Nvidia's Cash Generation Could Create Massive Buyback Capacity by 2030

$NVDA could potentially repurchase shares equivalent to roughly 20% of its current market capitalization by 2030 if its extraordinary cash generation continues.
The thesis rests on Nvidia capturing AI infrastructure spending across GPUs, networking and complete systems rather than relying on a single product category.
Nvidia's capital intensity also remains unusually low for an infrastructure leader, with capex below 4% of free cash flow last quarter. That combination of high margins, broad AI exposure and limited internal capital requirements could leave enormous amounts of cash available for shareholders.