Nvidia Hits New All-Time High

Shares of Nvidia rose 6.7% to hit a new all-time high on Thursday, after the company unveiled a $25 billion buyback plan, coupled with record quarterly revenue powered by strong demand for its artificial intelligence (AI)-focused chips. From a report: Nvidia generated revenue of $13.51 billion in the second quarter and predicted that revenue would reach $16 billion in the third quarter, the company reported late on Wednesday. Both results exceeded analyst expectations, as per Refinitiv. Santa-Clara, California-based Nvidia also said it would buyback $25 billion worth of its shares. Nvidia's stock rose as high as $502.66, surpassing a record high hit earlier this week, and further entrenching itself as the first trillion-dollar chip maker. It pared some of those gains and was last up 1.8% at $479.82. The stock is now up 227% year-to-date.

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