Key Points

• Nvidia is expanding its dominance beyond chips, investing billions in AI-related companies such as Intel, SpaceX, OpenAI, CoreWeave, and Nebius while helping build the infrastructure that drives demand for its technology.
• Nvidia’s investments create a powerful ecosystem effect: It provides capital that helps AI companies access its GPUs, while those companies become customers and expand Nvidia’s reach across AI infrastructure.
• The strategy isn’t without risk. Nvidia’s growing exposure to AI startups, infrastructure projects, and financing arrangements could amplify losses if AI spending slows or the sector experiences a major…