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NVIDIA has committed more than $40 billion to equity investments in AI companies so far in 2026, according to CNBC and FactSet data. That figure is not capital expenditure on chips or data centers — it is direct equity, spread across one very large bet and a growing set of smaller ones.

The anchor position is $30 billion in OpenAI, announced earlier this year. The remaining $10 billion-plus spans seven multi-billion-dollar deals in publicly traded companies, most recently:

• Corning: up to $3.2 billion — network infrastructure for AI data centers
• IREN: up to $2.1 billion — GPU cloud operator, with an equity warrant

NVIDIA has also participated in roughly 24 private startup funding rounds in 2026, following 67 venture deals in 2025. The pace of equity commitment in 2026 — already exceeding its full-year 2025 figure — reflects a deliberate strategic shift.

The Circular Investment Critique

The pattern has a name on Wall Street: circular investments. NVIDIA sells GPUs to companies, then invests in those same companies, which in turn spend the capital on more NVIDIA GPUs. Wedbush analyst Matthew Bryson acknowledged the dynamic directly, saying NVIDIA’s investments “fall squarely into the circular investment theme.”

The criticism is structurally accurate. OpenAI, IREN, and the majority of NVIDIA’s equity portfolio are existing or prospective chip customers. Capital flowing out as equity tends to return as hardware spend.

NVIDIA’s counter-argument is equally direct: if the investments are successful, they build a competitive moat. A GPU maker with deep equity stakes in the frontier labs and infrastructure operators is harder to displace than one selling on specs alone. The relationship becomes contractual and financial, not just transactional.

The Scale Signal

Forty billion dollars in equity commitments by May — in a year where NVIDIA’s market cap has expanded further and its data-center revenue continues to compound — suggests the company views equity as a strategic tool, not a balance-sheet flex. The IREN deal included a public equity warrant as part of a 5GW DSX infrastructure partnership. The Corning deal funds network buildout that supports NVIDIA’s own HGX and DGX clusters.

Whether the circular-investment critique ultimately lands depends on whether the companies NVIDIA backs succeed independently of the chip supply. If OpenAI’s valuation ($852 billion at last raise) continues to grow, NVIDIA’s $30 billion stake appreciates regardless of the supply-chain relationship. If the AI capex cycle slows, both sides of the equation degrade together.

For now, the direction is clear: NVIDIA is becoming a financial stakeholder in the AI ecosystem it supplies, not just a hardware vendor. The $40 billion figure is the clearest single number that captures how far that shift has gone.