AMD announces $6 billion stock buyback plan and its stock price increased by 8% in response.

On Wednesday morning Eastern time, AMD's stock price surged more than 8% after the company announced that its board of directors had approved a $6 billion stock buyback plan. Prior to this authorization, the company had approved a $4 billion stock buyback plan. AMD CEO Lisa Su stated in a statement, "The expanded stock buyback plan reflects the board's confidence in AMD's strategic direction, growth prospects, and its ability to continue generating strong free cash flow."