Nvidia said Monday it has authorized an additional $150 billion to its share buyback program, taking its total to $235 billion, amid record spending on AI.
The chip giant said it marks the largest share repurchase authorization increase in history. It expects to complete the total remaining buyback program through the fiscal year 2028.
Nvidia produces the most advanced chips used for AI and has been a huge beneficiary of the boom in spending on the infrastructure needed to power the tech.
Nvidia stock
Nvidia’s shares have climbed 24% over the past 12 months, lifting the company’s market cap to $5.42 trillion. The stock was up 0.84% in premarket trading on Monday.
“NVIDIA’s growth is being driven by a once-in-a-generation platform shift to AI and accelerated computing,” said CEO Jensen Huang in a statement.
“Our cash generation gives us the capacity to invest in the technologies that advance this transformation and return capital to shareholders,” he added. “This authorization reflects our confidence in the long-term opportunity ahead.”
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