Nvidia lifts buyback authorization by a record $150 billion
Nvidia’s board authorized a $150 billion increase to its share-repurchase program on Monday, lifting remaining buyback capacity to $235 billion through fiscal 2028 — the largest such authorization on record, topping Apple’s $110 billion approval in 2024. Shares closed up about 1.7% as the AI chip leader signaled it can keep investing while returning cash to shareholders.
AI-assisted · US Brief desk · Sources listed below
What happened
The increase tops Apple’s $110 billion authorization in 2024, Reuters reported. Nvidia, with a market capitalization above $5.5 trillion, said surging demand for AI training and inference chips is fueling cash generation that can fund both heavy reinvestment and shareholder returns. CEO Jensen Huang said in a company statement: “Our cash generation gives us the capacity to invest in the technologies that advance this transformation and return capital to shareholders.” Shares traded about 2% higher during the session, Reuters reported, and closed up about 1.7% at $228.86, CNBC quote data showed. Nvidia last added an $80 billion authorization in May and ended the July quarter with $22.44 billion in cash and cash equivalents, according to Reuters.
Why it matters
The authorization lands as investors debate how long the AI infrastructure boom can sustain Nvidia’s growth and valuation. Reuters, citing LSEG data, said the stock was trading near about 16.5 times 12-month forward earnings — its lowest multiple since January 2015 and well below a roughly 30 times 15-year average — even after a more than 20% year-to-date gain. Last month Nvidia forecast about 70% revenue growth for fiscal 2028. The new $150 billion slice alone exceeds the market capitalization of about 84% of S&P 500 companies, LSEG data compiled for Reuters showed. Broader U.S. buybacks fell roughly 50% from July through Sep 23 as companies turned more cautious, Reuters said — making Nvidia’s move a conspicuous counter-signal.
What’s next
Watch how quickly Nvidia deploys the expanded capacity, any update to the fiscal 2028 growth outlook, competitive AI-chip spending from peers, and whether other mega-cap tech firms revive large repurchase plans as the October Fed meeting and Hormuz-linked oil/inflation pressures keep bond yields elevated.
More context
Nvidia said Monday its board authorized a $150 billion increase to the company’s share-repurchase program — the largest such authorization on record — lifting remaining buyback capacity to $235 billion that the Santa Clara chipmaker expects to use through fiscal 2028.
How markets are reading it: Emarketer analyst Jacob Bourne told Reuters the AI buildout will not run at its current pace forever, but that Nvidia is “signaling confidence that demand for its hardware and services has staying power” and that cash flow is strong enough to invest and return capital at once. Quilter Cheviot’s Ben Barringer compared the step to Apple’s playbook of using large buybacks to support a stock when growth slows and multiples compress. An authorization raises the ceiling for future purchases; it does not obligate Nvidia to spend the full amount on a fixed timetable.
5 listed sources
- NVIDIA GlobeNewswire release, Sep 28, 2026: $150B share-repurchase authorization increase; remaining program $235B
- Reuters via BNN Bloomberg, Sep 28, 2026: record size vs. Apple 2024; cash generation; Huang quote; analyst comments; valuation and S&P context
- Reuters via New York Post, Sep 28, 2026: ~2% share move; year-to-date gain; forward earnings multiple; industry buyback slowdown
- LSEG data cited by Reuters, Sep 28, 2026: forward P/E and S&P 500 market-cap comparison
- CNBC quote data (NVDA close), Sep 28, 2026, 4:00 p.m. ET; CNBC (Kai Nicol-Schwarz), Sep 28, 2026: Nvidia share buyback plan gets $150 billion boost
References listed by US Brief; a source count is not a verification score.
Editorial sourcing notes
Authorization size, remaining capacity ($235B), fiscal-2028 deployment window, and Huang’s statement follow Nvidia’s Sep 28, 2026 GlobeNewswire release and Reuters reporting (via BNN Bloomberg and New York Post). Comparison to Apple’s 2024 $110B authorization, market-cap context (> $5.5T), intraday ~2% share move, forward P/E (~16.5x, lowest since Jan 2015 vs. ~30x 15-year average), July-quarter cash ($22.44B), prior May $80B authorization, ~70% FY2028 revenue-growth forecast, and LSEG note that $150B exceeds the market cap of ~84% of S&P 500 constituents are from that Reuters package. Analyst comments attributed to Jacob Bourne (Emarketer) and Ben Barringer (Quilter Cheviot) as quoted by Reuters. Buybacks industry-wide falling ~50% July–Sep 23 is Reuters’ figure, not Nvidia-specific. A buyback authorization is not a commitment to buy a set dollar amount on a set schedule. Refresh ~4:05 p.m. PT: closing move (+1.68% to $228.86, 4:00 p.m. ET) follows CNBC quote data; $150B / $235B / fiscal-2028 figures re-confirmed against Nvidia's GlobeNewswire release and CNBC.
Like US Brief? You can support it with a tip.