US chip company: Nvidia increases stock buyback program by $150 billion
The AI boom has made Nvidia the most valuable company in the world. Now the chip company is increasing its share buyback program by $150 billion.
The US chip giant Nvidia has increased its stock buyback program by $150 billion, according to the Financial Times. This is the largest stock buyback in US economic history, surpassing the previous record of $110 billion set by Apple in 2024. The total authorized program has now risen to $235 billion, the company announced on Monday.
The buybacks will take place until the fiscal year 2028. The shares rose 1.3% premarket. Nvidia's rise to the world's most valuable company has been fueled by the AI boom. The company's shares have climbed 20% this year. In August, the company projected a 70% year-over-year revenue growth for the upcoming fiscal year. However, there have been repeated warnings about a potential AI bubble bursting.
Nvidia's CEO Jensen Huang stated in the announcement that the higher buybacks reflect the company's confidence in its long-term AI opportunities.
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