Nvidia expands share buyback by $150 B, authorizing $235 B total, the largest ever

NVDA said Monday that its board has authorized an additional $150 billion for share repurchases, taking the total program to $235 billion . The company described it as the largest share repurchase authorization increase in history and said it expects to complete the remaining program through fiscal 2028 . For scale, Business Insider noted that the previous record for a single buyback authorization was AAPL's $110 billion in 2024 .

Huang framed the move as a byproduct of the AI build-out. "Our cash generation gives us the capacity to invest in the technologies that advance this transformation and return capital to shareholders," he said in the statement, adding that the authorization "reflects our confidence in the long-term opportunity ahead" . The announcement comes as combined hyperscaler capital expenditure is projected to exceed $1.3 trillion by 2027, according to S&P Global Ratings, and after Huang said earlier this month that Nvidia would double the number of chips it sells in 2027 . CNBC put Nvidia's market capitalization at $5.42 trillion after a 24% gain over the past 12 months .

The market read it as a vote of confidence. Shares were up 1.24% in premarket trading per CNBC and about 1.7% around 8:30 a.m. ET per Business Insider ; by midday our data showed the stock at $230.26, up 2.3%. One widely shared estimate on X calculated that, against a roughly $5.6 trillion market cap, the program would retire about 4.2% of the company over the next 16 months and could lift 2028 adjusted EPS by about 1.6% net of forgone interest income .

Not everyone is convinced the pace is sustainable. A skeptical post noted that Nvidia repurchased $40 billion of stock in fiscal 2026, including $20 billion last quarter, against quarterly free cash flow of $21.34 billion, and argued that fully executing $235 billion over roughly six quarters implies a pace near double recent free cash flow, before dividends and before $279 billion in reported commitments . Authorizations are ceilings, not obligations, so the signal to watch is the actual repurchase figure in upcoming quarterly reports, alongside free cash flow and any new debt issuance.