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.

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

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