Nvidia has approved a record $150 billion increase to its share repurchase program, overtaking Apple’s previous US corporate record. The chipmaker can now spend as much as $235 billion buying back its own shares through fiscal 2028, as booming demand for artificial intelligence infrastructure continues to generate enormous profits and cash flow.
Nvidia announced on Monday that its board had authorized an additional $150 billion for share repurchases. According to the company, the increase brings the remaining authorization under the program to $235 billion, which Nvidia expects to execute through fiscal 2028.
The authorization is the largest increase to a corporate share repurchase program on record. It surpasses the $110 billion buyback approved by Apple in 2024, which had previously represented the largest such authorization by a US company.
CEO Jensen Huang said the decision reflected Nvidia’s confidence in the long-term opportunity created by artificial intelligence and accelerated computing. He added that the company’s cash generation allows it to continue investing heavily in new technologies while also returning capital to shareholders.
AI boom is filling Nvidia’s coffers
The scale of the new buyback highlights just how much Nvidia’s financial position has changed since the beginning of the generative AI boom.
In its latest reported quarter, Nvidia generated revenue of $96.2 billion, more than double the $46.7 billion reported a year earlier. Data Center revenue reached $89 billion, up 117% year over year, while GAAP net income surged 126% to almost $59.7 billion.
During the same quarter, Nvidia returned roughly $26 billion to shareholders through share repurchases and dividends. SEC filings show that the company bought back $39.8 billion of its shares during the first half of fiscal 2027 alone. As of July 26, it held $56.6 billion in cash, cash equivalents and marketable debt securities, alongside another $42.8 billion in marketable equity securities.
The numbers illustrate the extraordinary profitability of Nvidia’s position at the center of the AI infrastructure buildout. Its GPUs remain a crucial component of the data centers used to train and operate large AI models, while hyperscalers, AI laboratories, startups and governments continue to increase spending on computing infrastructure.
Nvidia expects revenue of approximately $108 billion in the current quarter, which would represent another record if achieved.
Nvidia shares have lost some of their explosive momentum
The record buyback comes at an interesting moment for Nvidia’s stock. After delivering extraordinary returns following the launch of ChatGPT in late 2022, the pace of gains has moderated this year.
Nvidia shares are still up roughly 24% in 2026, according to AP, but that performance looks considerably less dramatic than the gains investors became accustomed to during the first years of the AI boom.
Competition is also intensifying. AMD and other semiconductor companies are trying to capture more of the AI accelerator market, while major Nvidia customers such as Google are increasingly developing their own custom chips. Investors have meanwhile begun paying closer attention to whether the hundreds of billions of dollars being invested in AI infrastructure will eventually generate adequate returns.
The buyback could provide additional support to Nvidia’s shares. Repurchasing stock reduces the number of shares outstanding and can therefore increase earnings per share, assuming profits remain unchanged. It also gives the company another way to deploy excess cash when management believes repurchasing shares represents an attractive use of capital.
Markets initially reacted positively. Nvidia shares gained about 1.7% on Monday even as the broader US equity market declined.
A large authorization does not mean Nvidia will immediately spend the entire $235 billion. The company says repurchases will depend on market conditions, operating requirements and other investment opportunities, and the program can be suspended at its discretion.
Still, the size of the authorization is another demonstration of the cash being generated by the AI boom. Nvidia is simultaneously spending heavily on research, new computing platforms and investments across the AI ecosystem while preparing to return a historically large amount of capital to its shareholders.
