Sept 28 (Reuters) – Nvidia is buying back additional shares worth $150 billion under its existing stock repurchase plan, in what the chip giant said was the largest increase in share repurchase authorization on record.
Shares of the Santa Clara, California-based company were up 1.7% in premarket trading.
Nvidia has emerged as one of the biggest beneficiaries of the AI boom, with demand for its pricey chips and related technology powering rapid revenue growth.
The additional authorization brings the total remaining amount authorized to $235 billion, which the company expects to execute through fiscal year 2028.
“Nvidia’s growth is being driven by a once-in-a-generation platform shift to AI and accelerated computing,” CEO Jensen Huang said.
(Reporting by Anhata Rooprai in Bengaluru; Editing by Shreya Biswas and Anil D’Silva)
