My guess is there are funds mandated to invest in dividend stocks only and that small dividend satisfies it? It’s a question I wondered on different stocks.
If I remember correctly, nVidia was going to increase their dividend to eventually S&P 500 level since gaming cards were slowing down in 2014 & their cash flow was rising. Then came the 2015-2018 gaming & cryptocurrency boom where the gamers bought first the GTX 1080 & eventually the RTX 2080 cards. Cryptocurrency especially Ethereum was heavily mined using the mid-end cards like 1070 & 2060 cards or the high end cards and undervolt them. That was also a boom for AMD's Radeon cards since you couldn't buy the nVidia cards. Then there was an even bigger boom during the pandemic. I think they stopped increasing their dividend since they were a growth company again. My guess is when Blackwell sales plateau and if the RTX 5090 cards aren't a quantum leap in performance, they will probably increase their dividend & buybacks.
Nvidia's need for the gamers ended half a decade ago. At this time they have no competition and half a dozen tech titans outbidding each other for volume purchases. I'm surprised their share price isn't triple what it is now.