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

Newly launched Saudi Arabian AI venture Humain plans to deploy 500MW of data center compute over the next five years featuring AMD hardware. Together, sovereign-backed Humain and AMD will invest $10 billion in the joint effort, which will see facilities built in both Saudi Arabia and the US.

U.S. tech giants including Nvidia, AMD, and Qualcomm have signed major AI deals with Saudi Arabia's new startup Humain, backed by the kingdom's sovereign wealth fund. The agreements coincide with former President Donald Trump securing $600 billion in investment commitments during his Middle East tour.

Riyadh: The Saudi Data & AI Authority (SDAIA) signed a Memorandum of Understanding (MoU) yesterday with AMD during the Saudi-US Investment Forum held in Riyadh. The agreement aims to strengthen mutual cooperation between the two parties to foster silicon diversity and innovation in developing Saudi Arabia`s AI ecosystem.

AI Revolution taking off in Saudi Arabia, creating major opportunities for US tech stocks. Trump's visit & trade deal with China add to bullish outlook.

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.

Amazon, Google, and Nvidia are among those who struck deals during Trump's visit to the Middle East, his first major overseas trip of his second term.

Bloomberg journalists discuss today's biggest winners and losers in the stock market. Listen for analysis on the companies making news on Wall Street.