Sept 28 (Reuters) - Nvidia bolstered its share buyback authorization by $150 billion, surpassing Apple's $110 billion boost in 2024 to mark the biggest-ever increase in a stock repurchase program.
The additional authorization lifts Nvidia's remaining buyback capacity to $235 billion, which it expects to use through fiscal 2028, as surging demand for AI training and inference fuels cash generation.
Shares of Santa Clara, California-based Nvidia were up 0.8% in premarket trading after rising as much as 1.8% earlier. The stock has gained more than 20% this year through Friday's close.
"Our cash generation gives us the capacity to invest in the technologies that advance this transformation and return capital to shareholders," CEO Jensen Huang said.
Last month, Nvidia forecast about 70% revenue growth for fiscal 2028, reassuring investors who have questioned how long the AI spending surge can last after years of explosive growth.
The company has also been investing in AI startups and cloud providers, drawing scrutiny from some investors over whether such funding indirectly supports demand for its own chips.
Nvidia ended the July quarter with $22.44 billion in cash and cash equivalents.
(Reporting by Anhata Rooprai in Bengaluru; Editing by Shreya Biswas and Anil D'Silva)
