Nvidia's public equity portfolio is heavily concentrated in three AI stocks—SpaceX (33.1%), CoreWeave (7.4%), and Intel—which make up almost 88% of the holdings. SpaceX's AI revenue grew 247.5% year over year to $2.6 billion in Q2 and the company projects $1 trillion in revenue by 2030, while CoreWeave posted $2.6 billion in Q2 revenue (up 112.5% year over year) with a $104 billion cloud backlog.
Intel's Q2 revenue rose 25% year over year to $16.1 billion as demand for CPUs powering AI agents surges.
However, analysts caution that SpaceX appears overvalued, CoreWeave faces concentration risk with a single major customer, and Intel—despite strong growth—trades at 80.7× forward earnings versus a 21.7× average for IT stocks.
What happened
Nvidia's public equity portfolio is heavily concentrated in three AI-focused companies—SpaceX (33.1%), CoreWeave (7.4%), and Intel—which together account for almost 88% of the holdings. SpaceX generated $2.6 billion in AI revenue in Q2, up 247.5% year over year, and projects $1 trillion in total revenue by 2030. CoreWeave posted Q2 revenue of $2.6 billion, up 112.5% year over year, with a cloud backlog of $104 billion (up 245.5% year over year). Intel's Q2 revenue rose 25% year over year to $16.1 billion, with adjusted earnings per share of $0.42, compared to a $0.10 adjusted loss per share in the year-ago period.
Why it matters
These three stocks reflect where Nvidia sees the most opportunity in AI infrastructure and services. SpaceX and CoreWeave are both unprofitable but growing rapidly—SpaceX already has deals with Alphabet and Anthropic to provide AI computing capacity, while CoreWeave is building specialized data centers. Intel, meanwhile, is benefiting from demand for CPUs that power AI agents (self-directed systems that help companies automate tasks). For retail investors, Nvidia's concentration suggests confidence in these sectors, though the portfolio concentration itself carries risk if any holding underperforms.
What to watch
Analyst views differ on entry points. SpaceX is considered overvalued at nearly $2 trillion in market value despite generating significantly less revenue than similarly sized peers and remaining unprofitable; investors are advised to wait for a better entry point. CoreWeave's heavy reliance on a single customer (likely Microsoft) for the majority of its revenue is a key risk to monitor. Intel is rated a "hold" rather than a strong "buy" at current levels after more than doubling this year, partly due to manufacturing issues and competition from Advanced Micro Devices (AMD) in the CPU space.
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Nvidia's concentrated bets on SpaceX, CoreWeave, and Intel reveal where the semiconductor giant sees the most compelling opportunities in the AI infrastructure stack. The three companies operate at different layers: SpaceX provides AI computing capacity (as evidenced by deals with Alphabet and Anthropic), CoreWeave builds specialized data centers for AI workloads, and Intel supplies the CPUs that execute AI agent tasks. All three are experiencing rapid revenue growth driven by AI demand, but they face different risk profiles. SpaceX is the largest holding but also the most expensive relative to its current revenue and profitability; CoreWeave is growing fastest but heavily dependent on a single customer; Intel is profitable and benefiting from agentic AI adoption, yet faces valuation and competitive headwinds from AMD.
The article suggests that while these holdings validate the AI infrastructure boom, investors should approach them with caution. SpaceX and CoreWeave's lack of profitability, combined with SpaceX's sky-high valuation and CoreWeave's customer concentration, introduce material risk. Intel's strong Q2 performance and CPU leadership are offset by manufacturing challenges and a valuation multiple that leaves little room for error. The concentration of 88% of Nvidia's portfolio in these three names reflects confidence in AI growth, but also means a stumble by any one holding could significantly impact the portfolio.
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