Nvidia announces a historic $150 billion increase to its share buyback program, bringing its total authorized repurchase capacity to $235 billion through fiscal 2028. The move eclipses Apple's 2024 record of $110 billion to become the largest buyback in U.S. history. Driven by dominant demand for its AI chips, Nvidia's massive cash generation supports the capital return, even as some investors question the long-term sustainability of the broader artificial intelligence infrastructure boom.
Details of the buyback program
- ▪On Monday, 28 September 2026, Nvidia announced that its board approved a $150 billion increase to its share buyback program, bringing its total authorized repurchase capacity to $235 billion
- ▪Nvidia expects to complete its $235 billion share buyback program through fiscal 2028, which ends in January 2028
- ▪Nvidia Chief Executive Officer Jensen Huang stated on 28 September 2026 that Nvidia's $150 billion buyback increase reflects confidence in the long-term opportunities presented by artificial intelligence and accelerated computing
Comparison with Apple's buyback record
- ▪Nvidia's $150 billion buyback increase surpasses Apple's $110 billion share repurchase authorization announced in 2024, making Nvidia's increase the largest buyback increase in United States corporate history
- ▪When Apple announced its $110 billion buyback in 2024, Apple held all of the top five spots for the largest share buyback authorizations by a United States company, according to Bloomberg
Nvidia's financial performance and forecasts
- ▪Nvidia generated nearly $100 billion in free cash flow in its fiscal year ending January 2026, which is forecast by S&P Global's Visible Alpha to triple to $329 billion in fiscal 2028
- ▪According to S&P Global's Visible Alpha consensus estimates, Nvidia's net income is forecast to more than double to $245 billion in the current fiscal year and reach $387 billion in the fiscal year ending January 2028
- ▪Nvidia ended its fiscal quarter in July 2026 with $22.44 billion in cash and cash equivalents
Market maturity and buybacks
- ▪During Apple's $110 billion buyback announcement in 2024, Apple faced slowing iPhone growth but maintained high profits from its dominance of the smartphone market
- ▪While large buyback authorizations can signal that management believes shares are undervalued, they are also typically associated with a growth slowdown in mature, well-established companies
Debatable claims
- ▪Nvidia should prioritize reinvesting its cash in AI technology over share buybacks
- ▪The massive corporate investment in AI infrastructure is a speculative bubble
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