<div id="readability-page-1">Data is abundant on Wall Street, and if you don't have your eyes peeled, it can be easy for something of importance to slip through the cracks. For instance, Aug. 14 marked the deadline for institutional investors with at least $100 million in assets under management (AUM) to file Form 13F with the Securities and Exchange Commission -- and this filing may have slid beneath the radar of investors. A 13F details which stocks Wall Street's top money managers bought and sold in the latest quarter. It can also help investors identify which companies, industries, sectors, and trends are piquing the interest of the market's savviest fund managers. But 13Fs aren't just for billionaires like Warren Buffett who are overseeing mammoth investment portfolios. The $100 million AUM cap applies to some of Wall Street's most-influential businesses, which happen to be investors, as well. This includes the face of the artificial intelligence (AI) revolution, Nvidia (NVDA -3.47%). <div><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk3NDMvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktcm9ib3QtYmlnLWRhdGEtYnVsbC1tYXJrZXQtc3RvY2stY2hhcnQtZ2V0dHkuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk3NDMvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktcm9ib3QtYmlnLWRhdGEtYnVsbC1tYXJrZXQtc3RvY2stY2hhcnQtZ2V0dHkuanBnJnc9NzAw"/>Image source: Getty Images. </div> Aside from being the largest publicly traded company, Nvidia is best known for its graphics processing units (GPUs), which act as the brains of AI-accelerated data centers. Nvidia's Hopper (H100) and Blackwell GPUs have accounted for the bulk of AI-GPUs currently deployed by businesses, and there isn't an external competitor that's particularly close to unseating these chips, in terms of compute capabilities. However, this GPU juggernaut is also an investor. It closed out the June-ended quarter with $4.33 billion in AUM, which was spread across six mostly AI-focused stocks. Yet this spread is anything but equal, with two of Nvidia's six holdings comprising more than 95% of its invested assets. <h2>CoreWeave: 91.4% of invested assets</h2> When the June quarter came to a close, Nvidia's investment portfolio could accurately be summarized as data-center infrastructure services provider CoreWeave (CRWV -4.04%) and five other companies. Inclusive of the 95,113 shares of CoreWeave that were added during the second quarter, Nvidia holds 24,277,573 shares, which at the midpoint of 2025 were worth $3.96 billion! CoreWeave's operating model is straightforward. It's invested aggressively in AI-GPUs -- it purchased 250,000 of Nvidia's Hopper chips -- with the goal of providing (leasing) its compute infrastructure to businesses that need it. Considering how much money is being spent by businesses on AI infrastructure, CoreWeave is expected to have little trouble finding takers for its services. It's also in Nvidia's best interests that CoreWeave thrives. CoreWeave depreciates its GPUs over the course of six years, which suggests Nvidia's top investment holding will look to upgrade its hardware in that time span. Nvidia's roughly 5% stake in CoreWeave, coupled with the lure of its CUDA software platform, which helps its clients get the most out of their Hopper and Blackwell GPUs, should keep CoreWeave firmly tied to its ecosystem of products and services. If CoreWeave simply meets Wall Street's consensus expectations, its sales will catapult from an estimated $5.25 billion this year to a projected $19.55 billion come 2028. However, CoreWeave's success isn't as guaranteed as its scorching-hot stock run-up since its initial public offering in late March might suggest. Though it's aggressively building out its data-center infrastructure to lock in long-term, lucrative deals, the cost to purchase AI-GPUs is burdensome. The company is on pace to log north of $1 billion in interest expenses this year, with its full-year net loss tracking about $1.2 billion. Although sales are climbing at a breakneck pace, losses are growing rapidly, as well. Furthermore, Nvidia's advanced-chip development cycle may be problematic for CoreWeave. Nvidia CEO Jensen Huang aims to bring a new AI-GPU to market annually, which could rapidly depreciate prior-generation GPUs, such as the Hopper. If CoreWeave's assets depreciate faster than expected, or become obsolete quicker than anticipated, it could prove costly. <div><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk3NDMvc2VtaWNvbmR1Y3Rvci1jaGlwLWVxdWlwbWVudC01Zy1lbGVjdHJvbmljcy1mYWItd2FmZXItbWFudWZhY3R1cmluZy1nZXR0eS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="700" height="393" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk3NDMvc2VtaWNvbmR1Y3Rvci1jaGlwLWVxdWlwbWVudC01Zy1lbGVjdHJvbmljcy1mYWItd2FmZXItbWFudWZhY3R1cmluZy1nZXR0eS5qcGcmdz03MDA"/>Image source: Getty Images. </div> <h2>Arm Holdings: 4.1% of invested assets</h2> The other scorching-hot artificial intelligence stock that stands out in Nvidia's $4.33 billion investment portfolio is semiconductor colossus Arm Holdings (ARM -5.00%). Nvidia closed out June with the same number of shares of Arm as it had in March (1,101,249), which worked out to a market value of $178.1 million. Whereas most semiconductor stocks are all about demand for physical hardware, Arm is a unique breed of chip company. All of its revenue derives from royalties and licensing fees tied to its intellectual property (IP) and designs that chip companies (like Nvidia) use when producing GPUs, central processing units (CPUs), and other systems IP. The primary advantage of being an &#34;architect&#34; and not an actual manufacturer can be observed in the overhead costs. While traditional chipmakers have to worry about a laundry list of supply chain challenges and demand headwinds, Arm Holdings' cost of sales totaled just $30 million in the fiscal first quarter (ended June 30). This compares with $1.053 billion in net sales, which works out to a juicy generally accepted accounting principles (GAAP) gross profit margin of 97.2%. Steadily growing demand for more energy-efficient AI chips should act as an accelerant for Arm's sales growth in the coming years. Arm's designs should be foundational to reducing costs in enterprise data centers. In addition, Arm has the benefit of being more than just an AI stock. While AI is viewed as the bulls-eye among growth trends, Arm is leaned on for its IP in CPUs, with its architecture a veritable mainstay in most smartphones. If an AI bubble were to form and burst at some point in the future, Arm might be able to sidestep the worst of the pain. Arguably the biggest question mark with Arm Holdings is whether it can sustain its eye-popping valuation premium. While there's no doubt Arm's unique position as an IP leader warrants a valuation premium, a forward price-to-earnings (P/E) ratio of 61 might be excessive for a company expected to deliver &#34;only&#34; a sustained growth rate of 20%. </div>

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Nvidia has invested over 95% of its $4.33 billion portfolio in two AI stocks: CoreWeave and Arm Holdings. CoreWeave, a data-center infrastructure provider, holds 91.4% of Nvidia's investments, with significant growth potential but facing high costs and losses. Arm Holdings, making up 4.1% of the portfolio, generates revenue through royalties and licensing, avoiding traditional manufacturing challenges. Both companies are positioned to benefit from the booming AI market, but CoreWeave's rapid growth comes with risks related to GPU depreciation and financial losses.

- Institutional investors with over $100 million in assets were required to file Form 13F by August 14, revealing their stock transactions.  
- Nvidia, a major player in AI, holds a significant investment in CoreWeave, which comprises 91.4% of its portfolio, and is expected to see substantial sales growth despite facing high interest expenses and potential asset depreciation.  
- Additionally, Nvidia's investment in Arm Holdings, which generates revenue from royalties and licensing, positions it well for growth in the AI sector, although its high valuation raises concerns about sustainability.  

More Than 95% of Nvidia's $4.3 Billion Investment Portfolio Has Been Put to Work in These 2 Scorching-Hot Artificial Intelligence (AI) Stocks