The key words are "up to" in the $25B buyback announcement. This is basically a long term authorization. To me this reeks of more desperation as it is typical of a company at its top trying to pump up the stock price. I wonder how Joe Osha will react to the news given his preference for dividends over buybacks?
Refunding earnings to stockholders is the best thing to do if the company doesn't have anything worthwhile to spend the money on.
From an AMD point of view INTC will still have a huge cash horde so it really doesn't make much difference.
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