Nvidia spent 9x more on buybacks than capex: $39.8B vs $4.4B in six months
julsimon · x · 2026-09-30
From Nvidia's latest 10-Q: in the six months to July 26, the company generated $74.4B in operating cash flow, spent $39.8B buying back its own shares, and only $4.4B on property, equipment, and intangibles. On Sept 28, the board added $150B to the buyback, bringing total authorization to $235B.
The observation: the company selling the AI buildout is spending 9x as much on its own shares as on its own capital spending.
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