07:57 AM EDT, 05/21/2024 (MT Newswires) -- Lam Research ( LRCX ) said Tuesday that its board has approved a $10 billion share repurchase authorization as well as a 10-for-1 stock split.

The repurchase program has no termination date and may be suspended or discontinued at any time. The stock is expected to begin trading on a post-split basis when the markets open on Oct. 3 for shareholders of record as of Oct 2.

Shares of Lam Research ( LRCX ) were up more than 4% in recent premarket activity.

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