Advanced Micro Devices ( AMD ) shares jumped more than 5% on Wednesday following a string of developments that reposition the chipmaker at the forefront of the global artificial intelligence (AI) race. Chief among them: a newly approved $6 billion share buyback authorization—on top of an existing $4 billion plan—and a landmark deal with Saudi Arabian AI firm Humain to co-develop data center infrastructure. The partnership between AMD and Humain, a subsidiary of the Kingdom’s $925 billion Public Investment Fund, aims to roll out 500 megawatts of AI computing capacity spanning Saudi Arabia and the U.S. over the next five years. The total investment could reach $10 billion, making it one of AMD’s most ambitious ventures to date. In a statement, AMD Chair and CEO Lisa Su called the expanded buyback plan a vote of confidence in the company’s “strategic direction, growth prospects, and ability to consistently generate strong free cash flow.” Analysts took note. Bank of America boosted ...