You think Nvidia's $235 billion buyback is big? Just wait and see what Micron might do
Micron's expected repurchase program has the potential to be a really, really big number as a percentage of its market cap.
TL;DR
- Micron is projected to return 100% of its excess cash to shareholders starting December 9, 2026.
- The company is expected to reach its target cash level by the end of fiscal Q1 2027 (November 2026).
- Estimates suggest a potential buyback of $100 billion by the end of fiscal 2027, based on projected free cash flow.
- This $100 billion buyback would represent over 8% of Micron's market cap, potentially larger as a percentage than Nvidia's recent $150 billion authorization.
- Analysts like Ben Reitzes anticipate a buyback of "epic proportions," potentially exceeding 10-15% of the market cap annually.
- Micron's stock has surged nearly 280% in 2026, but a lack of follow-through rally might be due to disbelief in the scale of the future buyback.
- Micron trades at an undemanding price-to-earnings multiple of less than 6 times fiscal 2027 EPS estimates.