Marvell Technology, Inc. (NASDAQ: MRVL) saw its shares rise after announcing a new $5 billion share repurchase authorization and accelerated share repurchase agreement, highlighting a focus on data center and AI infrastructure. The total buyback quantum, including previous programs, amounts to about 10% of the company’s market value. The company’s CEO expressed confidence in sustained growth and flexibility for long-term investments. Marvell recently closed a $2.5 billion sale of its automotive Ethernet business to shift focus to data center and AI markets. Data center revenue now accounts for 74% of total revenue, with management seeing strong growth potential there. Marvell guided for third-quarter earnings and revenue between $1.957 billion and $2.163 billion. Investors can learn more from a fireside chat with the CEO on September 24. MRVL shares were up 3.30% to $77.09.

Read more at Yahoo Finance: Marvell Tech To Buyback Almost 10% Of Outstanding Stock