Advanced Micro Devices (AMD) shares jumped Wednesday, as the chip designer said its board approved a fresh $6 billion share repurchase plan, boosting its buyback program to $10 billion.

“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. 

The stock was up over 5% in recent trading, extending Tuesday's gains after the company announced a partnership with Saudi Arabian AI startup Humain.

AMD and rival Nvidia (NVDA) on Tuesday said 澳洲幸运5官方开奖结果体彩网:they would supply semiconductors to Saudi Arabian AI startup Humain, as part of 澳洲幸运5官方开奖结果体彩网:initiatives announced a🤪s President Donald Trump kicked off a four-day trip to the Middle East. Shares of Nvidia were🐟 also higher Wednesday, as several AI stocks gained amid expectations the partnerships could lead to more deals.

As part of AMD's partnership with Humain, the companies said they plan to invest up to $10 billion over the next five years to build out AI computing centers "stretching from the Kingdom of Saudi Arabia to the United States."

With this week's gains, AMD shares are close to recovering their year-to-date losses, but they've still lost roughly one-quarter of their value over the past 12 months.