Nvidia is not just a leader in artificial intelligence chipmaking. It is also a key investor, whose backing is often a major reason a stock attracts market interest.

That is now playing out with CoreWeave. The company has become Nvidia’s largest disclosed holding, accounting for 86.4% of its portfolio as of the end of the third quarter of 2025.

CoreWeave (CRWV) is a cloud infrastructure company focused on GPU-powered computing for AI and machine learning workloads. Its data centers run on Nvidia chips, and major customers include Google (GOOGL) and Microsoft (MSFT).

Nvidia (NVDA) first bought CoreWeave shares in early 2025, shortly before CoreWeave’s March IPO. In the second quarter of 2025, Nvidia raised its stake by adding roughly 24.3 million shares, worth around $2.3 billion as of Jan. 30.

That lifted CoreWeave’s portfolio weighting to 86.4% from 78% in the previous quarter, according to WhaleWisdom. Nvidia did not change its position in the third quarter, and fourth-quarter holdings have not yet been disclosed.

And now, Nvidia has cast another vote on CoreWeave on Jan 26, ahead of CoreWeave’s fourth-quarter earnings report, expected in mid-February.

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Nvidia invests $2 billion into CoreWeave

On Jan. 26, Nvidia and CoreWeave said in a joint statement that they are expanding their partnership to build more than five gigawatts of AI factories by 2030. Nvidia has invested about $2 billion in CoreWeave stock at an average price of $87.20 per share.

CoreWeave will use Nvidia’s computing platform and financial strength to speed up land purchases, power access, and data center construction.

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“AI is entering its next frontier and driving the largest infrastructure buildout in human history,” Nvidia CEO Jensen Huang said.

“AI succeeds when software, infrastructure, and operations are designed together,” said CoreWeave CEO Michael Intrator.

CoreWeave shares have jumped about 139% since its March 2025 IPO through Jan. 30 and are already up 30% year to date, according to Yahoo Finance.

Still, some investors remain cautious.

The Wall Street Journal has reported concerns about CoreWeave’s reliance on high-interest debt to buy Nvidia chips before renting capacity to customers.

Those worries, along with delays at one data center project and supply constraints, pushed the stock down about 30% from its October highs.

On Jan. 30, law firm Bleichmar Fonti & Auld filed a lawsuit accusing CoreWeave of overstating its ability to meet customer demand and hiding construction delays. The stock fell about 6.4% on Jan. 30 after the announcement.

Analysts rethink CoreWeave stock before earnings

Deutsche Bank upgraded CoreWeave to buy from hold with a $140 price target, Thefly reported on Jan. 27.

The analyst said CoreWeave’s medium-term outlook looks “solid” heading into its Q4 report, with its 2026 revenue forecasts could move “materially higher” if the company delivers data center capacity to customers as planned.

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Deutsche Bank also sees the opportunity for CoreWeave to “differentiate versus peers” in 2026. 

CoreWeave is estimated to report the Q4 earnings in mid-February. Last November, the company posted better-than-expected third-quarter revenue but issued disappointing full-year guidance.

The company reported Q3 revenue of $1.36 billion, up 134% year over year and topping analysts’ $1.29 billion estimate, according to LSEG data pulled by CNBC. Net loss narrowed to $110 million from about $360 million.

Still, CoreWeave forecast 2025 revenue of $5.05 billion to $5.15 billion, below the $5.29 billion consensus.

Stephen Guilfoyle, a 30-year Wall Street veteran who runs family trading operation Sarge986 LLC, has offered a fresh take on CoreWeave stock ahead of earnings based on its technicals.

“CRWV is coming out of a double bottom pattern of bullish reversal that ran from late October into the new year,” Guilfoyle said in a note published on TheStreet Pro.

Guilfoyle said the key level to watch is the 200-day moving average. “Take and hold that spot, I will see this name as a buy. Fail here and definitely not.”

Guilfoyle prefers to wait and buy at a slightly higher price after seeing how the stock behaves near that level, rather than buying now at a lower price with more risk.

He also suggests that more advanced investors could consider using options ahead of earnings.

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