NVDA strikes again
The world's largest company just added $150 billion to its buyback program, the biggest single increase on record.
Nvidia ticked higher after announcing its share-repurchase program Monday, lifting total authorization to $235 million through fiscal 2028.
That jump is bigger than any full buyback program Apple, Microsoft, Meta or Alphabet has ever initiated.
Apple had previously announced a $110 billion increase in 2024, but Nvidia’s news beats that by about the equivalent value of Ford’s entire market cap.
Now, this isn’t Nvidia’s first expansion.
It executed about $10 billion in buybacks in fiscal 2023, then authorized a $25 billion increase later that year.
Then, by August 2024, its board approved a $50 billion increase.
“Our cash generation gives us the capacity to invest in the technologies that advance this transformation and return capital to shareholders,” CEO Jensen Huang said in a statement Monday.
“This authorization reflects our confidence in the long-term opportunity ahead.”
One way to read the relatively modest 1.4% move in the stock is that the market largely recognizes Nvidia’s cash-generating capacity and its commitment to shareholders.
Added buybacks, even at record volumes, come across as more confirmation than surprise.
Nvidia’s market cap now hovers near $5.5 trillion, comfortably ahead of Apple’s $4.9 trillion.
Elsewhere
📊 Nearly half the stocks in the S&P 500 are trading at cross purposes with the index. Fresh breadth data shows about half of the benchmark's components down year to date even as the top-heavy index sits near its record, a divergence that echoes narrow-market warnings from 2000. (CNBC)
🤖 Anthropic launched a new model for Claude. Sonnet 5.5 runs roughly 30% faster than the prior generation and is positioned as an enterprise-grade coding and reasoning tool, arriving weeks after rival OpenAI paused training on its models over safety concerns. (CNBC)
🎯 President Trump unveiled a $15 billion Iowa steel plant. The White House called it the largest in US history, reflecting new industrial-policy commitments and the push for bringing manufacturing onshore ahead of the midterms. (CNBC)
📉 MongoDB stock fell 17% after CEO CJ Desai abruptly left for a role at Meta. The exit came the day before MongoDB's investor day and founder Dev Ittycheria returned as interim chief while the board searches for a permanent replacement. (CNBC)
Rapid-fire
President Trump softened his tone on a full diesel export ban (Yahoo Finance)
The Senate advanced a bipartisan college sports bill regulating NIL deals (CNBC)
Moody's Mark Zandi said higher interest rates are already damaging the economy and could trigger corporate bankruptcies (Yahoo Finance)
Physical-AI chip startup SiMa closed a $150 million Series C led by Fidelity at a $1.45 billion valuation (TechCrunch)
Fed Governor Cook warned the AI buildout and oil prices can keep pushing inflation higher (Yahoo Finance)
Why stocks are ignoring bonds surging to a 19-year high (Opening Bell Daily)
SpaceX Starship reached Earth orbit for the first time and deployed 26 Starlink V3 satellites (Yahoo Finance)
On this day
🗓 September 29, 2008: The Dow fell 777.68 points, its largest single-day point drop at that time, after the House rejected the first $700 billion TARP bailout by a vote of 228 to 205.
Last thing
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