As the storage sector faces pressure, Micron (MU.US) launches a record $35.16 billions buyback starting December 9.

Zhitong Finance APP has learned that, according to the latest documents, Micron Technology (MU.US) has increased its share buyback authorization to a record $35.16 billion, with the program set to launch on December 9.

The total amount of this buyback authorization includes the $2.16 billion remaining from the 2018 buyback program, plus 100% of the quarterly adjusted free cash flow through September 3, 2026, minus CHIPS Act grant incentives received for capital expenditures and dividend payments.

Driven by AI-related storage demand, Micron's stock price has risen over 240% so far this year, but it remains below the peak of $1,255 reached on June 25. As of Monday's U.S. stock market close, Micron ended down 3.88% at $989.04.

It is reported that the storage sector has remained under pressure recently, with the market attributing this round of correction to several factors: a catch-up decline in the Korean stock market after holidays; early termination of large-scale buyback programs by Samsung Electronics and SK Hynix; ChangXin Memory Technologies announcing progress on 4F² next-generation DRAM architecture and planning to launch server memory products by the end of the year. Goldman Sachs EMEA trading head Rich Privorotsky stated, "Storage remains at the epicenter," with the core issue being that, although the fundamentals are strong, concerns over peak earnings are suppressing valuations.