Nvidia said Wednesday that its board of directors has approved a $50 billion stock buyback.

The computer chip giant announced the share repurchase as part of its fiscal second quarter earnings, in which it reported earnings and guidance that surpassed Wall Street expectations.

Nvidia said “it will pay its next quarterly cash dividend of $0.01 per share on October 3, 2024, to all shareholders of record on September 12, 2024.”

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