By Phil Rosen
Publication Date: 2026-09-29 09:51:00
Good morning, investors. Anthropic’s financials leaked and fittingly went viral on socials last night. Among the details:
Targeting $2 trillion valuation for its IPO
It lost $42 billion in 2025
It spent $7.3 billion on compute in 2025
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…
