Nvidia Says It Could Buy Back $235 Billion of Its Own Stock
NVIDIA's board said it can buy back up to $235 billion of its own stock. That includes $150 billion in new room approved on Sept. 28, 2026. Nvidia A buyback means the company buys its own shares back from investors.
That $235 billion is a limit, not money already paid. Think of it like a higher spending limit on a card. You can spend up to that amount, but you have not spent it yet. NVIDIA says it plans to use that room through fiscal 2028. Reuters Reuters called the $235 billion plan the biggest-ever buyback plan.
Permission is not the same as payment. For scale, NVIDIA paid $15.4 billion to shareholders in buybacks and cash dividends in the first half of fiscal 2025. Nvidia
This came while big tech firms faced big bills on two fronts. As of early September 2026, finance chiefs were spending record amounts on buybacks even with heavy AI spending. Bloomberg For companies as a whole, buybacks had not stopped.
But the biggest AI spenders did not act the same. Among Alphabet, Microsoft and Meta, only Microsoft bought back shares in the first quarter, according to Bloomberg reporting in June 2026. Bloomberg In earlier reporting in February 2026, Alphabet and Microsoft spent roughly $11 billion on buybacks while Amazon and Meta bought back none. Bloomberg
Stock moves around AI building costs have been sensitive to company forecasts. Meta shares slid after the company raised its yearly spending plan to build AI models. On Sept. 25, 2026, Meta shares fell 3.3% while Wall Street ended higher, lifted by Microsoft and other AI-related technology stocks. Reuters
The broader context here is choices about cash. A plan that runs through fiscal 2028 lets NVIDIA pick when to buy. It can cancel out new shares given to workers, keep the share count steady for profit-per-share math, and buy more if prices fall, without promising a set amount each quarter. What matters is not just the limit, but cash actually spent, alongside building costs and dividends.
In my view, NVIDIA looks different from some rivals. Amazon and Meta held off entirely in the February period, and only Microsoft stayed active in the first quarter, yet NVIDIA added room at a record dollar size. That raises two plain questions: can cash from the business pay for both AI building and payouts, and will buybacks just offset worker shares or truly shrink the share count. The answers affect price ratios, payout math, and how much cushion is left if heavy spending lasts.
