Nvidia’s investment portfolio points to two companies that could offer significant upside for investors willing to follow the chipmaker’s lead.
CoreWeave (NASDAQ: CRWV) has secured Nvidia’s backing and benefits directly from preferential access to the company’s most advanced technology, positioning it as a formidable player in the neocloud space.
The company’s backlog has surged to more than $99 billion in contracts, a figure that reflects the competitive edge its Nvidia partnership has delivered in winning large-scale AI infrastructure deals.
CoreWeave became the first cloud provider to incorporate Nvidia’s Vera Rubin NVL72 platform within its ecosystem, a distinction that underscores the depth of the two companies’ commercial relationship.
Revenue for the first quarter of 2026 came in at nearly $2.1 billion, representing 112% growth from year-ago levels, though that figure marks a deceleration from the 167% expansion recorded across full-year 2025.
Profitability remains a significant concern, as the company posted a net loss of $740 million in Q1 2026, compared to a loss of $315 million during the same period the prior year.
Debt levels approaching $25 billion in Q1 represent a substantial burden relative to CoreWeave’s $4.8 billion in book value, and that leverage has weighed on sentiment among investors watching the balance sheet closely.
CoreWeave stock has declined by more than 40% over the past year, but for investors who can tolerate the associated risks, the company offers exposure to high-velocity AI infrastructure growth at what some view as a compressed valuation.
Nokia (NYSE: NOK) may appear to be an unlikely holding in Nvidia’s portfolio, given that the former cellphone giant lost its dominant market position when smartphones upended its core business before it pivoted into telecom equipment following its acquisition of Alcatel.
The partnership with Nvidia has given Nokia a renewed strategic edge, with Nvidia set to embed its ARC-Pro processors into Nokia’s 5G equipment, enabling AI inferencing directly from cell towers while supporting Nvidia’s CUDA software platform.
Nokia is also participating in data center upgrades, with its equipment combining switching and optical technologies alongside Nvidia’s AI-driven platforms, expanding the company’s footprint beyond traditional telecom infrastructure.
Nokia trades at a forward price-to-earnings ratio of 34, which analysts suggest may still leave room for investors to establish a position before the market fully prices in its growing role within the AI ecosystem.
If Nokia successfully embeds itself as a critical enabler of Nvidia’s AI functionality across the telecom sector, the stock could be positioned for its strongest performance in decades.
