By Adam Clark
Advanced Micro Devices stock was rising sharply on Wednesday in response to news of an expanded share buyback program and prospective sales of chips to Saudi Arabia.
AMD said its board of directors approved a new $6 billion stock buyback program. Added to the existing plan, that gives the company authority to repurchase around $10 billion worth of shares.
"Our expanded share repurchase program reflects the Board's confidence in AMD's strategic direction, growth prospects, and ability to consistently generate strong free cash flow," said AMD Chair and CEO Lisa Su in a statement.
The buyback news came after Saudi Arabia's Humain said Tuesday it would join with AMD to build a network of AI computing centers. The parties will invest up to $10 billion to deploy 500 megawatts of AI computing capacity over the next five years.
Write to Adam Clark at adam.clark@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
May 14, 2025 09:23 ET (13:23 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。