Nvidia shares rose more than 2% on Monday, bucking a downturn across the semiconductor industry after the company’s board authorized a record $150 billion increase to its share repurchase program. [1, 2, 9]
The increase brings Nvidia’s total buyback authorization to $235 billion, which the company plans to use through fiscal 2028. [3, 4, 5]
The announcement signaled management’s confidence amid booming demand for Nvidia’s AI chips. [1] Meanwhile, the iShares Semiconductor ETF (SOXX) traded lower. [7, 17]
Intel and other technology stocks faced pressure as rising oil prices and Treasury yields renewed concerns about valuations for rate-sensitive companies. [2, 16, 23]