Jensen Huang does not believe in picking winners. “There are so many great, amazing foundation model companies, and we try to invest in all of them,” Nvidia’s founder and CEO said during an April podcast appearance. “We don’t pick winners. We need to support everyone.”

The numbers behind that philosophy are extraordinary. Nvidia has committed more than $90 billion in acquisitions, investments, and strategic deals in 2026 alone — a figure that places it among the most active dealmakers of any company, in any sector, in the world this year. The pace has accelerated so dramatically that Nvidia’s non-marketable equity securities — its private company investments — swelled from $3.39 billion at the start of fiscal 2025 to $22.25 billion by the end of January 2026. In the months since, the commitments have continued to accumulate at a pace that has left analysts scrambling to model the implications.

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