Nvidia’s $150B buyback authorization is impressive, but I wouldn’t rush to maximize shareholder returns today. The bigger opportunity is still in extending its AI moat.

Nvidia is sitting at the center of a massive infrastructure cycle. Every dollar reinvested into next-generation GPUs, networking, software and systems could potentially strengthen its ecosystem and extend its competitive advantage.

Buybacks reduce the share count, but R&D and infrastructure investment can potentially increase the size of the future cash-flow engine itself.

That said, this isn’t an argument against buybacks. Nvidia can do both. If free cash flow continues expanding rapidly, management has the flexibility to invest aggressively while repurchasing shares opportunistically.

For me, the priority is simple: build the bigger cash machine first, then return more of that cash to shareholders.

@WallStreet_Tiger [财迷]