Samsung Electronics On Friday, it announced plans to buy back 10 trillion won ($7.2 billion) of its shares next year, causing its shares to soar in South Korean trading.

Shares of Samsung, South Korea’s largest company by market value, closed up 7.2% on Friday. share buyback plan. But its shares have fallen more than 30 percent this year. memory chip Maker and manufacturer of Android phones rival Apple (AAPL) iPhone, artificial intelligence (AI) boom.

Samsung said it will buy 3 trillion won worth of shares over the next three months, starting Monday. The buyback will consist of 50.14 million common shares and 6.91 million preferred shares.

Samsung’s Chip Business Struggles to Catch Up with SK Hynix and TSMC

SK Hynix, whose shares have risen 22% this year, is now main supplier High-bandwidth chips from AI darling Nvidia (NVDA), accordingly BloombergHe described the buyback plan as a “surprise”.

Samsung is also losing ground Taiwan Semiconductor Manufacturing Inc. (TSM) in the production of special chips for external customers.