Nvidia has emerged as one of the great success stories in tech in the 2020s. So successful is the company that it has boosted other companies by forming partnerships and buying their stock directly. Such is the case with Intel and Nebius, whose stocks have gained around 480% and 410%, respectively, over the last year.
Fortunately, these are not the only stocks in Nvidia’s portfolio. Thanks to key partnerships, CoreWeave (NASDAQ: CRWV) and Nokia (NYSE: NOK) have begun moving higher. Here’s why these stocks are on track to be the next big winners in Nvidia’s portfolio.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a “Double Down” signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same “Total Conviction” signal is flashing for a company 1/100th the size of Nvidia. Continue »
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CoreWeave
CoreWeave competes in the neocloud space. Its backlog is booming, as it has attracted more than $99 billion in contracts. Much of that gain has likely come from its Nvidia partnership, which has given it a key competitive advantage. Consequently, it is the first cloud provider to incorporate Nvidia’s Vera Rubin NVL72 platform within its ecosystem.
Now, CoreWeave’s growth is a testament to the popularity of its cloud and the struggles to keep up with demand. In the first quarter of 2026, revenue of almost $2.1 billion rose 112% from year-ago levels. Although it is robust growth, it is a slowdown from the 167% increase in 2025.
Amid that growth, it lost $740 million in Q1, up from $315 million in the same quarter last year. Still, that is not the stock’s main challenge.
Instead, investors are increasingly concerned by the amount of cash it needs to meet this demand. In Q1, its debt levels had almost reached $25 billion, a considerable burden considering CoreWeave’s $4.8 billion in book value.
Admittedly, that debt could weigh more heavily on CoreWeave stock if AI growth does not match expectations, and even now, it may be one reason CoreWeave stock is down by more than 40% over the last year. However, since its backlog went from $67 billion to $99 billion in one quarter, it continues to benefit from robust AI growth.
Still, the stock is up more than 40% since the beginning of the year, and it trades at a price-to-sales (P/S) ratio of 8. While that is above the 3.6 P/S ratio average for the S&P 500, it is below many AI growth stocks that have sales multiples well into the double digits.
Hence, for investors who can stomach the risks, owning CoreWeave stock offers massive AI growth at a low valuation, meaning the stock could greatly benefit Nvidia and investors who follow in its footsteps.
Nokia
Seeing Nokia in Nvidia’s portfolio might surprise some investors. The one-time cellphone leader fell out of favor when the invention of the smartphone wiped out its main source of revenue.
Amid that shift, the company later pivoted into telecom equipment after buying Alcatel. Now, partnering with Nvidia has given it a more explicit competitive advantage.
Nvidia will embed its ARC-Pro processors into Nokia’s 5G equipment. This will enable AI inferencing from cell towers and help to support Nvidia’s CUDA software platform. Also, Nokia has become a partner in data center upgrades, as its equipment will combine switching and optical technologies with Nvidia’s AI-driven platforms.
Customers could see the results of this soon. Both T-Mobile and French telco Orange are working with Nokia and Nvidia to add this functionality. Also, the two companies will work together to make this AI functionality a part of the upcoming 6G cellular technology in the coming years.
Admittedly, this partnership has yet to meaningfully boost Nokia’s financials. In Q1, its 4.5 billion euros ($5.1 billion) in revenue rose by only 2% over the previous year. Also, the 2025 revenue growth of 3% was only marginally better.
Its Q1 profit of 295 million euros ($335 million) rose 93% year over year, mostly because of 126 million euros in financial income. That stands in contrast to the 49% decline in profit in 2025, driven by lower operating margins.
Nonetheless, Nokia’s stock is up approximately 170% over the last year, likely driven by speculation about its future.
Additionally, investors should probably approach its valuation with some perspective. The P/E ratio of around 86 is probably a product of a pullback in profits and the rising stock price.
Fortunately, the forward P/E of 34 implies that investors may still have time to buy Nokia. As Nokia supports Nvidia’s AI functionality within the telecom space, the tech stock could be in for its best performance in decades.
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Will Healy has positions in CoreWeave. The Motley Fool has positions in and recommends Intel and Nvidia. The Motley Fool recommends T-Mobile US. The Motley Fool has a disclosure policy.
