A smartphone with a displayed AMD logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration
(Reuters) - 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.
Shares of the Santa Clara, California-based company rose as much as 6.4%. Its shares have fallen more than 6% so far this year, compared with a less than 1% drop for the benchmark Philadelphia Semiconductor Index.
