Western Digital adds $4 billion to buyback plan as AI boosts memory chip sales
Western Digital said on Tuesday its board has approved $4 billion more for share repurchases, as demand for its memory chips used in artificial intelligence servers surges.
Its shares rose about 5% in premarket trading, adding to a 57% jump this year. The shares had more than tripled in value last year.
A global shortage of memory chips has intensified competition among AI and consumer electronics companies for limited supplies, driving up prices and extending lead times as manufacturers struggle to ramp up capacity.
