Nvidia has found another use for the mountain of cash generated by the AI boom: buying back more of its own stock.
The chipmaker announced Monday that its board authorized an additional $150 billion for share repurchases, increasing the amount remaining under its buyback program to $235 billion. Nvidia called it the largest share-repurchase authorization increase in history and said it expects to execute the remaining program through fiscal 2028.
The number is enormous even by Big Tech standards. But beyond its potential impact on shareholders, the authorization offers another measure of the financial firepower the AI infrastructure boom has given Nvidia.
Nvidia adds $150 billion to its buyback program
Nvidia announced the new authorization on Sept. 28, saying its board approved another $150 billion under the company’s existing share-repurchase program.
That does not mean Nvidia is immediately spending $150 billion on its stock. A buyback authorization gives the company permission to purchase shares over time. Nvidia said it expects to execute its total remaining $235 billion program through fiscal 2028, although the pace and ultimate amount of repurchases can depend on market conditions and other factors.
The new increase surpasses the $110 billion buyback authorization Apple announced in 2024, according to Dow Jones.
Nvidia CEO Jensen Huang tied the decision to the company’s booming AI business, saying Nvidia’s cash generation gives it the capacity to both invest in the technologies behind the AI and accelerated-computing shift and to return capital to shareholders.
The latest move comes only months after Nvidia’s board approved an additional $80 billion for share repurchases in May.
Nvidia is already spending billions buying back shares
Nvidia was hardly sitting on its previous authorization.
During the first half of fiscal 2027, the company repurchased approximately 203 million shares for $39.8 billion, according to its latest quarterly filing. That included roughly 94 million shares purchased for $19.7 billion during the second quarter alone.
As of July 26, Nvidia reported $56.6 billion in cash, cash equivalents, and marketable debt securities, along with another $42.8 billion in marketable equity securities. Those resources are only part of the picture. Nvidia’s underlying business continues to generate enormous amounts of revenue as spending on AI infrastructure expands.
The company reported $96.2 billion in revenue for its second quarter of fiscal 2027, up 106% from a year earlier. Combined with its $81.6 billion first quarter, Nvidia generated approximately $177.8 billion in revenue during the first half of the fiscal year.
TechRepublic previously reported that Nvidia also raised $25 billion through a bond sale in June after investor demand for the offering reportedly reached $85 billion.
Together, those figures show a company with several financial levers at its disposal: substantial cash generation, access to debt markets, and an increasingly large capital-return program.
AI infrastructure is powering Nvidia’s financial growth
The same trend fueling Nvidia’s buybacks is also driving its core business: massive demand for AI computing infrastructure.
Data Center revenue reached $89 billion in Nvidia’s second quarter of fiscal 2027, up 117% from the same period a year earlier. Nvidia’s overall quarterly revenue rose 106% year over year to $96.2 billion.
The company is also preparing for the next stage of that infrastructure buildout.
At GTC this year, Huang said Nvidia now has at least $1 trillion in visibility through 2027 for Blackwell and Rubin, reflecting the scale of planned AI infrastructure spending. TechRepublic’s GTC 2026 coverage detailed Nvidia’s push beyond individual GPUs into integrated AI infrastructure spanning processors, networking, software, and rack-scale systems.
More recently, Huang said Nvidia could sell twice as many chips next year if suppliers can keep up with demand. Memory, manufacturing, and advanced packaging capacity remain potential constraints.
That makes the buyback notable for another reason: Nvidia is preparing to return enormous sums to shareholders while simultaneously ramping up its next-generation AI hardware and infrastructure.
More must-read AI coverage
- SS&C Intralinks DealCentre AI vs. Datasite: Which platform is built for the future of dealmaking?
- SS&C Intralinks FundCentre AI vs. Juniper Square: Which platform better supports modern private markets fund managers?
- Why Data, Not Models, Determines AI Success
- The Rise of the AI-Native Factory: How Physical AI Is Transforming Manufacturing
A $235 billion authorization does not mean Nvidia will spend it all
The $235 billion remaining authorization should not be confused with a guaranteed $235 billion expenditure.
Nvidia’s SEC filings state that repurchases may occur in the open market, through privately negotiated transactions, under trading plans, or through structured repurchase agreements. The company can also suspend its repurchase program at its discretion.
Actual purchases can therefore depend on market conditions, operating requirements, and other investment opportunities.
Buybacks can reduce the number of shares outstanding and potentially increase earnings per share, all else being equal. But repurchasing stock does not directly increase Nvidia’s revenue, improve its GPUs, or expand production capacity.
The more revealing question may be what Nvidia believes it can afford.
The company is simultaneously scaling Vera Rubin production, expanding its networking and software platforms, supporting large AI infrastructure deployments, and returning significant amounts of capital to shareholders. Nvidia said in August that Vera Rubin was in full production.
Why Nvidia’s $150 billion move matters beyond Wall Street
For most TechRepublic readers, the immediate question is not whether Nvidia’s stock rises after the announcement. It is what the buyback says about the company sitting at the center of so many AI infrastructure plans.
Nvidia’s ability to authorize an additional $150 billion in repurchases while continuing to invest in GPUs, networking, software, and AI systems illustrates the financial scale that the AI infrastructure boom has created for the company.
That matters to organizations planning AI investments because Nvidia’s financial position gives it room to fund long product roadmaps, supply commitments, software development, and ecosystem investments while also returning enormous amounts of capital to shareholders.
It does not eliminate the risks facing Nvidia or its customers. AI spending could slow, competitors are developing alternatives, supply constraints can affect availability, and companies building around Nvidia hardware still need to consider costs and vendor concentration.
But the size of this authorization puts Nvidia’s position into unusually concrete terms. The AI infrastructure race is expensive. Right now, Nvidia is generating enough business to keep investing in that race while maintaining authorization to repurchase up to $235 billion of its stock.
Related reading: Nvidia’s Vera Rubin NVL72 platform promises up to 30x more agentic AI throughput, highlighting the infrastructure investments running alongside the company’s massive capital-return program.