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A Deep Dive Into NVIDIA’s Latest Portfolio Moves

Authored by Leo Miller. Published: 5/19/2026.

Over the past several months, semiconductor giant NVIDIA, the world’s most valuable company, NVIDIA (NASDAQ: NVDA), has not been shy about making equity investments.

The firm announced multi-billion-dollar stakes in several companies in 2026.

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However, the company’s latest 13F filing reveals some interesting wrinkles, leaving out multiple stocks that NVIDIA publicly said it had taken positions in.

The company also massively increased its position in a top neo-cloud provider and purchased shares in a little-known biotech company.

These are the biggest takeaways from NVIDIA’s Q1 2026 13F filing, along with a breakdown of these seemingly mysterious omissions.

Coherent, Lumentum, and Marvell: Why 1 Showed Up and 2 Didn’t

During Q1, NVIDIA announced $2 billion investments in three semiconductor stocks. However, only one showed up in its filing. That company is Coherent (NYSE: COHR), which makes optical transceivers and other optical networking components. As data center demand for optical networking has taken off, so have Coherent shares. Over the last 12 months, Coherent stock is up 350%.

NVIDIA’s investment in Coherent comes as it looks to help the company increase production capacity, supporting the rollout of NVIDIA’s optical networking solutions. NVIDIA also made a “multibillion-dollar purchase commitment” for Coherent’s products.

However, NVIDIA also announced a very similar investment in Lumentum (NASDAQ: LITE) on the same day in early March. Interestingly, Lumentum did not show up on NVIDIA’s 13F. Looking at the regulatory filings related to these investments reveals the reason why.

With Coherent, NVIDIA purchased the company’s common stock—the same type of stock that any investor can easily buy. On the other hand, with Lumentum, NVIDIA bought its “Series A Convertible Preferred Stock,” which does not appear on the SEC’s List of Section 13F Securities. Thus, NVIDIA’s buy was not reportable in its 13F. If NVIDIA converts these securities into common stock, they will show up in future 13Fs.

The case appears to be the same with NVIDIA’s $2 billion investment in Marvell Technology (NASDAQ: MRVL), which also did not show up on its 13F. The moral of the story is that these investments are very real, but the deal structures are keeping them off the 13F filing for now.

CoreWeave Gets Big-Time Injection of NVIDIA Capital, But What About Nebius?

Another intriguing move is the fact that NVIDIA greatly increased its holdings in neo-cloud provider CoreWeave (NASDAQ: CRWV). Overall, NVIDIA’s shares held in CoreWeave increased by 95% from 24.28 million to 47.21 million. As CoreWeave also appreciated, the dollar size of its position increased even more, by 110%.

At the end of Q1, NVIDIA’s investment in CoreWeave was worth $3.657 billion, making the stock its second-largest holding. The $2 billion common stock investment NVIDIA announced in January is reflected in its latest 13F.

On the other hand, NVIDIA’s 13F did not show an increase in its shares held in its other neo-cloud position, Nebius (NASDAQ: NBIS). According to the filing, NVIDIA’s investment in Nebius sat near $123 million at the end of Q1, making the stock its second-smallest holding at 0.7%. However, NVIDIA also announced an additional $2 billion investment in Nebius in mid-March.

Once again, looking at the regulatory filing shows why. Rather than buying Nebius’s common stock, NVIDIA purchased $2 billion worth of pre-funded warrants. Practically speaking, this is the same as buying common stock, as NVIDIA has already paid the $2 billion, which Nebius recorded in its cash from financing. However, until NVIDIA exercises the warrants and converts them into common stock, they will not show up on NVIDIA’s 13F.

Thus, at first glance, the 13F appears to show NVIDIA giving preference to CoreWeave, investing $2 billion in the firm while leaving its Nebius position stable. However, a closer look shows that this is not the case. NVIDIA invested $2 billion in both companies in Q1, but only the CoreWeave investment is visible in its 13F at this point.

Intel, Synopsys, Nokia Hold Steady, NVIDIA Dips Toe Back Into Biotech

NVIDIA did not increase its shares held in Intel (NASDAQ: INTC), Synopsys (NASDAQ: SNPS), or Nokia (NYSE: NOK) in Q1. Intel continues to be its largest holding at 51.6% of the portfolio, Synopsys is third at 10.4%, and Nokia is fifth at 7.3%. Note that these percentages only account for the holdings on the 13F, excluding the investments in Lumentum, Marvell, and the additional allocation to Nebius.

NVIDIA also made a very small $10.4 million investment in Generate Biomedicines (NASDAQ: GENB). Generate puts AI at the forefront of its drug discovery process. Its leading product candidate is GB-0895, intended to treat severe asthma. Notably, this isn’t the first time NVIDIA has invested in a biotech company. It held a position in Recursion Pharmaceuticals (NASDAQ: RXRX) for over a year but sold it in Q4 2025. Over the life of its reportable investment in Recursion, the position lost approximately half of its value.

MGM Buyout: The House Doesn't Always Win

Authored by Jeffrey Neal Johnson. Published: 6/2/2026.

A buyout proposal for a major casino operator usually gives investors a fairly straightforward setup. The stock typically trades just below the offer price to reflect the time value of money and deal risk.

The current situation involving MGM Resorts International (NYSE: MGM) is anything but typical. The market's reaction to a takeover bid has created a dynamic that deserves a closer look, signaling a potential mispricing by the acquirer and highlighting a broader wave of consolidation sweeping through the hospitality sector.

Arbitrage Investors Bet on a Better Deal

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On June 1, IAC (NASDAQ: IAC), the media and internet conglomerate led by Barry Diller (soon to transition to People Inc.), submitted a non-binding proposal to acquire the remaining 73.9% of MGM Resorts International that it does not already own. The all-cash offer of $48.30 per share values the gaming giant at an enterprise value of approximately $18 billion. The market's response was immediate and decisive. Shares of MGM Resorts International climbed 16% on the day, closing at $50.69 on volume of 27.68 million shares, far above its daily average of 4.82 million.

This price action is the most important part of the story. With MGM Resorts' stock trading at a premium to the offer price, the market is signaling that the $48.30 bid is only an opening offer and may not be enough to get a deal done.

This scenario, known as a negative arbitrage spread, suggests that event-driven hedge funds and institutional investors are buying the stock in anticipation of a higher bid. These investors are betting that either IAC will be forced to raise its offer to win board approval, or that a rival suitor will emerge.

A Royal Flush of Assets

The market's skepticism about the initial bid price is not unfounded. The $48.30 offer represents a modest 10.6% premium to MGM Resorts' closing price the day before the announcement. In the world of corporate takeovers, such a thin premium for a company with MGM's brand recognition and broad asset portfolio is often viewed as an opportunistic, lowball bid.

Sell-side analysts are reflecting that split view. Stifel (NYSE: SF) quickly noted that the bid materially undervalues MGM's extensive real estate portfolio and its stake in the high-growth BetMGM platform, suggesting fair value closer to $50 to $55 per share. That view is clearly resonating with arbitrage investors.

The valuation disconnect stems from a sum-of-the-parts analysis. MGM Resorts International owns iconic, irreplaceable properties on the Las Vegas Strip, such as the Bellagio and MGM Grand, and holds a significant interest in the CityCenter complex.

Its operations in Macau also provide direct exposure to the world's largest gaming market. On the other hand, Morgan Stanley (NYSE: MS) has maintained an Underweight rating on the stock with a $35 price target, pointing to the stock's historically range-bound performance as a reason for caution. The current price action suggests investors are siding with the view that intrinsic value is well above both the offer price and the bearish outlook.

The Great Casino Consolidation Is Underway

The move by IAC on MGM Resorts International cannot be viewed in a vacuum. It comes directly on the heels of another mega-deal in the space, Tilman Fertitta's $17.6 billion acquisition of Caesars Entertainment (NASDAQ: CZR) just a week earlier. The back-to-back nature of these multibillion-dollar transactions confirms that a wave of consolidation is actively reshaping the gaming and hospitality landscape.

This M&A supercycle appears to be driven by several factors at once. Conglomerates and private equity firms are increasingly attracted to the tangible, real-world assets held by these casino operators. In an inflationary environment, their vast real estate holdings offer a perceived hedge.

At the same time, the market is beginning to more fully value the digital arms of these legacy businesses. MGM Resorts International's 50% ownership of the BetMGM joint venture is a crown jewel asset that provides a significant foothold in the rapidly expanding North American online sports betting and iGaming market.

The proposal from IAC is benchmarked against the Caesars transaction, using a 0.7x earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) premium, establishing a new valuation floor for the entire sector.

Know When to Fold 'Em: Wild Cards in the Deck

While the prospect of a higher bid is compelling, the path to a finalized deal is not without potential obstacles. The non-binding nature of the offer means IAC can walk away at any time. Barry Diller, who sits on MGM Resorts International's board, will recuse himself from voting on the matter, but his deep familiarity with MGM Resorts International's inner workings is still an undeniable advantage.

The proposed transaction would be financed through a combination of existing cash, new debt, and equity commitments. Although IAC says there is no formal financing condition, securing the necessary capital in a shifting macroeconomic environment presents a tangible execution risk.

Perhaps the most significant structural uncertainty is the future of the BetMGM joint venture. The other 50% is owned by Entain Plc (OTCMKTS: GMVHY), a U.K.-based sports betting and gaming company. A full privatization of MGM Resorts International would introduce a new dynamic into this highly successful partnership, potentially creating strategic friction. Any acquiring party would need to navigate this complex relationship carefully to preserve the value of the digital platform, adding another layer of complexity to regulatory and board approvals.

For now, investors appear more focused on the prospect of a sweetened deal than on potential roadblocks. MGM Resorts International's own actions, including a $2 billion share buyback program authorized in April 2025, suggest management has long believed the stock is undervalued, making it highly likely that the company will push for a price that better reflects its long-term potential.

Investors focused on event-driven strategies may want to monitor the spread between MGM Resorts International's stock price and any revised offers. Meanwhile, those with a broader, long-term view might see this activity as confirmation of value across the gaming sector, potentially turning their analytical eye toward other operators that could become the next targets in this industry-wide consolidation.