Chip maker Marvell Technology (MRVL) increased its share repurchase program by $500 million, bringing the total authorized buyback to $1.5 billion.

The Santa Clara, Calif.-based company has already made about $1 billion in repurchases under the current agreement.

“We continue to be confident in our growth prospects and our ability to generate significant cash flows,” said Marvell CEO Sehat Sutardja.

Marvell said the increase in consistent with its plan to return value to shareholders.

Follow Jennifer Booton on Twitter at @Jbooton