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Nvidia sets biggest-ever buyback plan as AI chip competition weighs on stock performance
2026 年 9 月 29 日 · 星期二本期：股东回报 · 股票回购与估值倍数
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Nvidia raised its share buyback authorization by a record $150 billion, lifting its remaining repurchase capacity to $235 billion. The stock trades at 16.5 times forward earnings, its lowest since 2015 — so the cash is going back to shareholders.
Nvidiasets biggest-ever buyback planas AI chip competition weighs on stock performance
英伟达启动史上规模最大的回购计划，因为 AI 芯片竞争正拖累它的股价表现
PARA 01
Nvidiaboosted its share buyback authorization by a record US$150 billion1eclipsing Apple’s US$110 billion approval in 2024making a big bet on its own stockas intensifying AI-chip competition weighs on its performance relative to peers
英伟达把股票回购授权追加了创纪录的 1500 亿美元，超过苹果 2024 年 1100 亿美元的授权，等于对自家股票下了一大注，因为日益激烈的 AI 芯片竞争正拖累它相对同行的表现
Photo: an add-in graphics card of the kind Nvidia sells into the AI build-out. Those sales are what fund the record buyback.配图（示意图）：一张独立显卡 —— 英伟达正是靠这类产品吃到 AI 建设浪潮，也才有钱创下这次回购纪录。Unsplash royalty-free stock photo, not the original article's artwork; for illustration only.
PARA 02
Shares of Santa Clara, California-based Nvidiarosemore than 2 per cent
总部在加州圣克拉拉的英伟达股价上涨逾 2%
PARA 03
Through Fridaythe stockwas up just over 20 per cent this yearbroadly in line with the Nasdaq 100but trailing AMD, which has more than doubled, and Intel, which has more than tripled
Chart 1 | Nvidia is up about 20 per cent this year — in line with the Nasdaq 100, but far behind AMD and Intel.Basis: Reuters, close on 25 Sep 2026 (last Friday). The article says AMD 'more than doubled' and Intel 'more than tripled'; the chart shows over 100% and over 200%. The colours separate names only and do not show gains or losses.
PARA 04
Technology companiesare racing to build AI infrastructurebut investorsare questioningwhether the massive spending boom that propelled Nvidia to become the world’s most valuable company can be sustained
科技公司正在竞相建设 AI 基础设施，但投资者在质疑：那场把英伟达推上全球市值第一的巨额支出狂潮还能不能持续
PARA 05
With strong demand for its pricey processors generating billions in cashNvidiais using part of the windfall to boost its remaining buyback capacity to US$235 billion2which it expects to deploy through fiscal 20283
“The AI buildout won’t continue at its current pace forever, but Nvidia is signaling confidence that demand for its hardware and services has staying power,”saidJacob Bournean analyst at Emarketer
Its cash generationis currently strong enoughthat it believes it can continue investing heavily in the businesswhile also returning capital to shareholders4he added
它的现金创造能力目前足够强，让它相信自己可以在业务上继续大举投入，同时又把资本返还给股东，他补充说
PARA 08
Nvidia shareswere trading at about 16.5 times 12-month forward earnings5their lowest multiple since January 2015 and well below the 15-year average of 306according to LSEG datawhich some analysts see as a sign of slowing profit-growth expectations
Chart 2 | At about 16.5 times forward earnings, Nvidia is cheaper than at any point since January 2015.Basis: LSEG data cited by Reuters (28 Sep 2026). '12-month forward earnings' is the consensus forecast of earnings per share over the next 12 months; the lower the multiple, the less the market pays per unit of expected profit.
PARA 09
Ben Barringerhead of technology research at Quilter Cheviotsaidthe buyback echoes Apple’s playbook of using repurchases to support its stockas growth slows and valuation multiples come under pressure7
Stock buybacksfell about 50 per cent between July and September 23as companies turned more cautious amid heavy investment needspartly driven by the AI boom fueling Nvidia’s growth, and economic uncertainty
股票回购总额在 7 月至 9 月 23 日之间下降了约 50%，因为企业在沉重的投资需求下变得更谨慎，这部分是 AI 热潮（它推动着英伟达的增长）与经济不确定性造成的
Photo: trading desks turned cautious. US buybacks fell about 50 per cent between July and September 23.配图（示意图）：交易台转向谨慎 —— 7 月至 9 月 23 日，美国股票回购总额下降约 50%。Unsplash royalty-free stock photo, not the original article's artwork; for illustration only.
PARA 11
“Our cash generation gives us the capacity to invest in the technologies that advance this transformation and return capital to shareholders,”CEO Jensen Huangsaid in a statement
Last monthNvidiaforecast about 70 per cent revenue growth for fiscal 2028reassuring investors who have questioned how long the AI spending surge can last after years of explosive growth
上个月，英伟达预测 2028 财年营收将增长约 70%，这让那些在多年爆发式增长之后怀疑 AI 支出狂潮还能持续多久的投资者安了心
PARA 14
Monday’s US$150 billion buyback increaseexceedsthe market capitalization of about 84 per cent of the S&P 500 constituents8according to data compiled by LSEG
Photo: the $150 billion increase alone is larger than the market value of about 84 per cent of the S&P 500.配图（示意图）：光是这 1500 亿美元的增量，就超过标普 500 中约 84% 公司的总市值。Unsplash royalty-free stock photo, not the original article's artwork; for illustration only.
PARA 15
Nvidiaended the July quarterwith US$22.44 billion in cash and cash equivalents9
英伟达在 7 月结束的那个季度末持有 224.4 亿美元现金及现金等价物
PARA 16
Itlast announcedan US$80 billion share buybackin May
A share buyback (also called a share repurchase) is a company using its own cash to buy its own shares back from the market. Those shares are then cancelled, so the same profit is split among fewer shares.
Why it matters here ▸ Nvidia just added $150bn to its buyback authorization — money it plans to spend buying back its own stock over the next few years.
Extended note: A buyback authorization is a permission, not a promise. Boards prefer it to dividends because it is flexible: a repurchase programme can quietly slow down, while a dividend cut is read as bad news. Watch the cash actually spent each quarter, not the size of the authorization.
2windfall/ˈwɪndfɔːl/点击看中文解释 ↓
A windfall is a sudden, unexpected amount of money — a gain nobody planned for.
Why it matters here ▸ Reuters calls Nvidia’s cash from selling AI processors a “windfall”, and says part of it is going into the buyback.
「意外之财、天降之利」：一笔没预料到、突然到手的大钱。这里指英伟达靠卖 AI 处理器滚滚而来的现金。
Extended note: Windfalls are normally treated as non-recurring, so analysts strip them out. A company valued on a windfall looks cheaper than it really is.
3fiscal year/ˈfɪskl jɪə/点击看中文解释 ↓
A fiscal year is a company’s own 12-month accounting year. It does not have to start in January.
Why it matters here ▸ Nvidia says it will spend the $235bn “through fiscal 2028”. Nvidia’s fiscal year ends in late January, so that is roughly the start of calendar 2028.
Extended note: Fiscal years are why a company’s “Q2 FY2027” can fall in calendar 2026. Convert to calendar dates before comparing two companies’ results.
4capital/ˈkæpɪtl/点击看中文解释 ↓
In finance, capital is money that has been put to work — the cash shareholders have invested in a business, or the cash that business hands back to them.
Why it matters here ▸ Huang says Nvidia’s cash lets it both invest in technology and “return capital to shareholders”. The buyback is that second half.
「资本」：投入到生意里的钱。在「return capital to shareholders（向股东返还资本）」这个固定说法里，指公司把赚到的现金交还给股东 —— 方式就是分红和回购。
Extended note: Capital allocation is the one question to ask about any cash-rich company: reinvest, or return? Doing both at scale is a claim that you have more cash than you can productively spend.
5forward earnings/ˈfɔːwəd ˈɜːnɪŋz/点击看中文解释 ↓
Forward earnings are the profits analysts expect a company to make over the next 12 months. They are a forecast, not history.
Why it matters here ▸ Nvidia trades at about 16.5 times 12-month forward earnings — the 16.5 comes from dividing today’s share price by that forecast.
Extended note: A low forward multiple is only good news if the forecast holds. The gap between trailing and forward multiples is where most valuation arguments live.
6multiple/ˈmʌltɪpl/点击看中文解释 ↓
A multiple is how many times one number goes into another. In investing it usually means how many times earnings you are paying for a share; a lower multiple means a cheaper valuation.
Why it matters here ▸ Reuters says 16.5 times is Nvidia’s “lowest multiple since January 2015”, well below its 15-year average of 30.
Extended note: Multiple compression can sink a stock even when profits keep rising. That is why “cheap” and “safe” are not the same thing.
7valuation/ˌvæljuˈeɪʃn/点击看中文解释 ↓
Valuation is what something is judged to be worth. For a listed company that usually means market value (price times shares), or a multiple of profits.
Why it matters here ▸ Barringer says the buyback follows Apple’s playbook of supporting the stock “as growth slows and valuation multiples come under pressure”.
Market capitalization (market cap) is a company’s share price multiplied by its number of shares — the total value the market puts on the whole company.
Why it matters here ▸ Reuters notes the $150bn increase alone is bigger than the market cap of about 84 per cent of the 500 companies in the S&P 500.
Extended note: Market cap is a price tag, not a price paid. Enterprise value adjusts it for debt and cash, so it compares companies more fairly.
9cash and cash equivalents/kæʃ ænd kæʃ ɪˈkwɪvələnts/点击看中文解释 ↓
Cash and cash equivalents are the money a company can spend right away: bank balances plus short-term investments that can be turned into cash within about three months.
Why it matters here ▸ Nvidia ended the July quarter with US$22.44bn of it — far less than the $235bn authorization, so the buyback has to be funded out of future cash flow.
Extended note: Authorization is the ceiling; cash on hand sets the floor of what is actually possible. Track reported repurchase spending each quarter.
读后测验 · Check Your Understanding
3 道题。点选项立即判分；解析需要单独点开。
Q1How much did Nvidia add to its share buyback authorization, and what does the total remaining capacity become?
正确答案：B
原文第 1 段与第 5 段各给了一半答案：Nvidia boosted its share buyback authorization by a record US$150 billion、boost its remaining buyback capacity to US$235 billion。A 项把「5 月宣布的 800 亿」和「季末剩余的 990 亿」拼在一起（见末段 It last announced an US$80 billion share buyback in May）；C 项把 1100 亿错安给英伟达 —— 那是苹果 2024 年的授权（eclipsing Apple's US$110 billion approval in 2024）；D 项把两个数字对调。 Nvidia boosted its share buyback authorization by a record US$150 billion, eclipsing Apple's US$110 billion approval in 2024.Only one option keeps this announcement's two numbers in the right order. A mixes up the May $80bn authorization with the quarter-end $99bn figure; C hands Apple's $110bn record to Nvidia; D simply swaps the two figures.
Q2Why is the timing of Nvidia's record buyback notable in the wider market?
正确答案：C
第 10 段正是本文最关键的对照：Stock buybacks fell about 50 per cent between July and September 23 as companies turned more cautious amid heavy investment needs —— 全市场在收缩，英伟达却创纪录加码，反差本身构成新闻。A 项错：末段写明它在 5 月才刚宣布过 800 亿的回购。B 项错：公司仍在按季分红（每股 0.25 美元），文中从未提及取消分红。D 项错：这次比苹果的 1100 亿更大，而且股价当天上涨逾 2%。 Stock buybacks fell about 50 per cent between July and September 23 as companies turned more cautious amid heavy investment needs.The contrast is the story: the market retreats, Nvidia doubles down. A ignores the May $80bn authorization; B invents a dividend cut; D reverses the comparison and contradicts the 2 per cent share gain.
Q3What does the article suggest the buyback mainly signals?
正确答案：D
第 6 段分析师的引语说得最直白：The AI buildout won't continue at its current pace forever, but Nvidia is signaling confidence that demand for its hardware and services has staying power；第 11 段黄仁勋的表述也是「既能投资技术、又能返还资本」。A 项与引语前半句直接冲突（分析师明确否定了「这一速度会永远持续」）；B 项与黄仁勋 continuing to invest in the technologies 的说法相反；C 项与 16.5 倍（低于 15 年平均 30 倍）相反。 The AI buildout won't continue at its current pace forever, but Nvidia is signaling confidence that demand for its hardware and services has staying power.A contradicts the first half of the very quote it relies on; B reverses Huang's point about continuing to invest; C ignores that 16.5 times is below, not above, the 15-year average.
