Good morning, investors. Anthropic’s financials leaked and fittingly went viral on socials last night. Among the details:

More reporting will emerge in the coming days on this. For now, let’s turn back to Nvidia.

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. 

We talk about the AI race all the time in this newsletter, and everyone has a different take on whether OpenAI, Anthropic, Google, Meta or even SpaceXAI is in the lead. 

Whatever your favorite AI Lab is, there is a way to invest in it through Harbor Capital Advisors’ AI LabsEcosystem ETF Suite. 

These ETFs allow you to invest in the ecosystem behind the AI Lab you believe in most.

Search Harbor AI Labs ETFs wherever you invest, or follow HarborCapital on X to learn more.*

📊 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)

🗓 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.

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*Visit harborcapital.com for a prospectus containing investment objectives, risks, fees, expenses and other important information. Read and consider it carefully before investing. Risks include principal loss and artificial intelligence-related risks. Harbor ETFs are distributed by Foreside Fund Services, LLC.

Harbor is not affiliated with Opening Bell Media, and the funds are not affiliated with, sponsored by, or endorsed by any AI lab.