❯ Nvidia adds $150 billion to its buyback authorization, taking it to $235 billion in the largest single increase ever

$150 billion moreAccording to Nvidia’s announcement, its board authorized an additional $150 billion under the existing repurchase program, lifting the remaining authorization to $235 billion, to be completed through fiscal 2028. Bloomberg notes the stock is up about 20% this year; the increase exceeds Apple’s $110 billion authorization in 2024.

Where the cash comes fromJensen Huang said in the announcement that cash generation lets the company invest in the technologies driving the shift while returning capital to shareholders. Spread over the six remaining quarters, that averages about $39 billion of repurchases a quarter.

The other side of the same daySet against the day’s other news, Anthropic’s prospectus disclosed about $518 billion of compute commitments and a loss far larger than its revenue. The chip supplier is busy handing cash back to shareholders while its buyers raise money through financing and listings, two ends of the money chain behind AI demand. The buyback itself does not show that demand will last; it shows Nvidia has plenty of cash and its management thinks returning it is worthwhile.

▪ SIGNALThe shovel seller has so much cash it needs a buyback order of over $200 billion, while the shovel buyers are still writing prospectuses for their next round.