The reporting requirements of the Securities and Exchange Commission (SEC) say that companies that own more than $100 million in other companies’ stocks must report those holdings to the SEC at the end of the quarter. Then, 45 days after the quarter ends, that information is released to the public in a Form 13F. These disclosures tend to capture the attention of investors curious about what stocks are being bought and sold by specific companies they follow.
Some of these investors use this information to influence their own investing choices. While it isn’t wise to blindly follow what others are doing, this information can provide some sense of what top-level investors and industry leaders think are the top stocks to own.
One industry leader that investors might want to pay attention to is Nvidia, currently the world’s largest company. It makes the most popular graphics processing units (GPUs) on the market, giving it significant insight into the industry overall, including what’s going on in the artificial intelligence (AI) world.
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Nvidia is making so much money from its products that it can’t spend it all on growing its own company, so it has started investing in other companies it sees having growth potential. Given its deep knowledge base, investors stand to benefit by paying attention to the companies Nvidia is interested in.
At the end of the third quarter, Nvidia owned shares in six publicly traded companies. There are two that are particularly intriguing, and investors should take a look at them for potential 2026 purchases.
Nvidia reported owning shares of Applied Digital (NASDAQ: APLD) and Nebius Group (NASDAQ: NBIS). Both of these companies are involved in the data center building boom in different ways. Applied Digital designs, builds, and operates data centers for various clients. These data centers require computing hardware from Nvidia to function, and it’s possible that Applied Digital used its stock as a way to finance some transactions with Nvidia.
Another possibility is that Nvidia believes in Applied Digital, so it took a position in the company as a result. It owns about 7.7 million shares of Applied Digital, or about 2.8% of the overall company.
This investment did well for Nvidia in 2025, since Applied Digital’s stock price is up 238% this year. Its price spiked on news of 15-year leases with various AI companies, including another major Nvidia investment, CoreWeave. Applied Digital is not profitable right now, but once it has built up its computing footprint, it could turn into a long-term cash-generating machine for investors like Nvidia.
Nebius is similar: It operates full-stack data centers for its clients. Its growth has been incredible, and it expects that to persist into 2026, with annual recurring revenue (ARR) reaching $900 million to $1.1 billion by the end of 2025. By 2026, this metric is forecast to be between $7 billion and $9 billion. That’s huge growth in a short time, and it reflects the insatiable demand for AI computing power.
Nvidia also recognizes this and knows that Nebius is a great company to invest in. It owns 1.2 million shares of Nebius, or about 0.5% of the company. Although that’s a small chunk of Nebius, if it can continue growing at a rapid pace for multiple years, this small investment could turn into a huge win.
Should you follow Nvidia’s lead and buy these two? Both Applied Digital and Nebius have been great picks in 2025. But could Nvidia be an even better pick? Nebius and Applied Digital are both deeply unprofitable and will likely be that way for a few years as they build out to meet the demand created by generative AI workloads.
But one company that isn’t unprofitable and is thriving at the moment is Nvidia. So investors need to ask themselves: Do I want increased risk with potential of higher returns with Applied Digital or Nebius, or do I want great returns with far less risk? The latter would indicate that an Nvidia investment is a better option.
It’s up to each investor to decide which is the better answer, as the ultimate 2026 winner is impossible to predict.
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