Samsung Shares Jump on $7 Billion Buyback After Missing AI Boom
- Management ‘proactively’ moving to support stock: JPMorgan
- Shares still down 28% this year while rival SK Hynix soars
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Samsung Electronics Co. shares surged after South Korea’s biggest company announced a surprise plan to buy back about 10 trillion won ($7.2 billion) of its own stock over the next year.
The stock rose as much as 7.5% in Seoul trading Monday, adding to a 7.2% jump Friday ahead of the news. The shares are still down about 28% this year amid concerns that its memory chip business has fallen behind in the artificial intelligence market.