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Samsung shares climb more than 7% after surprise $7 billion buyback plan

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The South Korean tech giant's stock rose more than 7% in Seoul , after shares had already surged 7.21% on Friday .

Samsung last bought back shares in November 2017 , according to data maintained by LSEG .

The company has fallen behind rival SK Hynix in the race to supply high bandwidth memory, or HBM chips, that are a key component used by Nvidia .