Nvidia Expands Share Repurchase Program, Poised to Overtake Apple in Capital Returns

In late September, Nvidia announced a $150 billion addition to its share-repurchase plan, raising the total authorized buybacks to $235 billion. The move follows a similar, but smaller, $100 billion authorization by Apple that was disclosed on April 30. Nvidia’s latest quarter saw $19.7 billion spent on buybacks and $6 billion on dividends, compared with Apple’s $25.9 billion buyback spend and $4 billion dividend payout in its fiscal-2026 third quarter.

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The author of the source commentary argues that Nvidia is now on track to surpass Apple in total buybacks and dividend payments. While Apple remains the U.S. company with the largest historic buyback program, Nvidia’s capital-return pace is accelerating faster. Forward price-to-earnings (P/E) ratios also differ markedly: Nvidia trades around 24.6 times forward earnings, whereas Apple’s forward P/E sits near 38.3.

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Nvidia’s fiscal-2028 guidance projects a 70 % revenue increase, with margins expected to stay high due to demand for its Vera Rubin compute platform. The company reported returning 60 % of first-half fiscal-2027 free cash flow (FCF) to shareholders, exceeding its 50 % target. Over half of Nvidia’s FCF is already allocated to buybacks and dividends, and the firm plans to raise the dividend further after a 2,400 % increase earlier in the year.

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The commentary suggests that Nvidia’s aggressive capital-return strategy could boost earnings-per-share growth by reducing share count, making the stock appear more attractive on a value basis. However, the author also notes that Apple’s business is less dependent on AI-driven cycles and may appeal to risk-averse investors. Both companies are presented as solid buys, with Nvidia positioned as the more compelling value proposition under current market conditions.

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