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Nvidia Boosts Stock Buyback Plan by Record $150 Billion

6 sources · updated 2026-09-28
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2 left · 0 center · 0 right

What happened

On Monday, Nvidia authorized a $150 billion increase to its share-repurchase program, bringing remaining authorized buybacks to $235 billion, which the company said it expects to complete through fiscal 2028. The increase surpassed Apple's $110 billion authorization in 2024 and was described as the largest share-repurchase authorization increase on record. The Santa Clara, California chipmaker, whose processors are widely used in artificial intelligence systems, has a market capitalization of more than $5 trillion; its shares rose roughly 2 percent after the announcement. CEO Jensen Huang said the company's cash generation gives it capacity both to invest in technologies that advance an AI platform shift and to return capital to shareholders. The increase came four months after Nvidia added $80 billion to the same program.
Sourcing check · Fully on the record · 8 articles

8 of 8 articles cite a named source for the story. It was on the record from the first report.

What these terms mean and how they're counted
On the record · names a source 8 of 8
On the record means the article cites a source by name for the story's main claim: a person, or an institution speaking officially, such as a company statement or a named agency's spokesperson. The opposite is an unnamed source. The count is how many of the counted articles cite at least one such source; the names are everyone named across them, each once however the articles spell it. Here: Nvidia, Jensen Huang and Karan Ramchandani
Primary evidence · cites a document or data 4 of 8
Primary evidence means the article cites a record you could check yourself: a court filing or ruling, a dataset or report, a recording or transcript, an official statement or press release, market data. A quote is not a document. The count is how many articles cite one. Here: company statement, market data, company announcement, stock data
Credits another outlet 0 of 8
The article says the story comes from another outlet's reporting (“first reported by Reuters”). Those articles relay the story; they are not independent confirmation. Here: Each article presents its own reporting.
Unnamed sources 0 of 8
The main claim is attributed to people who are not identified: “people familiar with the matter”, “officials said”. The count is how many articles do this.
How it developed
When the first report landed and whether it named anyone; when the first named source and the first document appeared. Here: First report Sep 28, 12:43 UTC by Business Insider, naming its source. First document 2 hours later, from CNBC (company statement).
Not counted 0
Opinion, analysis and video pieces, and articles too short to assess. Every count above is out of the counted articles. An article republished under a new headline is one article.
This is about who is cited, not whether the story is true. Each source below says what it names. How we count
Omitted — what each side leaves out

Unpacked

Left-leaning coverage never reports Nvidia's forward earnings multiple, so readers cannot apply the cheap-stock test those outlets themselves raise. Business Insider says buybacks "typically send a bullish signal" of undervaluation, then gives no earnings multiple. Right-leaning coverage supplies one: NY Post places the authorization against the stock's lowest valuation in more than a decade, which some analysts read as slowing profit-growth expectations. Right-leaning coverage sets Nvidia's record against a market-wide drop in buybacks. Left-leaning coverage does not mention that drop. NY Post notes overall repurchases fell by half from July into late September, even as Nvidia raised its ceiling. Business Insider compares the authorization only to Apple's prior high. Does the board think the shares are cheap, or is the $235 billion simply a multi-year cash-return ceiling?
Bottom line

Business Insider frames Nvidia's record buyback as a bullish bet the stock is cheap, then never prints a multiple. NY Post is where you learn the shares were at 16.5 times forward earnings, their lowest since 2015.

The receipts — 3 facts one side's coverage lacks
  • Nvidia shares traded at about 16.5 times 12-month forward earnings, the lowest multiple since January 2015 and below a 15-year average of 30 numberin NY Post · absent from left-leaning coverage
  • Nvidia held $99 billion in cash and other liquid investments as of July 26, up from about $63 billion six months earlier numberin Business Insider · absent from right-leaning coverage
  • Nvidia ended the July quarter with $22.44 billion in cash and cash equivalents numberin NY Post · absent from left-leaning coverage
The Left View
Left-leaning outlets framed the move as the biggest buyback in stock-market history by "the world's most valuable company," tying it to Nvidia's role in what Huang called "the largest infrastructure build-out in human history." Business Insider explained that repurchases reduce shares outstanding and "typically send a bullish signal," while quoting Warren Buffett's view that they "only make sense when a stock is trading at a discount to its intrinsic value." Those accounts also noted a recent dividend increase and about $99 billion in cash and liquid investments as of July 26, and they paired the news with Nvidia's same-day Open Agent Safety Platform launch amid "growing fears of an AI-triggered doomsday scenario."
The Right View
Right-leaning outlets presented the authorization as a confidence signal while the stock traded at about 16.5 times forward earnings — "their lowest multiple since January 2015" and well below a 15-year average of 30 — even as market-wide buybacks had fallen roughly 50 percent from July through late September. The New York Post cited an analyst saying Nvidia is "signaling confidence that demand for its hardware and services has staying power" even though "the AI buildout won't continue at its current pace forever," and noted that the $150 billion increase exceeds the market capitalization of about 84 percent of S&P 500 companies. The Daily Caller stressed already-rapid repurchases and record cash returned to shareholders, arguing buybacks "allow companies to return excess cash to shareholders without permanently committing to larger dividend payments," and highlighted soaring data-center revenue from "the global race to build AI infrastructure."
Our Take (balanced)
The left's strongest argument is that this is a historic return of capital by the central corporate winner of an unprecedented AI infrastructure boom — supported by Huang's build-out language, the $99 billion liquidity figure, and Business Insider's Buffett-conditioned account of when buybacks are a good use of cash. The right's strongest argument is that the company is buying its own shares at their lowest forward-earnings multiple in more than a decade, which, against an industry-wide buyback slump, frames the move as a value bet and a signal that demand "has staying power." The central unresolved tension is whether the record authorization mainly reflects a still-cheap, durable AI franchise or mainly recycles cash from a once-in-a-generation build-out whose growth rate — and the earnings assumptions behind even a compressed multiple — may not persist.

6 sources

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