Nvidia adds $150 billion to existing share repurchase plan

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.