Samsung Electronics unveiled plans Friday to buy back 10 trillion won ($7.2 billion) of its shares over the next year, sending its stock soaring in South Korean trading.

Shares of Samsung, South Korea's largest company by market value, closed up 7.2% Friday on the 澳洲幸运5官方开奖结果体彩网:stock buyback plan. Its shares are down more than 30% this year, however, as the 澳洲幸运5官方开奖结果体彩网:memory chip maker and producer of Android phones rivaling Apple's (AAPL) iPhone struggles to catch up during the 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) boom. 

Samsung said it would buy stock worth 3 trillion w▨on over the next three months starting Monday. The buyback will comprise of 50.14 million common shares and 6.91 million preferred shares.

Samsung's Chip Business Struggles To Catch Up To SK Hynix, TSMC

SK Hynix, whose stock is up 22% this year, is now the 澳洲幸运5官方开奖结果体彩网:main supplier of high-bandwidth chips to AI darling Nvidia (NVDA), according to Bloomberg, which called the buyback plan a "surprise."

Samsung has also been losing ground to 澳洲幸运5官方开奖结果体彩网:🍬Taiwan Semiconductor Manufacturing Co. (TSM) in manufacturing custom chips for outside customers.