AI chipmaker AMD unveils $6B buyback plan

Group 1 - Advanced Micro Devices (AMD) announced a new $6 billion stock buyback plan, increasing its total repurchase authority to approximately $10 billion [1][2] - AMD's shares rose by as much as 6.4% following the announcement, although they have fallen over 6% year-to-date, contrasting with a less than 1% drop in the Philadelphia Semiconductor Index [1] - The buyback plan comes amid concerns about AMD's competitiveness in the AI market, as it faces tough competition from Nvidia and custom processors [4][5] Group 2 - AMD's free cash flow decreased by more than 33% to $727 million in the three months ending March, with cash and cash equivalents at $6.05 billion and current liabilities at $7.70 billion as of March 29 [9] - Other major chipmakers are also engaging in stock repurchases, with Broadcom announcing a $10 billion buyback and Qualcomm a $15 billion buyback [9] - AMD's CEO, Lisa Su, expressed confidence in the company's strategic direction and growth prospects, highlighting the board's support for the expanded share repurchase program [7]