Nvidia bets $25 billion that AI boom is far from over

FILE PHOTO: The logo of Nvidia Corporation is seen during the annual Computex computer exhibition in Taipei, Taiwan May 30, 2017. REUTERS/Tyrone Siu/File Photo

(Reuters) - Nvidia's CEO Jensen Huang said he expects the artificial intelligence boom will last well into next year and made what could be the largest single bet yet in the tech sector to back up his optimism.

The company's sales forecast on Wednesday blew past Wall Street's expectations and it said it would buy back another $25 billion of its shares, a move most companies make when their leadership thinks the company is undervalued. Nvidia's stock price, though, has more than tripled this year and was set to hit an all-time high after Wednesday's results.