NVIDIA’s public equity portfolio narrowed from six to five positions in Q4 2025, with exits from Applied Digital, Arm, Recursion Pharmaceuticals and WeRide. This consolidation left two neocloud names—CoreWeave and Nebius Group—among its remaining holdings. By selling Applied Digital but retaining NBIS, NVIDIA signals stronger confidence in certain neocloud providers. This alignment may point to potential collaborations or technology integrations that leverage Nebius’s AI workload capabilities. Nebius Group (NBIS) remained in NVIDIA’s portfolio alongside CoreWeave, highlighting its role in AI-focused cloud infrastructure. Maintaining NBIS suggests the firm sees strategic or growth potential in Nebius’s specialized services.