AMD (AMD.US) stock is up more than 5% ahead of Wall Street's open after U.S. President Donald Trump secured $600 billion in commitments from Saudi Arabia for U.S. tech companies during a tour of the Gulf states. Nvidia (NVDA.US) has agreed to sell hundreds of thousands of AI chips in Saudi Arabia as part of a U.S.-Saudi partnership, a sign that demand for the chips is still growing. The corporation, along with Advanced Micro Devices (AMD.US) and Qualcomm (QCOM.US), announced deals with Humain, an AI startup launched Monday by a Saudi sovereign wealth fund.
What's more, AMD's board recently announced it plans to authorize a $6 billion share buyback. The company's stock is trading nearly 49% lower than its all-time highs in 2024.
Source: xStation
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