Stocks
Nvidia Stock Rises After $20 Billion Buyback Announcement
Nvidia's stock price rose by 1.5% after the company announced a $20 billion buyback plan, which represents only 0.4% of its market capitalization.
The chipmaker's quarterly revenue increased by 106% to $96.22 billion, with Data Center contributing $89.0 billion and accounting for 92.5% of total revenue.
Nvidia's Chief Financial Officer Colette Kress said the company handed back $26 billion to shareholders through share repurchases and dividends, totaling 60% of free cash flow for the first half.