Nvidia ($NVDA) Authorizes $235B Buyback, Surpassing Apple’s Record

Nvidia has authorised an additional $150 billion share repurchase, taking its remaining buyback authorisation to $235 billion through fiscal 2028. 

The increase surpasses Apple’s $110 billion buyback authorisation announced in 2024 and represents the largest increase in a share repurchase programme to date.

The announcement comes as Nvidia continues to generate substantial cash from demand for AI training and inference infrastructure. 

NVDA shares also moved higher around the announcement, with premarket trading reaching roughly the 228–229 area. 

The key question for investors is what the record authorisation means for Nvidia’s capital returns, earnings per share and longer-term AI growth outlook.

Key Takeaways

• Nvidia added $150 billion to its existing share repurchase authorization, bringing remaining capacity to $235 billion through fiscal 2028.
• The new authorisation exceeds Apple’s $110 billion buyback programme announced in 2024, making Nvidia’s increase the largest recorded share repurchase authorisation increase.
• The programme gives Nvidia another way to return capital while its AI business continues generating strong cash flow, but an authorisation does not mean the full amount will be repurchased immediately.

Nvidia Authorizes a $235 Billion Buyback

Nvidia’s board authorised an additional $150 billion under its existing share repurchase programme on September 28, 2026. 

The company said the increase lifts its remaining total authorisation to $235 billion, which it expects to execute through fiscal 2028.

The distinction between the new authorisation and the total remaining amount matters. Nvidia did not announce a single $235 billion cash purchase on the day of the announcement. 

Instead, the company expanded the amount it has approval to use for future share repurchases.

The authorisation gives Nvidia flexibility to return additional capital to shareholders while retaining the ability to invest heavily in AI infrastructure, research and development, and other strategic priorities.

Nvidia's latest announcement also follows an $80 billion addition to its buyback programme in May 2026. 

By the end of the second quarter of fiscal 2027, Nvidia had already repurchased approximately 203 million shares for $39.8 billion during the first half of the fiscal year.

Nvidia Overtakes Apple’s $110 Billion Buyback Record

Apple authorised an additional $110 billion share repurchase programme in May 2024. Nvidia's new $150 billion increase therefore exceeds Apple's previous record by $40 billion.

Nvidia's $235 billion remaining authorisation is a separate figure from the $150 billion increase. 

The $150 billion represents the newly authorised amount, while $235 billion represents Nvidia's total remaining capacity after the increase.

This distinction is important when interpreting headlines about Nvidia having a "$235 billion buyback".

Why Nvidia Is Expanding Its Share Repurchase Programme

The buyback expansion comes as Nvidia generates significant cash from the ongoing demand for AI computing.

Nvidia reported $96.22 billion in revenue for its second quarter of fiscal 2027, up 106% year over year. 

Net income reached $59.69 billion, while the company returned approximately $26 billion to shareholders through share repurchases and dividends during the quarter.

For the first half of fiscal 2027, Nvidia generated nearly $70 billion in free cash flow, according to company financial data.

That cash generation provides room for Nvidia to pursue two objectives simultaneously: continue investing in its AI technology platform and return capital to shareholders.

CEO Jensen Huang said the company's growth is being driven by a major shift towards AI and accelerated computing. 

The company has also indicated that its strong cash generation gives it capacity to invest while returning capital to shareholders.

What Does the $235 Billion Buyback Mean for NVDA?

A share repurchase reduces the number of outstanding shares when shares are actually bought and retired. 

If net income remains unchanged, fewer shares can increase earnings per share because the same earnings are distributed across a smaller share count.

The effect can be illustrated simply.

Suppose a company earns $100 billion and has 10 billion shares outstanding. Its earnings per share would be $10. 

If the company later reduces its share count to 9 billion while earnings remain $100 billion, earnings per share would rise to about $11.11.

The actual impact on Nvidia will depend on several factors, including the amount and timing of repurchases, the price paid for shares, future earnings growth and changes in the company's outstanding share count.

The authorisation itself should therefore not be treated as an immediate $235 billion boost to NVDA earnings or share price.

Nvidia’s AI Growth Provides the Cash-Flow Context

The timing of Nvidia's record buyback is closely linked to its expectations for continued AI infrastructure demand.

Nvidia has forecast approximately 70% revenue growth for fiscal 2028, according to its latest outlook. 

That projection is significant because the buyback programme extends through the same fiscal period.

The company is effectively planning its capital-return capacity around a period in which it expects substantial revenue growth from AI computing.

At the same time, the pace of AI spending remains a key variable for Nvidia. The company has benefited from strong demand for training and inference infrastructure, but future revenue growth depends on continued spending by customers and the successful rollout of new generations of computing products.

The buyback therefore does not remove the fundamental business risks associated with Nvidia's valuation, competition, supply chain and the sustainability of AI infrastructure spending.

NVDA Premarket Move After the Buyback Announcement

Nvidia shares moved higher following the announcement.

Premarket reports put NVDA around $228 to $229, with the stock gaining roughly 1% to 2% depending on the point during the session. 

Nvidia had already gained more than 20% during 2026 through the previous Friday's close.

The market response suggests investors paid attention to the combination of Nvidia's cash generation, the enlarged capital-return programme and its longer-term AI growth outlook.

However, a short-term share-price move should be separated from the longer-term financial implications of the buyback.

The more important factors to watch include Nvidia's actual repurchase activity, future free cash flow, revenue growth, margins and demand for AI infrastructure.

Nvidia’s Fiscal 2028 Buyback Plan

Nvidia expects to execute its remaining share repurchase authorization through fiscal 2028.

That gives the company considerable flexibility over when shares are purchased. A board authorisation does not require management to spend the entire amount immediately.

The timing of repurchases can matter because the number of shares Nvidia receives for a given amount of capital depends on its market price.

For example, the same $10 billion repurchase would retire more shares at a lower stock price than at a higher stock price. 

Consequently, the eventual effect on earnings per share will depend partly on the prices at which Nvidia executes the programme.

Investors should therefore monitor actual quarterly repurchases rather than treating the $235 billion figure as money that has already been spent.

What Investors Should Watch Next

The buyback is only one part of the Nvidia investment story. Several indicators could determine how meaningful the programme becomes.

Actual Share Repurchases

The first indicator is how quickly Nvidia converts the authorisation into actual purchases. Quarterly filings provide a clearer picture of the number of shares repurchased and the capital deployed.

Free Cash Flow

Nvidia needs strong cash generation to fund both its investment programme and shareholder returns. Sustained free cash flow would give the company greater flexibility to continue repurchases.

AI Revenue Growth

The company's fiscal 2028 growth expectations place continued AI demand at the centre of the outlook. Slower infrastructure spending could affect the cash available for capital returns.

Earnings Per Share

Investors can track whether declining share count contributes to EPS growth alongside the company's underlying earnings expansion.

Valuation

The benefit of repurchasing shares also depends on the price Nvidia pays. Buying shares at attractive valuations can potentially create greater per-share value than purchasing them at substantially higher valuations.

Is Nvidia’s $235 Billion Buyback Good for Shareholders?

The $235 billion authorisation provides Nvidia with a substantial mechanism for returning capital, but its eventual shareholder impact depends on execution.

Buybacks can increase earnings per share by reducing the number of shares outstanding. They can also provide companies with flexibility to return excess cash without committing to a permanently higher dividend.

However, the existence of a large authorisation does not guarantee that every authorised dollar will be spent, nor does it guarantee a particular share-price outcome.

For Nvidia, the central consideration remains the relationship between capital returns and the company's ability to continue generating strong cash flow from its AI business.

How Nvidia’s Buyback Compares With Apple’s 2024 Programme

The comparison with Apple is primarily about the size of the new authorisation increase.

Apple authorised $110 billion in additional share repurchases in 2024. Nvidia's $150 billion increase is $40 billion larger.

Nvidia's total remaining authorisation is now $235 billion, while the company's latest announcement concerns the additional $150 billion approved by its board.

This makes Nvidia's announcement notable not simply because of the headline $235 billion figure, but because the $150 billion increase itself exceeds Apple's previous $110 billion record.

What Could Determine NVDA’s Next Move?

The buyback may influence sentiment, but Nvidia's future share performance will ultimately remain connected to business fundamentals and broader market conditions.

The company's AI revenue trajectory is particularly important. Nvidia's latest outlook for approximately 70% fiscal 2028 revenue growth provides a major benchmark for future results.

Investors will also be watching free cash flow, gross margins, data-centre demand, product launches and the company's ability to maintain its position in accelerated computing.

The buyback can support per-share financial metrics when shares are actually repurchased, but it does not replace the need for Nvidia to continue growing its underlying business.

What Nvidia’s Record Buyback Signals

Nvidia's latest capital-return announcement represents a major expansion of its share repurchase programme. 

The company added $150 billion, taking its remaining authorisation to $235 billion through fiscal 2028 and surpassing Apple's $110 billion additional authorisation from 2024.

The announcement also highlights Nvidia's confidence in its ability to generate substantial cash while continuing to fund its AI business. 

The next important data points will be actual repurchase activity, free cash flow, revenue growth and progress towards the company's fiscal 2028 outlook.

For investors following NVDA, the $235 billion figure is therefore best viewed as substantial authorised capacity rather than cash that Nvidia has already deployed.

FAQ

How much is Nvidia’s new buyback authorization?

Nvidia authorised an additional $150 billion for share repurchases, increasing its remaining total authorisation to $235 billion.

Did Nvidia surpass Apple’s buyback record?

Yes. Nvidia's $150 billion increase is larger than Apple's $110 billion additional share repurchase authorization announced in 2024.

When will Nvidia execute the $235 billion buyback?

Nvidia expects to execute its remaining share repurchase authorization through fiscal 2028.

Does a buyback increase Nvidia’s share price?

A buyback can reduce the number of outstanding shares and potentially increase earnings per share, but it does not guarantee that the share price will rise.

Why is Nvidia buying back so many shares?

Nvidia has generated substantial cash from its AI-driven business and says its cash generation allows it to invest in technology while also returning capital to shareholders.

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