Nvidia Authorizes Record $150 Billion Buyback Increase as AI Boom Fuels Growth

Nvidia's board on Monday, September 28, 2026, authorized an additional $150 billion for its share-repurchase program, the largest single buyback authorization increase on record and one that surpasses Apple's $110 billion approval in 2024, according to reporting carried by New York Post and CTV News. The increase lifts the chipmaker's remaining buyback capacity to $235 billion, which the company expects to execute through fiscal year 2028, a figure that represents remaining capacity rather than an immediate spending commitment. Nvidia shares rose more than 2% in morning trading after gaining 1.7% in premarket trading at disclosure, and the stock has added more than 20% this year through Friday's close, leaving the company's market capitalization above $5.5 trillion. CEO Jensen Huang said in a statement: "Our cash generation gives us the capacity to invest in the technologies that advance this transformation and return capital to shareholders."

What happened

The authorization is the headline event of the day's business coverage. Nvidia's board approved the $150 billion increase on Monday, September 28, 2026, topping the previous record of $110 billion that Apple's board approved in 2024. The company's total remaining repurchase capacity now stands at $235 billion, with execution planned through fiscal 2028.

The announcement arrived alongside a set of figures that frame the company's financial position. Nvidia ended the July quarter with $22.44 billion in cash and cash equivalents. In May 2026, the company had announced an $80 billion buyback, meaning the new authorization more than doubles that prior increase. Last month, Nvidia forecast roughly 70% revenue growth for fiscal 2028, a projection the company used to reassure investors who have been questioning how long the AI spending surge can last.

The market reaction was measured but positive. Shares climbed 1.7% in premarket trading when the news was disclosed and extended gains to more than 2% in morning trading. The stock is up more than 20% year to date through Friday's close, and the company's market cap exceeds $5.5 trillion.

Why it matters

The size of the authorization is the first reason the move draws attention. At $150 billion, the increase alone exceeds the market capitalization of about 84% of S&P 500 constituents, according to LSEG data cited in the New York Post report. A single company's capital-return program now dwarfs the entire value of most publicly listed American firms.

The second reason is what the buyback signals about valuation. Nvidia trades at roughly 16.5 times 12-month forward earnings, its lowest multiple since January 2015 and well below its 15-year average of 30, per LSEG data. Some analysts read that compressed multiple as a sign that profit-growth expectations are slowing even as the company posts extraordinary results. A record buyback at a depressed multiple is one way a board can signal that it views the discount as unwarranted.

The third reason is timing. The announcement lands amid a broad buyback slowdown: overall stock repurchases fell roughly 50% from July through September 23. Against that backdrop, Nvidia is moving in the opposite direction of the wider market, committing to return capital at a moment when most issuers are pulling back.

Analyst commentary captured the interpretive stakes. Jacob Bourne, analyst at Emarketer, said: "The AI buildout won't continue at its current pace forever, but Nvidia is signaling confidence that demand for its hardware and services has staying power." He added that "its cash generation is currently strong enough that it believes it can continue investing heavily in the business while also returning capital to shareholders."

How it is being covered

The story is the most-carried business story of the day, carried by 85 sources, of which 36 are rated by ground.news. The political split is 22% left, 47% centre and 31% right, and factuality ratings are high, with 26 of 36 rated sources scoring high or very high, 9 mixed and 1 very low, per ground.news. Ground.news flags no blindspot: the story is carried across the spectrum, with no notable angle absent from one side of the coverage map.

What to watch

Several data points will shape how the authorization is read in the weeks ahead. The first is the pace of actual repurchases: the $235 billion is capacity, not a schedule, and the market will watch how quickly Nvidia draws on it through fiscal 2028. The second is the forward multiple: whether the 16.5 times forward earnings multiple, the lowest since January 2015 against a 15-year average of 30, re-rates or compresses further as fiscal 2028 results approach. The third is the company's own forecast of roughly 70% revenue growth for fiscal 2028, which underpins the cash generation the buyback relies on. The fourth is the broader buyback market: whether Nvidia's move marks a turn in the roughly 50% slowdown recorded from July through September 23, or stands as an outlier while other issuers continue to retrench. Any update to the company's cash position beyond the $22.44 billion reported at the end of the July quarter will also bear on the program's funding.

By the numbers

Source snapshot