The deals served as the coming out party for Humain, a state-backed artificial intelligence (AI) company that operates under the Kingdom’s Public Investment Fund (PIF) and is chaired by Crown Prince Mohammed bin Salman. The company is part of Saudi Arabia’s Vision 2030 strategy to diversify the Saudi economy away from just oil sales.

The announcements follow reports that the US administration intends to facilitate AI chip deals between American firms and Gulf nations.

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.

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

Advanced Micro Devices on Wednesday announced a new $6 billion stock buyback plan, joining a string of chipmakers that are looking to reduce their float as the AI trade that has powered their shares shows some signs of slowing.

AMD has announced a new $6 billion stock buyback program, increasing its total repurchase authorization to $10 billion. This decision reflects the board's confidence in AMD's growth prospects and ability to generate strong free cash flow.