With the exception of Arm, which topped $130 billion in market cap recently, shares of the Nvidia-backed companies soared on Thursday following the 13F filing, a form that must be submitted by institutional investment managers overseeing at least $100 million in assets.
But none of these investments would be surprising to anyone who took the time to sift through old news reports and filings. The AI mania is firmly in an irrational exuberance phase, and investors are pouncing on anything and everything in the space.
No stock is hotter than Nvidia, which passed Amazon in market value on Tuesday and then Alphabet on Wednesday to become the third most valuable company in the U.S., behind only Apple and Microsoft. Nvidia shares are up more than 200% over the past 12 months due to seemingly limitless demand for its AI chips, which underpin powerful AI models from Google, Amazon, OpenAI and others.
SoundHound, which uses AI to process speech and voice recognition, jumped 68% on Thursday, after Nvidia disclosed a stake that amounted to $3.7 million at the time of the filing. Nvidia invested in SoundHound back in 2017 as part of a $75 million venture round.
SoundHound went public through a special purpose acquisition company in 2022, and Nvidia was named as a strategic investor in its presentation.
Nano-X uses AI in medical imaging. Nvidia’s disclosure of a $380,000 investment in the company sent the stock up 59% on Thursday. Nvidia’s involvement dates back years to a venture investment in Zebra Medical, an Israeli medical imaging startup. Nano-X acquired Zebra in 2021.
TuSimple, an autonomous trucking company, rocketed 40% on Thursday after the disclosure of Nvidia’s $3 million stake. The share rally comes a month after the company announced plans to delist from the Nasdaq due to a “significant shift in capital markets” since its 2021 IPO. TuSimple debuted at $40 a share and now trades for roughly 50 cents.
“Accordingly, the Special Committee determined that the benefits of remaining a publicly traded company no longer justify the costs,” TuSimple said in a release on Jan. 17. “The Company is undergoing a transformation that the Company believes it can better navigate as a private company than as a publicly traded one.”
Nvidia acquired its stake in biotech company Recursion more recently. Like TuSimple, Recursion went public in 2021, but Nvidia bought in two years later through what’s called a private investment in public equity (PIPE). Nvidia bought $50 million worth of shares in 2023 and now has an investment worth $76 million, according to its filing.
Recursion shares spiked 15% on Thursday.
Nvidia’s own financials will be on full display next week, when the company reports quarterly earnings. Analysts are expecting year-over-year revenue growth above 200% to more than $20 billion.
The company’s more recent investments are likely to be much more significant than its earlier bets, disclosed late Wednesday, because they’re at the heart of the AI boom. In recent years, Nvidia has backed hot AI startups including Cohere, Hugging Face, CoreWeave and Perplexity.
“AI is transforming the way consumers access information,” said Jonathan Cohen, Nvidia’s vice president of applied research, in Perplexity’s announcement of a $73.6 million funding round last month “Perplexity’s world-class team is building a trusted AI-powered search platform that will help push this transformation forward.”
Venezuelan Bolivar and U.S. Dollar banknotes and representations of cryptocurrency Tether are seen in this illustration taken Sept. 8, 2025.
Dado Ruvic | Array
Tether, the issuer of the largest stablecoin, is planning to raise as much as $20 billion in a deal that could put the crypto company’s value on par with OpenAI, according to a report from Bloomberg News.
The crypto company is looking to raise between $15 billion and $20 billion in exchange for a roughly 3% stake through a private placement, the report said, citing two individuals familiar with the matter. The transaction would involve new equity rather than existing investors selling their stakes, the people told the news service.
The report said that one person close to the matter warned that the talks are in an early stage, which means that the eventual details, including the size of the offering, could change.
However, the deal could ultimately value Tether at around $500 billion, according to the report. That would mean the crypto giant’s valuation would rival some of the world’s biggest private companies, including SpaceX and OpenAI. OpenAI’s fundraising round earlier this year valued the tech company at $300 billion.
Tether, which was once accused of being a criminal’s “go-to cryptocurrency,” has been furthering its plans to return to the U.S. in recent months, given President Donald Trump’s pro-crypto stance. The company earlier this month named a CEO for its U.S. business and launched a new token for businesses and institutions in the U.S. called USAT, which will be regulated in the U.S. under the GENIUS Act.
Stablecoin USD Tether (USDT) is pegged to the U.S. dollar with a market cap that recently surpassed $172 billion. In second place is Tether rival Circle’s USDC stablecoin, which is worth about $74 billion.
A person walks by a sign for Micron Technology headquarters in San Jose, California, on June 25, 2025.
Justin Sullivan | Getty Images
Micron reported better-than-expected earnings and revenue on Tuesday as well as a robust forecast for the current quarter.
The stock rose in extended trading.
Here’s how the company did in comparison with the LSEG consensus:
Earnings per share: $3.03, adjusted, vs. $2.86 expected
Revenue: $11.32 billion vs. $11.22 billion expected
Micron said revenue in the current period, its fiscal first quarter, will be about $12.5 billion, versus the $11.94 billion average analyst estimate per LSEG.
The company said it had $3.2 billion, or $2.83 per share in net income, versus $887 million, or 79 cents in the year-ago period.
Micron shares have nearly doubled so far in 2025. The company makes memory and storage, which are important components for computers. Micron has been one of the winners of the artificial intelligence boom. That’s because high-end AI chips like those made by Nvidia require increasing amounts of high-tech memory called high-bandwidth memory, which Micron makes.
“As the only U.S.-based memory manufacturer, Micron is uniquely positioned to capitalize on the AI opportunity ahead,” Micron CEO Sanjay Mehrotra said in a statement.
Overall company revenue rose 46% on a year-over-year basis during the quarter.
Micron’s largest unit, which sells memory for cloud providers, reported $4.54 billion in sales during the quarter, more than tripling on a year-over-year basis.
However, the company’s core data center business unit saw sales decline 22% on an annual basis to $1.57 billion in revenue.
Google-owned YouTube on Tuesday said it will soon allow previously banned accounts to apply for reinstatement, rolling back a policy that had treated violations as permanent.
The change applies to channels removed for posting Covid-19 or election-related misinformation, according to a letter fromAlphabet lawyer Daniel Donovan to House Judiciary Chair Jim Jordan, R-Ohio. Previously, those types of offenses carried lifetime bans.
“Today, YouTube’s Community Guidelines allow for a wider range of content regarding Covid and elections integrity,” Donovan wrote.
YouTube wrote on X that it will be a limited pilot project open to a subset of creators as well as channels that were terminated under policies the company has since retired. YouTube also said its new reinstatement program will launch soon.
Among channels previously banned under those rules were some associated with Deputy FBI Director Dan Bongino, former Trump chief strategist Steve Bannon and Health and Human Services Secretary Robert F. Kennedy Jr. It’s not yet clear whether those channels will be reinstated.
This move follows mounting Republican pressure on tech companies to reverse Biden-era speech policies on vaccine and political misinformation. In March, Rep. Jordan subpoenaed Alphabet CEO Sundar Pichai, alleging YouTube was a “direct participant in the federal government’s censorship regime.”
In 2021, YouTube said it would remove content that spread misinformation about all approved vaccines.
Donovan wrote that during the pandemic, senior Biden administration officials pressed the company to remove certain Covid-related videos that did not technically violate YouTube’s policies.
In the letter, Donovan said this pressure was “unacceptable and wrong.”
YouTube ended its stand-alone Covid misinformation rules in December 2024, according to Donovan’s letter.
YouTube “will not empower third-party fact-checkers” to moderate content and will continue to enable “free expression” on the platform, Donovan wrote. While Donovan writes that YouTube has not used fact-checkers, the platform has produced programs that are meant to label context on videos.
Similarly, Meta said in January that it had eliminated its fact-checking program on Facebook and Instagram.
YouTube has a feature that will display information panels with links to independent fact checks under videos. The feature says it provides more context on videos across YouTube with information from third-party sources.
In 2017, Google launched a fact-checking tool that would display labels on search and news results.