Many investors enjoy following the holdings of renowned market figures. It’s common to find articles discussing the latest stock picks of Warren Buffett, Bill Ackman, David Tepper, and other prominent billionaires. Observing the moves of these high-profile, successful investors can often spark valuable investment ideas for others.
However, there’s a different strategy that doesn’t get as much attention but arguably deserves more: Keeping an eye on the investments of large, thriving corporations. Consider Nvidia ( NVDA -1.55%) as an example. The leading chip manufacturer currently allocates $4.3 billion across six artificial intelligence (AI) stocks. Among them, one company stands out above the rest.
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Nvidia's six AI investments
By June 30, 2025, Nvidia possessed over 7.7 million shares of Applied Digital ( APLD 0.57%), amounting to $77.7 million. Applied Digital specializes in operating blockchain and high-performance computing data centers and is currently divesting its cloud services division.
Nvidia also held 1.1 million shares of Arm Holdings ( ARM 0.12%) valued at $178.1 million at the close of the second quarter of 2025. Arm is a dominant player in semiconductor development, with a particular focus on CPUs. Over the past thirty-plus years, more than 325 billion of its chips have been shipped worldwide.
CoreWeave ( CRWV -1.30%) represents Nvidia’s most substantial holding, totaling almost 24.3 million shares, or about $3.96 billion at the end of Q2. CoreWeave is deeply rooted in AI, offering a cloud platform specifically designed to power generative AI solutions.
Similar to CoreWeave, Nebius Group ( NBIS -1.53%) offers a comprehensive AI-centered cloud platform. Nvidia’s nearly 1.2 million Nebius shares were valued at $65.9 million as of June 30, 2025, but that position has grown considerably since Nebius Group’s shares surged after securing a multibillion-dollar contract with Microsoft ( MSFT -1.13%).
Why does Nvidia include Recursion Pharmaceuticals ( RXRX 1.57%)—a pharmaceutical company—in its lineup of AI stocks? The answer: Recursion is a trailblazer in applying AI to drug development. By the end of Q2, Nvidia owned 7.7 million Recursion shares, valued at just under $39 million.
China-based autonomous driving firm WeRide ( WRD -0.29%) is Nvidia’s smallest equity stake. The chipmaker’s investment in WeRide was worth about $13.7 million at the end of Q2. WeRide incorporates Nvidia’s technology in its robotaxis, mini-robobuses, and robovans.
Comparing these AI stocks
Half of Nvidia’s AI holdings are large-cap companies. Arm is the largest, boasting a market value of roughly $163 billion, followed by CoreWeave at $57 billion and Nebius Group at $22 billion.
Among these, only Recursion Pharmaceuticals can be classified as a small-cap stock. However, with a market capitalization of $1.98 billion, Recursion is nearly considered mid-cap, as are WeRide and Applied Digital.
It’s no shock that Arm delivers the highest revenue among Nvidia’s six AI investments, generating $4.12 billion over the past year. CoreWeave is not far behind with $3.53 billion in trailing 12-month sales. The remaining companies have much smaller figures, with WeRide leading that group with approximately $410.5 million in revenue over the last year.
Arm is also the most profitable among the six, posting $699 million in earnings over the previous 12 months. The rest, except Nebius, are currently operating at a loss.
When it comes to valuation based on earnings, these six stocks are hard to compare. However, if you look at the price-to-sales ratio, CoreWeave comes out ahead: its shares trade at 16.2 times sales over the last year. Applied Digital is next with a price-to-sales ratio of 23.7.
What about future growth? I believe all of these companies have significant potential. That said, if you go by Wall Street’s earnings growth forecasts for next year, CoreWeave leads again—analysts expect its earnings to jump by more than 72% in 2026.
The top pick
So, which AI stock in Nvidia’s portfolio deserves the most attention? My pick is CoreWeave.
The primary downside of CoreWeave is its lack of profitability at the moment. But that’s largely due to its ongoing heavy investments in infrastructure to seize a substantial growth opportunity.
CoreWeave stands out for its appealing valuation and strongest growth outlook (at least according to analysts) among Nvidia’s six AI holdings. I share Wall Street’s optimism about this stock. For now, CoreWeave appears to be the clear frontrunner.
