Shares of the chipmaker rose more than 3% to US$246.74 Friday morning. Shares were up as high as 4% after the announcement Thursday.
The company had been trying to take over Qualcomm, another semiconductor technology company, but President Trump blocked the US$117bln bid in March citing national security concerns.
“The initiation of a stock repurchase program enhances our capital allocation strategy and provides us with a complementary tool to deliver value to our shareholders,” said
The repurchase authorization is effective immediately and available until November 3, 2019.