Nvidia shares rose 2.9% to $237.75 on Friday, setting a new intraday record and extending their gain this year to roughly 27%. The advance followed the company's authorization of an additional $150 billion for share repurchases, lifting its remaining buyback capacity to $235 billion through fiscal 2028, and Morgan Stanley's reinstatement of Nvidia as its top semiconductor pick after meetings with CEO Jensen Huang and other executives. The bank cited sustained AI demand, an expanding customer base and a valuation it described as relatively undemanding. Nvidia's rally has also been supported by continued spending on AI infrastructure, although investors remain divided over whether the broader AI trade is forming a bubble. The anticipated Anthropic IPO has added to investor focus on AI companies and the capital required to expand computing capacity.