Advanced Micro Devices Inc.
AMD,
+1.79%
said Wednesday its board approved a $4 billion share repurchase program. “Today’s announcement reflects our confidence in AMD’s business and the successful execution of our multi-year growth strategy,” said Lisa Su, AMD’s chief executive, in a statement. “Our strong financial results and growing cash generation enable us to invest in the business and begin returning capital to our shareholders.” The company said there is no time limit on the program. AMD shares jumped 3% to $76.60 following the announcement. Shares closed at an all-time high of $97.25 on Jan. 11, and are down nearly 17% for the year. Over the past 12 months, AMD shares have grown 39%, compared with a 40% gain on the S&P 500 Index
SPX,
-0.93%
and a 44% rise on the tech-heavy Nasdaq Composite Index
COMP,
-0.64%.