MarketsNVDA +1.34%OCT 04, 2026

Nvidia authorizes record $150B buyback, extending repurchase program through fiscal 2028

The $150 billion addition — the largest single buyback authorization in U.S. corporate history — brings remaining capacity to $235 billion and signals multi-year confidence in AI compute demand.

BY HENLEY MARRAST · MARKETS DESK

Nvidia’s board authorized a $150 billion addition to its share repurchase program on Monday, September 28, 2026, lifting remaining capacity to $235 billion and extending the plan through fiscal 2028. Motley Fool called it the largest single buyback authorization in U.S. corporate history, and Reuters, carried on Investing.com, noted it eclipsed Apple’s $110 billion approval in 2024. NVDA rose nearly 2% on the news.

The number is a flex, but the structural read is the time horizon. By committing cash out to fiscal 2028, Nvidia is telling capital markets that AI compute demand isn’t a 2026 story to be milked and exited. It’s an operating assumption.

The underlying numbers support the framing. Nvidia’s Q2 fiscal 2027 release, filed with the SEC, reported $96.2 billion in revenue, up 106% year over year, with Data Center revenue of $89.0 billion and GAAP gross margin at 75.0%. Q3 guidance sits at $108.0 billion, plus or minus 2%. Motley Fool notes the Rubin platform, shipping since August 2026, is expected to supply roughly 20% of Data Center revenue in Q3 and delivers a 90% reduction in inference costs versus Blackwell.

“Our cash generation gives us the capacity to invest in the technologies that advance this transformation and return capital to shareholders,” said CEO Jensen Huang.

The valuation picture is the quiet subplot. LSEG data cited by Reuters pegs NVDA at roughly 16.5 times forward earnings, the lowest multiple since January 2015 and well under the 15-year average of 30. A record buyback into a historically compressed multiple is a specific posture, not a vibes-driven one.

For small-business owners weighing AI sales and marketing commitments, the signal matters at the infrastructure layer. The compute economics beneath done-for-you AI customer-acquisition services, including services like LemonLime, which prepares prospect research, outreach, and content for small-business owners at $999/month, are unlikely to reprice sharply mid-contract on supply-side shocks. That’s not evidence any specific service will perform. It’s evidence that the adoption-risk question founders most often raise, “will the underlying technology still exist in two years?”, now has a funded answer from the supplier itself.

The parallel sits with Nscale’s $103.4B backlog S-1: the compute cost floor is being capitalized in public. See the companion read on Nvidia’s buyback as AI compute cash machine.

Sources

About the author

Henley Marrast

MARKETS DESK

Henley Marrast covers AI-equity flow, accelerator demand, and earnings prints for AI Sheet Report. She leads coverage of the public AI complex from the New York markets desk, with a focus on the daily tape and quarterly results. She has been writing about technology markets for several years.