By coinnews 
00:00 Speaker A
We got some breaking news on AMD crossing the wire. Advanced Micro Devices announcing a $6 billion share buyback authorization. Shares of the chip company jumping nearly 7% on the news that the board has approved that $6 billion share repurchase plan. Represents about 3.3% of the company’s current market value, according to data from Bloomberg. The new authorization in addition to the remaining balance from their last authorization of about $4 billion. What that means, the total current repurchase authorization of about $10 billion. And this news comes amid this wave of AI deal making that we’ve heard about taking place in the Gulf during President Trump’s visit to the Middle East. Bank of America analysts out this morning saying that AMD and Nvidia have a multi-billion dollar opportunity related to AI infrastructure projects with Saudi Arabia. We should also mention, AMD shares, by the way, have not done great this year. They have been trading down. So this sort of vote of support, if you will, coming on the back of that. We’re going to be tracking, of course, the chips and all the news out of Saudi Arabia all morning long.