Micron Just Raised Its Buyback Authorization to $35 Billion. Prediction: It Spends More Buying Back Stock in the Next Year Than in the Past 8 Combined.

Micron Technology raised its stock buyback authorization to $35.16 billion, over four times the $7.84 billion spent on buybacks over the past eight fiscal years. The company's exceptional free cash flow generation ($33.2 billion in Q4 fiscal 2026) enables this aggressive repurchase program, though CHIPS Act restrictions limit buybacks until December 2026. However, at current stock prices near $985, the buyback will have minimal impact on share count, retiring only about 3% of outstanding shares, as employee stock awards add roughly 11 million shares annually.