Wall Street will scrutinize Nvidia's earnings report for insights into the AI boom's future, focusing on its expanding investments. Nvidia has ramped up stakes in start-ups through its corporate development arm and NVentures, including over $30 billion in OpenAI and up to $10 billion in Anthropic. As of April 26, its total stakes in private companies reached $43 billion, roughly double the prior quarter.

It also holds $5 billion in Intel stock, now worth about $22 billion, and sizable stakes in formerly private firms like Space X and Core Weave. Marketable securities totaled about $30 billion in Q1, up more than double from the previous quarter. Nvidia announced a $500 billion partnership with Wall Street giants to provide cheaper AI computing access, potentially boosting chip sales.

However, analysts like James Kisner of Water Tower Research warn these investments resemble unsustainable vendor financing, betting on customer solvency. Critics question whether Nvidia is becoming the 'central bank of the AI economy' through deals that may pose systemic risks.