Nvidia Boosts Share Buyback Plan by Record $150 Billion

Nvidia's board has authorized an additional $150 billion for the company's share buyback plan, bringing the total to $235 billion. The move aims to return cash to investors and support the stock price by reducing the number of outstanding shares.

The decision comes as Nvidia continues to ride the wave of high demand for its artificial intelligence (AI) chips, which have emerged as the leading building blocks for AI development. The company's quarterly profits reached $59.69 billion in late January.

Nvidia CEO Jensen Huang said the company's growth is driven by a 'once-in-a-generation platform shift to AI and accelerated computing.' He added that Nvidia's cash generation gives it the capacity to invest in technologies advancing this transformation and return capital to shareholders.