At a time when the storage sector is under pressure, Micron (MU.US) made a move: it launched a record $35.16 billion repurchase on December 9

The Zhitong Finance App learned that according to the latest documents, Micron Technology (MU.US) has raised its own share repurchase authorization to a record US$35.16 billion. The program will be launched on December 9.

The total amount authorized for this repurchase includes the remaining $2.16 billion of the 2018 repurchase plan, plus 100% of the quarterly adjusted free cash flow up to September 3, 2026, minus CHIPS Act grant incentives and dividend payments due to capital expenditure.

Boosted by AI-driven storage demand, Micron's stock price has accumulated a cumulative increase of more than 240% since this year, but it is still below the peak of $1,255 set on June 25. As of Monday's close, Micron closed down 3.88% to $989.04.

According to reports, the storage sector has continued to be under pressure recently, and the market attributed this round of adjustments to several factors: the Korean stock market made up for the decline after the holiday; Samsung Electronics and SK Hynix large-scale repurchase plans ended early; Changxin Technology announced the progress of the 4F² next-generation DRAM architecture and plans to launch server memory products by the end of the year. Rich Privorotsky, head of trading at Goldman Sachs EMEA, said that “storage is still the epicenter”. The core contradiction is that although fundamentals are strong, concerns about peaking profits are suppressing valuations.