Jim Cramer's $500 billion Nvidia buyback pitch puts Apple's cash model in the frame

On his September 1 Mad Money segment, Jim Cramer argued that Nvidia Corporation (NASDAQ: NVDA) should authorize a $500 billion share repurchase and buy stock daily, pointing to Apple Inc. (NASDAQ: AAPL) as the funding template. Nvidia's latest quarterly filing shows $99.3 billion of remaining authorization as of July 26, and the company repurchased $39.8 billion during the first half of fiscal 2027, including $19.7 billion in its second quarter.

The numbers behind both programs

Apple's nine months ended June 27 show $61.8 billion in repurchases funded by $117 billion in operating cash, with capital expenditures of just $6.8 billion on property and equipment. On April 30, Apple added another $100 billion to its authorization, giving management room without a fixed purchase schedule. That cash generation is what Cramer wants Nvidia to replicate. Apple's July 30 results also included a tariff refund that added $0.11 to quarterly earnings per share, a one-time item buybacks cannot produce again.

Nvidia's quarterly revenue reached $96.2 billion, up 106%, which supports the earnings case. The complication is on the capacity side. Supply and capacity commitments total $279 billion across multiple fiscal years, with $92 billion due in the remainder of fiscal 2027 alone. Those commitments support future sales but absorb capital. Some agreements can be adjusted, potentially at additional cost, which means order-book flexibility carries a price.

What the ownership data shows

Reducing share count gives remaining holders a larger claim on future profits, assuming the price paid leaves room for that to hold. Insider Monkey tracked 285 Nvidia holders in Q2 2026, ten more than Q1's 275, and Fisher increased its Nvidia position approximately 3% during that period. Apple's holder count slipped by one to 169, while Berkshire's 227.9 million Apple shares were unchanged. These filings predate Cramer's September comments. Nvidia's August 14 short-interest snapshot showed 285,956,804 shares short, 1.23% of float with 2.5 days to cover.

Apple supplies a credible model of funding returns from cash generation. For Nvidia, the gap between the $99.3 billion currently authorized and Cramer's proposed $500 billion is the question that outlasts the segment.