India, Sept. 28 -- Nvidia announced a huge new stock buyback plan on Monday. The AI chipmaker announced a $150 billion stock buyback authorization, giving the company permission to buy back that much of its own stock. The $150 billion authorization is the largest increase in a share repurchase authorization in history. The new plan is a major expansion of Nvidia's existing buyback program.

Nvidia's total stock buyback authorization now stands at $235 billion. The new $150 billion authorization adds to the company's previous authorization, taking the total amount available for share repurchases to $235 billion.

CEO Jensen Huang said Nvidia's growth is being driven by AI and accelerated computing. Huang said Nvidia is benefiting from a "o...