Nvidia Boosts Share Buyback Authorization by $150 Billion

Nvidia Corp., the chip developer at the heart of the artificial intelligence boom, increased the size of its share buyback plan by $150 billion, increasing the total remaining amount authorized to $235 billion.

Nvidia will complete the buyback through fiscal 2028, the Santa Clara, California-based company said in a statement on Monday.

The AI boom has made Nvidia the world’s most valuable company and the chipmaker’s shares have jumped 20% this year. In August, the company projected sales growth of 70% for the next fiscal year and Chief Executive Officer Jensen Huang has worked to tamp down concerns about an AI bubble.

“Nvidia’s growth is being driven by a once-in-a-generation platform shift to AI and accelerated computing,” Huang said in the statement. “This authorization reflects our confidence in the long-term opportunity ahead.”

Shares rose 1.3% to $228 in premarket trading in New York.