AMD said on Wednesday that its board of directors approved $6 billion in share buybacks. The stock climbed 6%.

The authorization is in addition to $4 billion in existing approved share repurchases, the company said.

“Our expanded share repurchase program reflects the Board’s confidence in AMD’s strategic direction, growth prospects, and ability to consistently generate strong free cash flow,” AMD CEO Lisa Su said in a statement.

AMD, the most important artificial intelligence chip company aside from Nvidia, reported 96 cents in earnings per share on $7.44 billion in revenue in its fiscal first quarter.

AMD announced a deal potentially worth $10 billion in investment on Tuesday to support an AI company called Humain in Saudi Arabia with chips. Su was in Saudi Arabia this week to announce the deal.

AMD said that it would provide graphics processors for AI as well as central processors needed to build AI servers to Humain, which is also buying Nvidia processors. Bank of America analyst Vivek Arya added $10 to his price target for AMD, bringing it to $130 per share, on the news.

Tencent on Wednesday reported an annual rise in its top and bottom line in the first quarter fuelled by accelerated growth in its key gaming business.

While revenue beat expectations, its net profit fell short.

Here’s how Tencent did in the first quarter of 2025 versus LSEG estimates:

• Revenue: 180.02 billion Chinese yuan ($25 billion), versus 174.63 billion yuan expected
• Net profit: 47.8 billion yuan, versus 52.2 billion yuan expected

Revenue rose 13% year-on-year, while net profit was up 14%.

This breaking news story is being updated.

Samsung Electronics on Wednesday announced that it would acquire all shares of German-based FläktGroup, a leading heating and cooling solutions provider, for 1.5 billion euros ($1.68 billion) from European investment firm Triton. 

Samsung said the acquisition would help it expand in the heating, ventilation and air conditioning business as the market experiences rapid growth. 

“Our commitment is to continue investing in and developing the high-growth HVAC business as a key future growth engine,” said TM Roh, Acting Head of the Device eXperience (DX) Division at Samsung Electronics.  

The acquisition of FläktGroup stands to bolster Samsung’s position in the HVAC market against rivals such as LG Electronics. 

FläktGroup supplies heating, HVAC solutions to a wide range of buildings and facilities, notably data centers which require a high degree of stable cooling. Samsung said it anticipates sustained growth in data center demand due to the proliferation of generative AI, robotics, autonomous driving and other technologies.

FläktGroup has more 60 major customers, including leading pharmaceutical companies, biotech and food and beverage firms, and gigafactories, according to Samsung’s statement.

Samsung said in March that its HVAC solutions had achieved double-digit annual revenue growth over the past five years, and that the company aimed to boost revenue by more than 30% in 2025.