Nvidia hits new intraday high, buyback plan increases to 150 billion dollars boosting stock price

After two months of sell-offs and more than 1 trillion USD in market value evaporating, investors are flocking into NVIDIA stock, which reached another record high since May during today’s session, rising as much as 2.9%. In recent weeks, market optimism about AI agents such as Meta’s Muse potentially driving increased semiconductor demand has fueled the rally. The stock received a further boost after NVIDIA announced on Monday a record 150 billion USD increase to its share repurchase program. Before NVIDIA’s rebound, sentiment towards the AI outlook had shifted rapidly for months, including questions about corporate infrastructure expenditures in the hundreds of billions of dollars and potential security risks the technology may pose to humanity. Overall, NVIDIA shares have risen about 27% so far this year and are on track for a fourth consecutive year of double-digit gains. Its current market capitalization is roughly 5.7 trillion USD, just under 300 billion USD away from becoming the first company in history to reach a 6 trillion USD market value.