AMD share buyback: Chip major Advanced Micro Devices offers $6 billion program

Chip major Advanced Micro Devices on Wednesday said its board has approved a new $6 billion share buyback program, boosting its total repurchase authority to about $10 billion, as per a report.

Chip designer Advanced Micro Devices also announced a deal with Humain, saying it has formed a $10 billion collaboration. Trump began his Gulf tour on Tuesday, kicking it off with the signing of a strategic economic agreement with Saudi Arabia as the oil power rolled out the red carpet. Trump's Middle East visit aims to drum up trillions of dollars in investments.

Also Read:




The White House said Saudi Arabian firm DataVolt will invest $20 billion in AI data centers and energy infrastructure in the United States. Alphabet's Google, DataVolt, Oracle Corp, Salesforce Inc, Advanced Micro Devices and Uber will invest $80 billion in cutting-edge transformative technologies in both countries, the White House said, without giving details.

In Humain's deal with AMD, the agreement includes a plan to invest up to $10 billion to deploy 500 megawatts of AI hardware infrastructure over five years.

"Together, we are building a globally significant AI platform that delivers performance, openness and reach at unprecedented levels," AMD CEO Lisa Su said in a statement.

Also Read:


With some capacity set to come online in 2026, Humain will oversee the delivery of the data-crunching power to potential customers, while AMD will provide various AI chips and software. Chaired by bin Salman, Saudi Arabia's de facto leader, Humain will operate under the Public Investment Fund and will offer AI services and products, including data centres, AI infrastructure, cloud capabilities and advanced AI models.

"In building an AI company, you need the foundation and the infrastructure," Humain CEO Tareq Amin said on stage from Riyadh on Tuesday. "It's a really, really big initiative for the kingdom."

FAQs

Q1. What is AMD?
A1. AMD is Chip major Advanced Micro Devices.

Q2. What does Humain's deal with AMD state?
A2. In Humain's deal with AMD, the agreement includes a plan to invest up to $10 billion to deploy 500 megawatts of AI hardware infrastructure over five years.