Nvidia is repurchasing $150 billion of stock in the biggest buyback in market history

• Nvidia is launching the biggest share buyback program in stock market history.
• The chip giant said Monday it would expand its current buyback scheme by $150 billion.
• Nvidia has become the world's most valuable company as it helps fuel the AI boom.

Nvidia is already the world's most valuable company. Now it's launching the largest share buyback in history.

The tech giant, whose chips are fuelling much of the AI boom, said on Monday that it would expand its existing share buyback plan by $150 billion, taking its total program worth $235 billion.

Apple previously held the record for the largest-ever buyback, authorizing $110 billion in 2024.

"I think we're going through the largest infrastructure build-out in human history, and we have the benefit of being a very central part of that," Nvidia CEO Jensen Huang said in an interview with CNBC shortly after the announcement.

"We're generating a lot of cash, we're going to generate a lot of cash in the coming years. And you know, every single year, as we generate more cash, I'd like to be able to return it back to the shareholders," he added.

Nvidia said it expects to finish the buyback by the 2028 financial year.

The company's share price was up around 1.7% in premarket trading around 8:30 a.m. ET on Monday.

This is a developing story. Check back for updates.