Micron (MU) raised its stock repurchase authorization from approximately $2.16 billion remaining to $35.16 billion, its largest buyback ceiling ever, as CHIPS and Science Act restrictions on buybacks change on Dec. 9. In fiscal 2026, the company generated $133.2 billion in revenue (up 256%) and $99.3 billion in operating income, driven by surging memory prices from AI infrastructure demand, and fourth-quarter free cash flow reached $33.2 billion. At roughly $1,000 per share, the program could retire about 35 million shares, around 3.1% of outstanding shares. Applying a 17x forward P/E to projected fiscal 2027 earnings of $176 per share implies a price of $2,992, and the author argues buybacks alone won't push the stock to $3,000 but could act as a catalyst.
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