NVIDIA: $40 Billion in AI, a Rapid Expansion

NVIDIA Makes Massive Investments in AI in 2026

Between January and April 2026, NVIDIA invested over $40 billion, approximately €34 billion, in stakes within the artificial intelligence sector. This amount already exceeds the annual budget for 2025, which was $17.5 billion. In just four months, NVIDIA has surpassed this total, marking an exceptional year in 2026.

The GPU giant executed seven multi-billion dollar transactions and nearly twenty-five private rounds, according to CNBC. The most significant investment was the entry into OpenAI's capital, finalized at $30 billion (€25.6 billion) at the end of February. Other notable stakes include CoreWeave, Nebius, IREN, and Corning, as well as a series of startups.

In January, NVIDIA injected $2 billion into CoreWeave at a price of $87.20 per share, resulting in a 9.9% increase in pre-market trading, reaching $102.48. Six weeks later, Nebius recorded a 9.8% increase following a similar $2 billion investment, or €1.7 billion. In May, IREN saw its stock rise by 9% in after-hours trading after a $2.1 billion investment, or €1.8 billion. Corning also rose by 2.2% upon the announcement of the investment.

Financial Strategy and Competitive Advantages

In terms of face value, none of these transactions exceed 5% of the market capitalization of the companies involved. However, according to investment bank Stifel, CoreWeave has become "an off-balance-sheet extension of NVIDIA's data center strategy." The investment goes beyond merely acquiring shares; it also provides a signaling effect. Jensen Huang's presence in the capital ensures priority allocation for scarce GPUs.

NVIDIA benefits from this strategy on multiple fronts. For example, the initial $2 billion stake in CoreWeave is now worth approximately $4.4 billion. The chipmaker also charges its products to the same client and collects rents from reserved capacity, thereby generating multiple parallel revenue streams.

Impact on Credit Rating and Financing Costs

NVIDIA, rated AA- by S&P, offers companies like CoreWeave, rated B+, the opportunity to reduce their financing costs. According to Freedom Capital Markets, CoreWeave could leverage NVIDIA's rating to lower its cost of capital, potentially saving tens of millions of euros annually on its $50.8 billion in liabilities.

In 2023, NVIDIA had already experimented with a similar mechanism. At that time, CoreWeave borrowed $2.3 billion by collateralizing its H100 cards, valued at over $40,000 each.

In 2024, NVIDIA and CoreWeave signed a $6.3 billion (€5.4 billion) contract, guaranteeing NVIDIA the buyback of any GPU capacity that CoreWeave could not place on the market. This strategy, described as a "zero-sum game" by some analysts, illustrates the complexity of NVIDIA's business relationships.

Reevaluation of Future Investments

Despite an initial $100 billion agreement with OpenAI announced by Sam Altman in September 2025, NVIDIA ultimately invested $30 billion in direct capital. This retreat underscores Jensen Huang's caution regarding future investments in OpenAI and Anthropic, as noted by Clubic.