American chip giant Nvidia announced Monday that its board of directors has authorized $150 billion (about R2.76 trillion) in share buybacks, setting a new record.
Combined with previously authorised amounts, the company's overall buyback program now totals $235 billion, which Nvidia expects to complete by the end of its fiscal year 2028 in January.
The announcement far surpasses Apple's previous record of $110 billion, authorized in 2024.
A stock buyback is when a company uses cash to buy back its own shares from investors, reducing the total number of shares outstanding, typically boosting the stock price.
Markets received the news positively. Nvidia now stands as the world's most valuable company at roughly $5.6 trillion, a commanding lead over second-place Apple at $4.9 trillion.
Nvidia shares rose more than 3 percent at market opening.
The company is also using its cash to invest in AI companies and providing loans to its major customers, strengthening its commanding position in the industry.
