentages only include holdings in 13F, excluding investments in Lumentum, Marvell, and the additional share to Nebius.
NVIDIA also made a much smaller investment of $10.4 million in Generate Biomedicines NASDAQ: GENB. Generate puts AI at the forefront of its drug discovery process. Its lead product candidate is GB-0895, which is intended to treat severe asthma. Notably, this isn't the first time NVIDIA has invested in a biotech company. Holds a position in Recursion Pharmaceuticals NASDAQ: RXRX for over a year but sold it in Q4 2025. Over the life of its reported investment in Recursion, the position has lost nearly half of its value.
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