Broadcom said on Monday it was launching a new share buyback program of up to $10 billion, set to run through the end of the year, sending its shares up nearly 3% in extended trading.
CEO Hock Tan said the move reflects confidence in Broadcom’s semiconductor and infrastructure software franchises, particularly its position in artificial intelligence-related investments.
Shares of Palo Alto, California-based Broadcom, which has a market value of about $724.76 billion, closed about 5% higher…