Nvidia Recently Plowed $3.8 Billion Into These 2 Artificial Intelligence (AI) Stocks

While investors know Nvidia (NASDAQ: NVDA) as the chipmaker at the center of the artificial intelligence (AI) universe, the company also invests in other companies, several of which are publicly traded.

These are typically other AI companies that Nvidia partners with or that are key suppliers or customers.

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Nvidia's investment portfolio swelled close to $18.4 billion at the end of the first quarter of this year. During this time, Nvidia plowed $3.8 billion into two AI stocks: one it already owned and the other a new position.

In the quarter, Nvidia increased its stake in the AI data center company CoreWeave (NASDAQ: CRWV) by 95%. Its position in the company increased by more than $1.9 billion at the end of the quarter, bringing the total position to more than $3.65 billion.

Nvidia and CoreWeave have long had a partnership, as CoreWeave purchases graphics processing units (GPUs) from Nvidia and deploys them in its data centers to rent compute to companies looking to deploy AI solutions.

In January, the companies announced they had expanded their relationship in order for CoreWeave to accelerate the construction of more than 5 gigawatts of AI data centers by 2030. Data center build-out is key to the AI revolution, so it's in Nvidia's interest to see CoreWeave grow.

Along with the announcement, Nvidia said it had invested $2 billion into Class A shares of CoreWeave at an average cost of $87.20 per share. Now owning more than 47 million shares, Nvidia's stake is close to 9% in the company.