Nvidia’s $235 Billion Buyback Authorization Faces CEO Review

By Nathan Brooks

Nvidia’s board had authorized $235 billion in share repurchases through fiscal 2028 when it opened an independent review of CEO Jensen Huang on November 8, 2026. The review explains only part of the slide: shares had already fallen almost 20% over the prior month amid a broader AI selloff, CBS News reported.

On November 9 at 9:45 a.m. ET, Nvidia traded at $175.90, down 5.76% from Friday’s $186.64 close. A delayed quote minutes later showed $177.49, down 4.9%; both figures could change before the close.

The selling stayed mostly with Nvidia. AMD rose 7.27% to $481.70, while Broadcom gained 6.23% to $312.

What does the board investigation cover?

The board announced the review on Sunday, November 8, supervised by independent directors and outside counsel. CBS News reported that Huang remains CEO, supports the review and has admitted to infidelity.

CBS News, citing The New York Times, reported that U.S. intelligence officials say a former executive at Nvidia customer Megaspeed worked for China’s Ministry of State Security. China calls that claim groundless speculation.

In a statement reported by CNBC, the board said: “While the Board has no reason to believe that either national security or NVIDIA secrets were compromised, the Board’s inquiry will examine all available information.” The statement identifies no reason to suspect a compromise, but leaves the inquiry open.

Dan Ives of Yorkville Ives called the episode a reputational black eye and told CBS that Huang could be removed depending on the findings. Vital Knowledge’s Adam Crisafulli said it could increase the chance of tighter U.S. chip export rules.

Three House Republican committee chairs have requested a closed-door briefing for November 18. That hearing is a request, not a scheduled proceeding.

How much stock can Nvidia actually buy?

On September 1, Jim Cramer urged Nvidia to “repurchase a spectacular amount of stock,” because he saw “nothing more valuable in this market than Nvidia.” He added: “Mean it, show it, do it,” and said the move might be the best investment Nvidia had ever made.

TheStreet reported that Cramer called for a $500 billion buyback, and 24/7 Wall St. put the proposal at roughly 10% of the company at the time, modeled on Apple. Nvidia has authorized no such program.

On May 20, Cramer said Nvidia had repurchased nearly $20 billion during that quarter and had announced a new $80 billion program, with close to $40 billion remaining under the prior authorization. TheStreet later reported nearly $40 billion in repurchases across Nvidia’s first two quarters of fiscal 2027.

In the second quarter, Nvidia returned a record $26 billion to shareholders. CFO Colette Kress said the company had returned 60% of free cash flow year to date, against a plan to return at least 50%.

24/7 Wall St. reported that about $99 billion remained under the authorization at quarter end. On September 28, the board added a record $150 billion, lifting remaining capacity to $235 billion through fiscal 2028.

Why does a lower price support his case?

Cramer described Nvidia as a $5 trillion company that was practically printing money, and argued that a much larger buyback was needed. He wanted Nvidia to buy daily and increase purchases on down days, taking advantage of selling rather than letting it pass.

He said Wall Street was not rewarding whatever Nvidia was doing. In late September, he called the stock the single best investment Jensen Huang could make.

The arithmetic is straightforward. At a lower share price, each dollar of repurchases retires more shares; at a higher price, it buys fewer.

Nvidia’s market value now sits near $4.23 trillion, at about 38 times trailing earnings. A separate late-September 24/7 Wall St. article put the stock at roughly 46 times trailing earnings.

Can earnings do the work without a larger buyback?

According to 24/7 Wall St., Pierre Ferragu of New Street Research called a $400 share price extremely likely within 18 months, based on earnings power alone and requiring no additional buyback. He cited guidance for at least 70% growth next year and a single-digit multiple on 2028 earnings, a forward measure.

Cash has competing claims. Nvidia carries $279 billion in supply commitments and has invested nearly $50 billion in frontier AI laboratories, limiting how freely the board can redirect cash toward stock repurchases.

What matters in mid-November?

Investors expect Nvidia’s third-quarter earnings on November 17 after the close, but the company has not confirmed the date. Management has guided to revenue of $108.0 billion, plus or minus 2%, and the repurchase line should reveal whether Nvidia bought during October’s weakness.

The November 18 congressional briefing request also matters because tighter export rules or a change in leadership could alter Nvidia’s position as AMD and Broadcom posted gains during the November 9 session.

At the expected November 17 earnings report, investors should see whether Nvidia uses any of its $235 billion authorization while preserving cash for supply commitments. A leadership change or stricter U.S. export regime could change the competitive math before that capacity is spent.