**Nvidia’s Buyback Meets Cash Flow**

The board raised Nvidia’s buyback authorization by **$150 billion** to **$235 billion** on 28 September, with use expected by January 2028. That implies about **$15 billion a month**, versus average free cash flow of **$11.6 billion a month** in the six months to July.

The authorization is **permission, not spending**, and can be suspended. Nvidia bought **$19.7 billion** of stock last quarter, or about **$6.6 billion a month**. Cash flow fell from **$48.6 billion** in the first quarter to **$21.3 billion** in the second.

The CFO said Nvidia plans to return **50% or more** of free cash flow, versus **60% so far this year**. In July, it held **$56.6 billion** in cash and debt securities, plus **$42.8 billion** in listed stock stakes, and sold **$25 billion** of bonds in June.

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