Nvidia's 'Secret Portfolio' Is Tanking. This Is the Only Stock Still Winning

"Nvidia ( NASDAQ:NVDA ) has quietly built a strategic investment portfolio not many investors are aware of targeting companies that enhance its AI ecosystem, from chip design to data infrastructure. This "secret" portfolio holds six positions that were valued at $4.3 billion at the end of the third quarter. These stakes back firms developing complementary technologies , such as GPU-optimized cloud services and AI-driven biotech. However, Q3 brought challenges"

"amid a broader AI market pause, with hyperscalers reassessing capex and investor sentiment cooling. The portfolio shed nearly $500 million in the quarter, an 11% drop, as four of six holdings declined, most sharply. Since Q3 ended in September, though, the slide deepened, with the overall value plunging 30% more to about $2.7 billion - a $1.1 billion loss. Only one holding defied the trend: Applied Digital ( NASDAQ:APLD )."

"Nvidia's portfolio woes stem largely from its largest bet , the AI cloud provider reliant on Nvidia's GPUs for training large models, CoreWeave ( NASDAQ:CRWV ). At Q2's close, Nvidia's 24.3 million shares were worth $3.96 billion, over 91% of the portfolio. But CoreWeave's stock has cratered amid debt concerns and AI hype fatigue. Since Q3's end, it's down 36%, and 46% from Q2 levels, now trading around $88 per share after peaking at $187 earlier in 2025."

Nvidia built a six-position strategic investment portfolio focused on companies that enhance its AI ecosystem, spanning chip design, GPU-optimized cloud services, data infrastructure and AI-driven biotech. The portfolio was valued at $4.3 billion at the end of Q3 but fell nearly $500 million during Q3 as hyperscaler capex reviews and cooling investor sentiment hit valuations. Since September the portfolio value plunged about 30% to roughly $2.7 billion, a $1.1 billion loss. CoreWeave, representing over 91% of the portfolio at Q2 close, drove most of the decline as its share price fell amid debt concerns and AI hype fatigue. Other holdings including Arm, Recursion and WeRide also declined while Applied Digital outperformed.

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