NVIDIA’s adjustment to its free cash flow metric draws attention: the sustainability of its $235 billion share repurchase plan is in question.

After expanding its stock repurchase authorization to $235 billion, NVIDIA has begun emphasizing returning cash to shareholders using free cash flow (FCF) net of "strategic uses"—meaning external equity investments will also eat into cash available for buybacks and dividends. However, NVIDIA has not formally revised its traditional FCF calculation formula.

Data shows that in the first half of its fiscal year ending July 26, NVIDIA posted a net cash outflow of $35.2 billion from equity investmen

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