By Patrick Sanders
Publication Date: 2026-08-15 15:45:00
A photo of CEO Jensen Huang in front of the Nvidia logo by FotoField via Shutterstock
One often overlooked chapter in the dramatic rise of Nvidia Corporation (NVDA) is cash flow and what Jensen Huang’s company is doing with it.
In fiscal 2023 (ending February 2023), Nvidia recorded only $3.8 billion in free cash flow. But as its graphics processing units became must-have chips for companies that were starting to build out artificial intelligence infrastructure, Nvidia’s profits and cash flow exploded upward.
According to Macrotrends, the following chart represents NVDA’s FCF movements:
| Nvidia’s Fiscal Year | Free Cash Flow | Percentage Increase |
| 2024 | $27.02 billion | 609.6% |
| 2025 | $60.85 billion | 125.2% |
| 2026 | $96.67 billion | 58.8% |
Now the largest publicly traded company in the world by market capitalization, Nvidia is looking for smart ways to spend that cash pile. For instance, it has committed at least $6.5 billion in companies developing photonics technology, including $2 billion each for Lumintum (LITE), Coherent Corporation (COHR), and Marvell Technology (MRVL), and $500 million for Corning (GLW).
Also, it reportedly plans to invest up to $3 billion in privately held Lancium, which is an energy/data center infrastructure company backed by Blackstone (BX) that is seeking to go public as early as next year.
Nvidia is making an initial $2 billion investment in exchange for a 20% stake, and then could add another $1 billion if the company meets specific…
