AMD announces $6 billion buyback; shares climb 6%

AMD announces  billion buyback; shares climb 6%


Lisa Su, president and CEO of AMD, talks about the AMD EPYC processor during a keynote address at the 2019 CES in Las Vegas, Nevada, U.S., January 9, 2019.

Steve Marcus | Reuters

AMD said on Wednesday that its board of directors approved $6 billion in share buybacks. The stock climbed 6%.

The authorization is in addition to $4 billion in existing approved share repurchases, the company said.

“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,” AMD CEO Lisa Su said in a statement.

AMD, the most important artificial intelligence chip company aside from Nvidia, reported 96 cents in earnings per share on $7.44 billion in revenue in its fiscal first quarter.

AMD announced a deal potentially worth $10 billion in investment on Tuesday to support an AI company called Humain in Saudi Arabia with chips. Su was in Saudi Arabia this week to announce the deal.

AMD said that it would provide graphics processors for AI as well as central processors needed to build AI servers to Humain, which is also buying Nvidia processors. Bank of America analyst Vivek Arya added $10 to his price target for AMD, bringing it to $130 per share, on the news.

Stock Chart IconStock chart icon

hide content

AMD stock year to date



Source

Tesla shares sink 4% as Musk continues to bash Trump’s spending bill
Technology

Tesla shares sink 4% as Musk continues to bash Trump’s spending bill

Tesla CEO Elon Musk listens as U.S. President Donald Trump speaks to reporters in the Oval Office of the White House on May 30, 2025 in Washington, DC. Kevin Dietsch | Getty Images Shares of Tesla slid about 4% Thursday as CEO Elon Musk continued his relentless pressure on Congress to “KILL” President Donald Trump’s […]

Read More
MongoDB jumps 15% after company boosts guidance, cites confidence in cloud-based database service
Technology

MongoDB jumps 15% after company boosts guidance, cites confidence in cloud-based database service

Dev Ittycheria, CEO of MongoDB Adam Jeffery | CNBC MongoDB shares surged 15% after the software company surpassed fiscal first-quarter earnings expectations and raised its outlook, citing growing confidence in its cloud-based database service. Revenues hit $549 million during the period, jumping 22% from more than $450 million in the year-ago period. That topped a […]

Read More
Nintendo Switch 2 hype leads to shortages, special store opening hours
Technology

Nintendo Switch 2 hype leads to shortages, special store opening hours

People wait outside the Nintendo Store for the release of the Nintendo Switch 2 in New York City, U.S., June 4, 2025. Kylie Cooper | Reuters Nintendo‘s flagship Switch 2, the successor to one of its most popular consoles, went on sale on Thursday with excitement and hype from fans leading to special store opening […]

Read More