Advanced Micro Devices  (AMD)  has been seeing some good news, and more might on the way next month.

The chipmaker recently reached a partnership with Saudi Arabian AI startup Humain to help build a $10 billion AI-computing infrastructure over five years, a project that could boost AMD’s role in the AI-chip market.

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On May 14, AMD also unveiled a $6 billion addition to its stock buyback plans, bringing its total authorization to around $10 billion. The move suggests confidence from the board in AMD’s long-term strategy.

These developments come as a much-needed boost for AMD, whose stock had been under pressure for quite a while. In 2024, the shares lost about 18% as investors questioned whether AMD could catch up to Nvidia  (NVDA) , the market leader in the AI-GPU race.

In April, AMD warned of higher costs tied to President Donald Trump's latest controls on exports of high-end AI chips to China. The new policy also requires companies to obtain licenses to ship advanced chips. AMD said the restrictions could cost it as much as $800 million.

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In the first four months of 2025 AMD stock lost nearly 20%, dragged by a broader tariff-related pullback and concern about whether demand for high-priced AI graphics-processing units was sustainable. That worry arose after the rollout of DeepSeek, a cheaper Chinese alternative to U.S. artificial-intelligence models.

Still, with fresh partnerships, strong Q1 earnings and analysts updating views, AMD may be positioning itself for a turnaround ahead of its June AI event.

AMD is Nvidia’s closest competitor in the AI GPU market, with $5 billion in AI GPU sales in fiscal 2024. These chips are used in large volumes across data centers to build generative AI systems.

On May 6 AMD reported fiscal-first-quarter earnings that topped expectations, and the Santa Clara, Calif., company provided a strong forecast for current-quarter revenue.

Adjusted earnings per share came in at 96 cents, above Wall Street's expectations of 94 cents. Revenue reached $7.44 billion, beating the consensus forecast of $7.13 billion.

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The company’s data center segment reported $3.7 billion in sales, up 57% year over year and beating analysts' estimates.

For the current quarter, AMD expects about $7.4 billion in revenue with a gross margin of 43%, compared with Wall Street estimates of 86 cents on $7.25 billion in sales.