Nvidia bets $150 billion on AI buildout and buybacks

Nvidia's move stands out because other big tech companies have faced a trade-off between buying back stock and spending on AI. Alphabet, which bought back $45 billion of its own stock in 2025, has bought back none this year as it pours cash into AI projects and sells new shares to pay for them. Nvidia is betting it can do both, according to Huang's statement that cash generation gives it the capacity to invest in AI technologies and return capital to shareholders. The company's role has expanded beyond making chips: it now finances customers of its chips and guarantees data center leases for unprofitable labs, making it the financial linchpin of the AI economy. That position means the buyback is not just a shareholder reward but a signal about how much cash Nvidia expects to generate while supporting the broader AI buildout. The outcome hinges on whether that cash generation continues at a pace that can cover both the investments and the buyback, and on whether Nvidia's customers and partners remain able to absorb the financing it provides.