I think you may have missed AMC and TSLA; for quite a while their best selling products and biggest revenue drivers were their stock. Reflexivity is a thing; NVDA could issue 5, 10 or 20B and I don't think the price would move very much in this market. (Note that could change tomorrow.)

> Except that Nvidia, Inc. doesn't own any of that NVDA stock, other people do, and they cannot access that money. Nvidia, Inc. owns net profit, which is orders of magnitude less than market cap. Last year's net profit was just under $73 billion. ($5 billion is still very affordable, too be sure).

Not all deals are made in cash, they can borrow money against their market share.

The board could issue more stock, which would dilute existing shareholders by about 0.1% and (in theory) cause the stock price to drop by 0.1%.

But yeah, it's probably easier to just use cash on hand.