Nvidia has approved an additional $150 billion in share repurchases, expanding its capital return program as demand for artificial intelligence infrastructure continues to drive rapid growth.

The September 28 announcement brings the company’s remaining buyback authorization to $235 billion. Nvidia expects to execute that remaining program through fiscal 2028, giving the chipmaker a multiyear window to purchase its shares.

The company described the increase as the largest share repurchase authorization

expansion in history. Reuters reported that it surpassed Apple’s $110 billion authorization announced in 2024, placing Nvidia's latest move above a benchmark established by one of technology’s biggest cash generators.

A LARGER COMMITMENT TO SHAREHOLDERS

Chief executive Jensen Huang linked the decision to Nvidia's growth in AI and accelerated computing. He said the company’s cash generation allows it to continue investing in technology while returning capital to shareholders.

That explanation puts the buyback alongside Nvidia's expansion plans. Management is presenting the company as capable of financing both priorities, with enough financial capacity to fund its business and make substantial purchases of its own stock.

The announcement authorizes future transactions. It does not mean Nvidia has already spent the additional money or acquired a corresponding number of shares.

The distinction matters because the final impact depends on when purchases occur, how much the company spends and the prices it pays. A large authorization gives management flexibility, while completed transactions determine how much capital actually reaches selling shareholders.

AI REVENUE PROVIDES THE BACKDROP

Nvidia's latest quarterly results show the scale of the business supporting that commitment.

Revenue reached $96.2 billion in the second quarter of fiscal 2027, which ended July 26, up 106% from a year earlier. Data Center revenue rose 117% to $89 billion, accounting for the overwhelming majority of sales.

The figures demonstrate how heavily Nvidia's growth now depends on the infrastructure used to develop and operate AI systems. Purchases of its computing platforms have pushed quarterly sales far beyond the levels associated with its earlier graphics-focused business.

Its August outlook called for third-quarter revenue of $108 billion, plus or minus 2%. Nvidia excluded Data Center compute revenue from China from that forecast.

The projection gives investors a near-term operating benchmark alongside the longer buyback timeline. Future earnings releases will show whether sales continue to expand at the pace management anticipated when it issued that guidance.

BUYBACKS WERE ALREADY ACCELERATING

The new authorization builds on substantial purchases made earlier in the year.

According to Nvidia's quarterly securities filing, the company repurchased approximately 203 million shares for $39.8 billion during the first half of fiscal 2027. That included $19.7 billion in purchases during the second quarter.

Its board had already approved an additional $80 billion in repurchase authority on May 18. At the end of July, approximately $99.3 billion remained available under the program.

Those figures distinguish the company’s spending record from its newly expanded purchasing capacity. Nvidia has already been directing significant resources toward buybacks; the September announcement substantially increases the amount available for future transactions.

The company’s filing also states that repurchases depend on market conditions, operating requirements and other investment opportunities. It retains discretion to suspend the program.

HOW REPURCHASES AFFECT SHAREHOLDERS

Buying back shares can increase the ownership percentage represented by each remaining share, provided the overall share count falls.

It can also raise earnings per share without a corresponding increase in total profit. If the same earnings are divided among fewer shares, the amount attributable to each share becomes larger.

However, gross purchases do not necessarily translate into an equivalent reduction in shares outstanding. Shares issued through employee compensation and other arrangements can offset part of the effect.

The purchase price is another important variable. A fixed dollar budget retires more shares at a lower price and fewer at a higher one. The headline authorization therefore cannot establish exactly how much Nvidia’s share count will decline.

For assessing the program’s eventual impact, the relevant figures will include completed purchases, average prices paid and changes in diluted

shares outstanding. Those measures provide a more concrete picture than the authorized dollar amount alone.

DIVIDENDS REMAIN PART OF THE PROGRAM

Nvidia is also returning money through its quarterly dividend, which offers a different form of shareholder payment.

A dividend distributes cash to eligible shareholders who retain their holdings. A buyback pays investors who sell shares into the company’s repurchase activity, while potentially changing the ownership proportions of those who remain.

Nvidia raised its quarterly dividend from $0.01 to $0.25 per share in May. Its next payment is scheduled for October 1, 2026, for shareholders of record on September 10.

Alongside those scheduled distributions, subsequent quarterly filings will disclose how much of the expanded repurchase authorization Nvidia has used and how its share count has changed. ■