Prediction: Nvidia Will Overtake Apple in Stock Buybacks and Dividends Under New Apple CEO John Ternus

Apple is experiencing a strategic pivot under new Chief Executive Officer John Ternus, shifting focus toward hardware innovation and product growth after years of relying heavily on massive share repurchases and services expansion. Under former CEO Tim Cook, Apple reduced its share count by 43.2%, with annual trailing twelve-month buybacks peaking at $100 billion before recently pulling back to $82.2 billion. Although Apple reported an 18.1% year-over-year increase in product revenue during its latest third quarter, rising component costs and heightened research spending may continue to constrain capital allocation toward share buybacks. In contrast, Nvidia is aggressively accelerating its capital return program, supported by surging free cash flow generated by its advanced Vera Rubin computing architecture. In its most recent quarter, Nvidia deployed $19.73 billion toward share buybacks alongside $6.05 billion in dividends, returning roughly 60% of its free cash flow. Trading at 24.3 times earnings compared to Apple's 35.8 multiple, Nvidia is positioned to potentially surpass Apple in total repurchases while offering investors a combination of higher revenue growth and expanding capital return.