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

KEY TAKEAWAYS Advanced Micro Devices shares jumped Wednesday, as the chip designer said its board approved a new $6 billion share buyback plan.The move will boost AMD's buyback program to $10 billion,

AMD's stock surges 21% in past month on $6 billion buyback plan, recent wins and strong technical signals, with more potential for growth.