NVIDIA CEO Jensen Huang announced on a recent Dwarkesh podcast that the company will cease investing in Anthropic and OpenAI as they approach their IPOs. Huang explained that NVIDIA’s investment strategy avoids picking winners, pointing to the company’s own underdog beginnings. NVIDIA has invested up to $10 billion in Anthropic by 2025 and $30 billion in OpenAI by 2026. The firm also holds stakes in CoreWeave, Intel, and others, with an increasing focus on real-world assets (RWA) and crypto news.

According to ChainCatcher, NVIDIA CEO Jensen Huang stated on a recent Dwarkesh podcast that the company chooses to invest broadly across many technology firms rather than select a few winners for two reasons: first, picking winners is not NVIDIA’s responsibility; second, NVIDIA’s own history serves as a lesson.Huang noted that when NVIDIA was founded, there were 60 companies in the 3D graphics industry, and if the company had tried to predict which would succeed, NVIDIA likely would have been at the top of the list of least favored. Today, as the world’s most valuable company, NVIDIA has made extensive investments across the AI ecosystem, biotechnology, robotics, and autonomous driving, holding stakes in publicly traded companies such as CoreWeave, Intel, Synopsys, and Nokia.In the large language model space, NVIDIA committed in November last year to invest up to $10 billion in Anthropic and announced in February this year a $30 billion investment in OpenAI. Huang stated at a March meeting that, given both companies are nearing their IPOs, these may be NVIDIA’s final investments in them.