Who keeps showing up
Nvidia is on both sides of four of the biggest AI deals: it owns a piece of the buyer, and it is the seller.
Same name, every room.
OpenAI: Nvidia put $30B into the $122B round that closed in March. The $100B plan announced in 2025 never happened at that size.
Anthropic: up to $10B from Nvidia last November, alongside Microsoft's $5B. Anthropic has contracted up to 1GW of Nvidia Grace Blackwell and Vera Rubin systems.
Nokia: $1B for about 2.9% in October 2025 — 166 million new shares at $6.01. Nokia is rebuilding its 5G and 6G radio software on Nvidia GPUs.
CoreWeave: Nvidia's stake was worth $3.7B at the end of Q1, its second-biggest disclosed holding. CoreWeave's business is renting out Nvidia GPUs.
None of this is improper — vendor financing is ordinary, and a chipmaker backing the companies building on its architecture is a normal way to grow a market. It also means some of Nvidia's demand is demand it helped pay for, which is why the size of each cheque is worth knowing.
Next: what one AI chip costs to build, and who gets paid for each part.
