Nvidia Boosts Buyback Plan to $235 Billion
Nvidia's stock price rose modestly to $228.38 on September 30, a 0.51% increase from the previous day. The AI chip and networking provider authorized an additional $150 billion in share repurchases, bringing its total buyback plan to $235 billion through 2028.
This move is significant as Nvidia's revenue for fiscal Q2 (ended July 26) increased by 106% year over year. Its forward P/E ratio stands at 25, a level that should boost the bull case in the chip stock for a long time to come.
Nvidia has grown 556,695% since going public in 1999 and continues to ride high as it secures its future as one of the most essential AI companies. The company's AI safety accord likely brings comfort to those concerned about out-of-control AI wreaking havoc on society.