Meta, Nvidia, Microsoft, and Intel: AI Stocks Sept. 28

Monday’s AI stock session split in two directions: Nvidia and Meta reported strong fundamentals while Intel slid on renewed AI risk concerns, and Microsoft moved on the product front with a fresh Copilot upgrade.

Key points

• Nvidia expanded its share repurchase program by $150B, bringing the total to $235B through 2028, after posting more than 90% revenue growth.
• Meta reported Q2 revenue of $60.8B, up 28% year over year, with ad impressions up 14% and ad pricing up 12%.
• Microsoft unveiled an upgraded Copilot platform on September 28, with expanded enterprise AI capabilities at the center of the release.
• Intel fell 5% Monday as investors weighed concerns about the pace and risks of AI development.
• MeetKai announced a six-country sovereign AI rollout built on Nvidia infrastructure, covering Brazil, Ukraine, Pakistan, Kazakhstan, Uzbekistan, and Bangladesh.

Nvidia’s $235B buyback: what it signals

Nvidia’s decision to hike its buyback by $150B, to a cumulative $235B authorized through 2028, is one of the more striking capital allocation moves in the chip sector in recent memory. The backdrop matters: Nvidia’s revenue growth has been running above 90%, meaning the company is generating cash fast enough to sustain massive reinvestment and still return enormous sums to shareholders.

Buybacks at this scale serve two purposes. They reduce the share count, boosting per-share earnings, and they signal management’s confidence that the stock is not overvalued at current prices. Nvidia’s valuation remains a live debate among analysts, as covered in the Seeking Alpha piece, which weighs the company against peers. For investors already holding NVDA, the buyback is a tangible floor of support. For those watching from the sidelines, it does not change the underlying valuation math, but it does narrow the window in which the stock might drift meaningfully lower.

Meta’s 28% growth: advertising holds, but at what cost?

Meta’s Q2 report shows the advertising engine is still firing. Revenue of $60.8B on 28% growth, with both volume (ad impressions up 14%) and pricing (up 12%) contributing, is a healthy combination. When both levers move together, it typically reflects genuine demand from advertisers rather than a mix shift.

The Seeking Alpha framing, “at the wrong price,” points to the central tension in the META investment case right now: the AI spending required to sustain these results is steep, and the market is asking whether the return on that capital investment justifies the multiple. Meta has committed to significant AI infrastructure spending, and while the revenue line is strong, the cost structure is a genuine concern for investors trying to model forward margins.

Microsoft Copilot upgrade targets enterprise budgets

Microsoft’s enhanced Copilot release on September 28 is aimed squarely at enterprise customers. Details on specific new features were limited in the available source, but the enterprise focus is deliberate: Microsoft’s AI monetization strategy runs through Office 365 and Azure seats, not consumer subscriptions. Each Copilot upgrade is also a pricing lever, since enterprise deals typically come with higher per-seat attachment rates than the consumer tier.

For investors tracking Microsoft’s AI revenue trajectory, Copilot product releases are worth watching as leading indicators of future Azure and productivity segment growth, even when individual launch announcements are incremental.

Intel down 5%, and a custom chip comparison worth watching

Intel’s 5% drop Monday reflects a recurring pattern: when broader concerns about AI’s pace or risk profile surface, Intel tends to absorb more downside than peers. The company’s AI positioning remains less defined than Nvidia’s, and that ambiguity makes the stock sensitive to negative sentiment.

Separately, an Insider Monkey comparison of Broadcom and Marvell as custom AI chip plays is worth flagging for investors in that part of the market. Both companies help hyperscalers design specialized AI accelerators, and both have been positioned as major beneficiaries of the shift away from general-purpose GPUs toward custom silicon. Their stock price performance has diverged, making the relative valuation question an active one.

Nvidia’s sovereign AI push, via MeetKai

One quieter Nvidia story today: MeetKai’s six-country sovereign AI rollout, built on Nvidia AI infrastructure, covers a combined population of more than 700 million people across Brazil, Ukraine, Pakistan, Kazakhstan, Uzbekistan, and Bangladesh. Wins include a sovereign AI tender in Brazil with government partner SERPRO and what MeetKai describes as the first national-scale AI factory in Ukraine, built with telecom operator Kyivstar. Sovereign AI deals, where national governments stand up domestic AI infrastructure, have become a meaningful revenue category for Nvidia, and this rollout adds geographic breadth to that story.

Nothing here is investment advice. Always do your own research before making any financial decision.