The companies NVIDIA, Google, and Amazon are betting on

Hi {{first_name|Investor}} -

Recently, we looked at Alphabet's 13F filing and what their $4 billion public equity portfolio reveals about where they think the future is heading. That filing is a genuinely useful tool, and I'd encourage you to explore it.

The 13F captures public stock positions, and that's valuable. The venture side, where these companies invest in private startups, adds another layer, and the strategic signals there get even more interesting.

Most of the Mag 7 run dedicated corporate venture arms, and each one invests differently depending on what the parent company is trying to build. When you learn how to read those patterns, you start to see product roadmaps playing out in real dollars years before the features ship.

Today I want to walk you through a few of the most active venture arms, what their recent bets reveal, and how you can research this yourself.

NVIDIA ($NVDA) runs NVentures, and it has become one of the most active corporate venture investors in tech. Through NVentures and direct investments, Nvidia participated in dozens of startup financings in 2025 at a sharply higher pace than the year before, and the firm has continued deploying capital aggressively into 2026.

The portfolio covers a lot of ground, and three themes stand out.

The first is AI infrastructure. NVIDIA invested roughly $2 billion in CoreWeave in early 2026 and another $2 billion in Nebius Group in March 2026, two companies that build and operate data centers specifically designed for AI workloads. The industry calls them "neoclouds" because they're purpose-built for GPU computing rather than traditional enterprise IT. The strategic logic is elegant: both companies are massive buyers of NVIDIA hardware, and the investment gives them the capital to keep building and buying at scale. NVIDIA is essentially financing the expansion of its own customer base.

The second theme is energy. NVentures participated in Commonwealth Fusion Systems' $863 million Series B2 round, joining a cap table that already included major tech and climate investors like Alphabet and Breakthrough Energy Ventures from earlier financings. Commonwealth is building a demonstration fusion reactor targeting first-plasma operations later this decade. AI data centers consume enormous amounts of power, and the companies building them know that energy supply is becoming the bottleneck. Nvidia investing in fusion tells you how seriously they take that constraint.

The third theme is frontier compute. NVentures has invested in quantum computing companies spanning three different hardware approaches: PsiQuantum (photonic), QuEra (neutral atom), and Quantinuum (trapped ion). Alongside those bets, Nvidia has backed a broad mix of AI startups across model companies, developer tools, and vertical applications, though the specific checks tend to be much smaller than the multi-billion dollar cloud and fusion deals. The breadth is deliberate: Nvidia is positioning its chips and software stack to be the default substrate for as many categories of AI workload as possible.

When you step back and look at the full NVentures portfolio, a clear picture forms: Nvidia is investing across the entire AI supply chain, from the energy that powers the data center, to the cloud infrastructure that runs the GPUs, to the applications that drive demand for all of it. Every layer reinforces the others.

We already covered Alphabet's public holdings, so let me add the private layer.

GV (Google Ventures) and CapitalG are Alphabet's two main venture arms, and they've been active in one area that their 13F only hinted at: AI-powered drug discovery.

Alphabet's DeepMind division spun out Isomorphic Labs, which raised approximately $2.1 billion in May 2026 in a round backed by Alphabet and its venture arms. Isomorphic builds on the protein structure prediction capabilities behind AlphaFold, and it already has partnerships with major pharma companies including Novartis and Eli Lilly as it builds an AI-first drug design platform.

Pair that with the Revolution Medicines holding we saw in the 13F, and you can see the thesis taking shape. Alphabet is approaching AI-driven biotech from multiple angles: the research lab (Isomorphic), the venture portfolio (GV's biotech investments), and the public equity side (Revolution Medicines).

That layering is worth paying attention to. When you see a company investing in the same theme across their venture arm, their research division, and their public equity portfolio simultaneously, the conviction level is high.

Amazon ($AMZN) takes a different approach. Their capital deployment is tightly coupled to AWS, and the pattern looks a lot like what Alphabet did with CME Group.

Amazon has committed up to roughly $25 billion in total financing to Anthropic, of which about $13 billion is already funded or firmly committed. In return, Anthropic has pledged to spend over $100 billion on AWS over the next decade, including up to roughly 5 gigawatts of new computing capacity.

Amazon has struck a similar arrangement with OpenAI, investing $50 billion as part of a broader round and expanding an existing $38 billion multi-year cloud agreement by another $100 billion over eight years. OpenAI is committing to consume about 2 gigawatts of Trainium capacity through AWS.

These look like venture investments on the surface, but economically they function as long-dated cloud distribution contracts with equity optionality attached. Amazon provides the capital, the AI companies become deeply embedded AWS customers for years to come, and the recurring cloud revenue becomes the real return.

Amazon also runs generative AI startup programs under the AWS accelerator umbrella that provide early-stage companies with mentorship and substantial AWS credits, designed to make AWS the default infrastructure choice from day one. It's a lighter-touch version of the same strategy.

Microsoft ($MSFT) runs M12, their venture fund focused on early-stage enterprise software. M12 has made several hundred investments since inception, with a strong bias toward Series A and B rounds.

Their themes are consistent and map directly to Microsoft's product priorities: AI, Azure-centric infrastructure, cybersecurity, developer tools, and vertical SaaS. M12 has maintained a steady cadence of roughly 10 to 20 new deals per year, generally in smaller rounds than what Nvidia or Amazon are doing.

M12 is worth watching because their bets often signal where Microsoft sees gaps in its own enterprise stack. When they invest in a cybersecurity startup or a developer tooling company, it tells you something about what capabilities Microsoft wants closer to its ecosystem, either as future acquisitions or as partners that deepen Azure's value.

Here's the practical part. You can track most of this with free tools.

Crunchbase is the starting point. Search for any corporate venture arm by name (NVentures, GV, CapitalG, M12) and you'll see their recent investments, round sizes, and co-investors. The free tier gives you enough to spot patterns. Crunchbase also lets you see which other investors participated in the same rounds, which helps you map who's converging on the same thesis.

NVentures has its own website at nventures.ai with a public portfolio page. It's one of the more transparent corporate venture arms. Other corporate venture arms may have their own sites as well.

For public equity positions, the 13F approach we covered last issue still applies. Search EDGAR at sec.gov for any company's 13F-HR filings to see their public stock holdings quarter over quarter.

The most interesting signals appear when the same theme shows up simultaneously in a company's research agenda, venture portfolio, and public equity book. Those are the places where their conviction and multi-year strategic focus tend to be highest.

The framework here is simple. Corporate venture arms invest to learn, to secure supply chains, and to build ecosystems around their core products. When you look at where they're putting capital, ask yourself: what does this tell me about the problem they're trying to solve three to five years from now?

NVIDIA's investments tell you they see energy and cloud infrastructure as the binding constraints on AI growth. Alphabet's investments tell you they see AI-driven drug discovery as a major frontier for their technology. Amazon's investments tell you they view AI labs as the most important cloud customers of the next decade.

These are informed bets from companies that sit at the center of the industries they're investing in. That context makes them worth following.

Stay disciplined, Koh

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Disclaimer: Nothing in this newsletter constitutes investment advice or a recommendation to buy or sell any security. Numbers and observations are as of publication. I may hold positions in companies discussed above. Always do your own research and consult a licensed financial advisor before making investment decisions.