Nvidia said Monday it has authorized an additional $150 billion to its share buyback program, making it what the company called the largest stock buyback in history.

The increase comes four months after the chipmaker’s board added $80 billion to the company’s buyback program, bringing the total remaining amount authorized to $235 billion.

“Nvidia’s growth is being driven by a once-in-a-generation platform shift to AI and accelerated computing,” Jensen Huang, Nvidia’s CEO, said in a statement.

“Our cash generation gives us the capacity to invest in the technologies that advance this transformation and return capital to shareholders,” he added. “This authorization reflects our confidence in the long-term opportunity ahead.”

The chipmaker’s stock price has skyrocketed amid the artificial intelligence boom. Nvidia’s chips are the centerpiece of giant AI data centers, and demand for those chips has become a barometer of growing demand for the technology.

Other companies have been buying tens of billions of dollars’ worth of those chips, making Nvidia the most valuable public company in the world, with a market capitalization of about $5 trillion.

The buyback follows a company report last month that its revenue more than doubled, to $96.22 billion, for the quarter that ended in July. Just three years ago, Nvidia’s quarterly profit was $6.2 billion.

In August, Nvidia told investors that its projected revenue in the current quarter would increase 90% from a year ago to $108 billion, in an indication that the AI boom still has plenty of momentum.

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This article originally appeared in The New York Times.

By Lauren McCarthy/Manuel Orbegozo
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