$150bn added to the buyback, taking total authorisation to around $235bn
The market had pencilled in around $165bn through FY28
Shares react well in a negative market
Matt Britzman, senior equity analyst, Hargreaves Lansdown:
"The buyback era at Nvidia just shifted up a gear. Adding $150bn on top of the existing authorisation takes firepower to around $235bn, with expectations to return that over the next 6 quarters. That’s well ahead of the roughly $165bn the market had pencilled in over the same period. We've said for a while that cash flow is becoming the real flex here. With free cash flow heading toward $200bn this financial year, Nvidia can keep investing heavily in its lead across chips, networking, software and full data centre systems while still handing a huge amount back to shareholders. The positive share price reaction in an otherwise down market suggests investors are starting to get the message.
The valuation has become more attractive as earnings growth has raced ahead, but we've never needed a re-rating to make the case for Nvidia. Raw earnings power at this scale can't be ignored for long, and a buyback this size turns that power into something shareholders can see directly. A re-rating would be a welcome bonus, but the investment case doesn't depend on one."
The author holds shares in Nvidia.
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