Authorization eclipses Apple’s $110 billion buyback; market cap tops $5.4 trillion
Nvidia said Monday that its board approved a $150 billion increase to the chip maker’s share-repurchase program, bringing the total buyback authorization to $235 billion, according to The Wall Street Journal.
The new authorization is the largest-ever U.S. stock buyback, the Journal reported.
The authorization eclipses the $110 billion stock buyback that Apple unveiled in May 2024. Apple had held the prior record as the largest U.S. share-repurchase program previously announced, according to the Journal.
The expansion follows a separate $80 billion increase to the same program that Nvidia’s board approved four months earlier.
Nvidia has a market capitalization topping $5.4 trillion, the largest of any publicly traded company in the world, the Journal reported. The chip maker is headquartered in Santa Clara, Calif.
Nvidia dominates the market as the world’s largest designer and supplier of graphics processing units and specialized hardware for AI data centers, according to the Journal.
The Journal reported that Nvidia, flush with cash from the artificial-intelligence boom, was launching the buyback.
The Journal’s article was written by Colin Kellaher, an editor at the newspaper. The article noted that updates would follow as news develops.