This AI Energy Stock Is Up Nearly 2,000% in the Last Two Years. Could It Be Nvidia's Next Big Investment?

Nvidia (NASDAQ: NVDA) has made its name in AI chips, and its dominance in that arena has made it the most valuable company in the world, with a market cap of $5.5 trillion.

However, along the way, Nvidia has established itself as a major investor in AI companies and something of a kingmaker as well.

Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »

Its recent 13-F filing showed that it owned eight stocks with a total market value of $63.4 billion at the end of the second quarter. Those stocks were the following, in order of market value:

That portfolio gives Nvidia exposure to a wide range of AI companies .

Intel, which it bought when the stock was near its bottom, is a competitor to Nvidia in some ways, but Nvidia invested in Intel as part of a partnership to develop data center and personal computing products together. Intel is also the largest U.S.-based foundry, and the move comes as American semiconductor manufacturing has become a national priority.

SpaceX has become a close partner of Nvidia. SpaceX CEO Elon Musk said his company would exclusively build on Nvidia architecture and called the new Vera Rubin platform the best AI system available. In turn, Nvidia strengthened the mutual relationship by taking a stake currently worth close to $20 billion in Nvidia. SpaceX is aiming to rapidly ramp up its AI compute capacity, with a goal of reaching 10GW by the end of 2027, which should favor Nvidia as well.

CoreWeave and Nebius both represent the leading neocloud stocks and are both close partners of Nvidia, as they essentially buy the company's chips and use them to rent out AI compute.