Nvidia invested $1 billion on various AI ventures in 2024, securing more deals than both Microsoft and Amazon in the last year, the Financial Times (FT) reported.

Citing data from market research company Dealroom and regulatory filings, the FT reported the investments spanned across 50 startup funding rounds and multiple corporate deals.

The outlay reflects a 15 per cent rise in the chipmaker’s investments compared to 2023, when it spent $872 million across 39 start-up rounds. Nvidia’s extensive dealmaking comes after its GPUs raked in $9 billion following an uptick in demand for the company’s chips bolstered by a boom in demand for AI services across industries.

Demand for its AI-powering processors helped Nvidia became the world’s most valuable company in June, as it surpassed a $3 trillion market valuation.

Most of Nvidia’s deals targeted core AI companies with significant computing demands, many of whom are buyers of Nvidia’s chips.

However, as several of the company’s largest customers including Microsoft and Google race to develop their own chips to minimise dependence on Nvidia’s GPUs, FT pointed out smaller AI companies might become more significant in driving the company’s future revenue.

Some of Nvidia’s prominent 2024 investments included Elon Musk’s xAI, a recent acquisition of Run:ai, and contributions in funding rounds for OpenAI and Perplexity. The company is also reported to have made more acquisitions in 2024 than the preceding 4 years combined.