When the biggest chip company on the planet starts selling its stakes in AI startups, you pay attention. Nvidia’s latest 13F filing — dropped Tuesday after the bell — reveals the AI kingmaker has been quietly reshuffling its investment portfolio, and the moves tell a story about where the smart money thinks this AI cycle is actually heading.
The exits were surgical. Nvidia dumped its entire positions in Applied Digital, ARM Holdings, Recursion Pharmaceuticals, and WeRide during the fourth quarter of 2025. Applied Digital shares cratered Wednesday morning on the news, and Recursion and WeRide followed suit. When your biggest cheerleader heads for the door, the market notices.
But here is where it gets interesting. Nvidia kept its stakes in CoreWeave and the Nebius Group completely unchanged — signaling continued conviction in those two AI infrastructure plays. CoreWeave, the GPU cloud provider, has been one of the hottest names in the AI buildout, while Nebius (the company many believe is behind Motley Fool’s viral “31 Amazons” ad campaign) has been riding the European AI cloud wave.
The new positions are even more telling. Nvidia opened a $2.26 billion stake in Synopsys, the chip design automation giant, and a $1.08 billion position in Nokia. Synopsys makes the software tools needed to design next-generation chips — essentially the picks and shovels for anyone trying to build AI hardware. Nokia, meanwhile, has been quietly building out its data center networking business, a critical bottleneck as AI clusters scale to tens of thousands of GPUs.
Read the portfolio like a roadmap: Nvidia is moving away from speculative AI applications and doubling down on the infrastructure layer. Applied Digital was a data center builder that relied heavily on Nvidia’s patronage. Recursion was a moonshot bet on AI-powered drug discovery. Both got cut. Meanwhile, the companies Nvidia is backing now are the ones building the actual plumbing of the AI economy — chip design tools, cloud infrastructure, and networking hardware.
For investors, the message is clear. The AI trade is maturing, and the winners are shifting from “anything with AI in the pitch deck” to companies with real revenue, real infrastructure, and real competitive moats. Follow the chips — literally.