Shares of semiconductor manufacturer AMD were up Wednesday after a big stock buyback authorization. Here's what that means.

Our job is to build the best, so we have to keep pushing the envelope on new innovation." AMD CEO Su feels the need for speed Investors will be keeping a sharp eye on AMD as the semiconductor maker is scheduled to report quarterly results after the bell on May 6.

AMD increases existing stock repurchase authorisation by $6 billion. The AI chips giant has signed a multi-year deal with Saudi Arabia.