Nvidia's annual free cash flow surged from $4B in 2020 to $97B in 2025…and projected to clear $180B in 2026.
Deployed cash with $100B+ in buyback program and numerous investments:
▫️Groq ($20B)
▫️Hugging Face ($13B)
▫️Poolside ($6B)
▫️SSI ($5B)
▫️Intel ($5B)
▫️Corning ($3B)
▫️Coherent, Lumentum, Marvell ($2B each)
Then, there are the huge commitments to OpenAI (up to $30B) and Anthropic (up to $10B) along with SpaceX (a $10B commitment in xAI now worth $20B+ SpaceX).