Nvidia Boosts Buyback Program by Record-Breaking $150 Billion

Nvidia has boosted its stock buyback program by $150 billion, setting a new record in the tech industry. The company's board of directors authorized the increase, which brings the total amount in Nvidia's buyback program to $235 billion.

The boost is due to the company's growing demand for chips to power AI data centers. Nvidia's profits have soared as it reported $96.2 billion in revenue for the second quarter of this year, a 106 percent increase from the same period last year.

Nvidia CEO Jensen Huang said the company's growth is being driven by 'a once-in-a-generation platform shift to AI and accelerated computing.' The company has also reached a deal to acquire open-source platform Hugging Face for $12.93 billion, which will give it access to more than 3 million models and 500,000 datasets used by thousands of companies.