Nvidia (NVDA) reports earnings tonight, so naturally everybody on Earth suddenly becomes a semiconductor analyst for 24 hours.
Fair enough. This thing has become the biggest stock market story of our generation.
Nvidia is now worth roughly $5.4 trillion. That makes it larger than the entire stock market of every country in the world except the United States, China, and Japan.
One company. Nearly 17% of U.S. GDP.
At this point, people aren’t even asking if it’s a good company anymore. The question now is, “Can something this big keep growing?”
As investors, those are the right questions to ask.
I’ve owned the stock for almost four years, and the position is up more than 1,500%. A move like that changes portfolios. Missing a stock like this changes portfolios, too, just in the opposite direction.
But the interesting part isn’t only the stock itself.
It’s what Nvidia is doing behind the scenes.
Because unlike the rest of us trying to figure things out from headlines and cocktail party chatter, Nvidia gets a front-row seat to where money is actually flowing across AI infrastructure, semiconductors, networking, software, power demand, data centers and all the other stuff most of us pretend to understand.
These guys aren’t guessing where the puck is going. They’re building the rink.
And every once in a while, they show us their cards.
Public filings released a few days ago revealed several stock positions Nvidia owns outright. Not partnerships. Not rumors. Actual equity stakes.
So the obvious question becomes:
If the smartest company in the most important trend on Earth is buying stocks, shouldn’t we at least pay attention to which ones they’re buying?
Because I can think of a million reasons why a company would sell stock they own.
But I can only think of one reason they buy it.
What Does Nvidia Own?
According to the latest filings released just a few days ago, Nvidia owns shares in Intel (INTC), CoreWeave (CRWV), Synopsys (SNPS), Coherent (COHR), Nokia (NOK), Nebius (NBIS), and Generate Biomedicines (GENB).
And no, these aren’t tiny lottery-ticket positions buried in a venture capital portfolio somewhere.
Their largest disclosed position is Intel. Nearly $10 billion worth. Think about how crazy that sounds for a second.
For years, Intel was the punchline. The dinosaur. The company everybody left for dead while Nvidia took over the world.
Now suddenly Intel stock is breaking out to new all-time highs for the first time in more than 25 years:
And Nvidia just happens to own a mountain of it.
You think that’s random? I don’t.
I’m not saying Nvidia has a crystal ball.
I’m saying they probably understand where the demand is going better than almost anyone on Earth because they’re sitting in the middle of the entire ecosystem.
They see who’s spending money. They see who’s building. They see where capacity is expanding. They see where shortages exist.
That’s a pretty good seat at the table.
And Intel isn’t the only example.
Nokia has already tripled since Nvidia disclosed a position there last year:
Nokia!
Most people still think of indestructible cell phones from 2003. Meanwhile the stock has quietly been ripping higher while almost nobody was paying attention.
Again, coincidence? Maybe.
But I doubt it.
The Filings Are Late. The Signal Isn’t.
Now, before everybody runs out pretending 13Fs are some magical cheat code, let’s relax for a second.
You’ll hear me criticize these filings all the time because most of them are stale.
The filings come out 45 days after the quarter ends. By the time you’re reading them, we already know they’re incomplete. If a hedge fund manager is actively trading, there’s a decent chance the positions in the filing don’t even exist anymore.
That’s why blindly copying 13Fs is usually a terrible idea.
But Nvidia is different.
This isn’t some tourist hedge fund flipping in and out of trades because CPI came in hot or some Fed governor went on CNBC.
It’s a chip company.
More importantly, it’s the chip company.
These filings are almost certainly incomplete — Nvidia probably owns more than what’s disclosed. But I’m not worried they’ve dumped the names we already know about.
If anything, they’ve been adding.
Because when you’re sitting at the center of the biggest technological arms race of our lifetime, you probably have a pretty good idea which companies are becoming more important, not less.
Nvidia’s Next Big Trade
The most interesting name to me right now is CoreWeave.
Nvidia was involved before the IPO and has continued adding to the position since then.
This isn’t a speculative startup. We’re talking about a roughly $50 billion software infrastructure company sitting directly in the middle of the AI buildout.
After a huge run, the stock has basically gone sideways for almost a year while the rest of the market catches up:
To me, that starts looking less like exhaustion and more like preparation.
This is the kind of setup I love.
Big prior uptrend. Long digestion. Institutional sponsorship. A theme with real money behind it.
And one of the smartest companies in the world is still buying shares.
We’ll keep monitoring it for the right entry point.
But out of all Nvidia’s disclosed positions, this is the one that currently has my attention the most.
Not because Nvidia owns it.
Because the stock is acting exactly how strong stocks tend to act before they make another major move higher.
And when one of the smartest companies in the world keeps adding to the position while the stock quietly builds a massive base underneath the surface, I pay attention.
Stay sharp,
JC Parets, CMT
Founder, TrendLabs