Nvidia adds $150 billion to existing share repurchase plan

Nvidia has announced an additional $150 billion authorization under its existing stock repurchase plan, marking the largest increase in share buyback authorization on record, according to the company. The AI-driven chip giant, headquartered in Santa Clara, California, reported that its shares surged 1.7 percent in premarket trading following the news.

Nvidia's stock has been soaring due to the AI boom, with its high-performance chips and related technology driving significant revenue growth. The company's updated plan brings the total remaining authorization to a staggering $235 billion, which it anticipates to execute through fiscal year 2028. Nvidia's meteoric rise is attributed to the once-in-a-generation platform shift towards AI and accelerated computing, as CEO Jensen Huang emphasized.