By Sam Bourgi
Publication Date: 2026-09-29 11:30:00
Nvidia (NASDAQ: NVDA) has become the dominant supplier of advanced chips powering the AI boom since the launch of ChatGPT in 2022, but its once-explosive stock growth is slowing, just as the chipmaker prepares the largest share buyback in American history.
On Sept. 28, Nvidia announced its board approved another $150 billion in share repurchases, bringing its total buyback authorization to $235 billion. The new authorization alone eclipses the previous U.S. corporate record set by Apple in 2024, when the iPhone maker approved a $110 billion buyback.
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The massive repurchase comes as Nvidia looks to return more of its record profits to shareholders. The company reported nearly $59.7 billion in net income in its fiscal second quarter, up 126% from a year earlier. It returned roughly $26 billion to shareholders during the quarter through share repurchases and cash dividends, and it clearly has more to give.
But the record buyback arrives as Nvidia’s stock has lost considerable momentum. After soaring roughly 1,200% since ChatGPT kicked off the AI boom, Nvidia shares are up just 19% so far this year. That’s just modestly ahead of the S&P 500’s 13% gain and well behind the S&P 500 Information Technology Index, which has climbed more than 28% this year.
Why Nvidia stock has lost momentum
Nvidia remains at the center of the advanced chip industry, controlling more than 80% of the market for GPUs…
