How Nvidia Became the Quiet Kingmaker of AI Startups

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No company has ridden the AI wave harder than Nvidia. Since the launch of ChatGPT, Nvidia’s revenues, profits and cash reserves have exploded, pushing its market capitalization to roughly $4.6 trillion. Rather than simply selling GPUs, Nvidia has aggressively reinvested its windfall into the broader AI ecosystem, positioning itself at the center of innovation far beyond hardware.

In 2025 alone, Nvidia participated in nearly 67 venture deals — more than all of 2024 — excluding investments made through its formal VC arm, NVentures. The strategy is clear: back “game changers and market makers” that will, in turn, drive long-term demand for Nvidia’s compute, software stacks and AI infrastructure.

[kevin1]

once you realize how “circular” these deals are, it’s like yeah of course they keep winning