Nvidia is handing a record amount of cash back to shareholders, a confident signal for investors but also a sign the company is trying to calm doubts about the AI boom.

• Nvidia is adding $150 billion to its share buyback program, the biggest it has ever announced.
• That brings total approved buybacks to $235 billion, all planned to be spent by the end of its 2028 financial year.
• Jensen Huang frames the move as confidence in a once-in-a-generation shift to AI and faster computing.
• Nvidia's stock has slipped against expected profits lately, as investors worry the heavy AI spending cannot last.
• The scale is a sharp turn: Nvidia barely bought back any stock in 2020 and 2021, before the AI boom rewrote its balance sheet.

Outlook: Huang keeps pushing back on AI bubble talk and on calls to slow AI development — putting him at odds with the heads of Anthropic and OpenAI — while the buyback tries to steady the stock.