Shares of semiconductor manufacturer AMD were up Wednesday after a big stock buyback authorization. Here's what that means.

Humain, Saudi Arabia’s new artificial intelligence investment company, is teaming up with chipmaker Advanced Micro Devices Inc. to spend $10 billion on AI infrastructure over the next five years.

Newly launched Saudi Arabian AI venture Humain plans to deploy 500MW of data center compute over the next five years featuring AMD hardware. Together, sovereign-backed Humain and AMD will invest $10 billion in the joint effort, which will see facilities built in both Saudi Arabia and the US.

AMD said on Wednesday that its board of directors approved $6 billion in share buybacks. The stock climbed 8%. The authorization is in addition to $4 billion in existing approved share repurchases, the company said.

It has been a busy week for AMD, so without further delay let’s get into the news…A small-scale EPYC | AMD is coming at the SMB market with an EPYC processor to fit smaller budgets, but there's more from a busy news week for the firm.

Nvidia’s partnership with Saudi Arabia’s Humain could help offset some of its revenue losses in China, analysts said.

Amazon, Google, and Nvidia are among those who struck deals during Trump's visit to the Middle East, his first major overseas trip of his second term.

Advanced Micro Devices shares jumped Wednesday, as the chip designer said its board approved a fresh $6 billion share buyback program.

AMD increases existing stock repurchase authorisation by $6 billion. The AI chips giant has signed a multi-year deal with Saudi Arabia.

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