By Jim Cramer
Publication Date: 2026-10-01 18:23:00
When is $100 billion worth more than $235 billion? That’s what we’re going to find out. In investing, price is what you pay; value is what you get. It’s a saying that works for buybacks as well. The share repurchase authorization is what you get, but the market capitalization tells you how valuable it is. Heading into Micron earnings, one of the biggest questions was: How large could the company’s buyback be in 2027 once the CHIPS Act restrictions expire? We did not get the full answer Wednesday evening when the memory maker reported its incredible fiscal 2026 fourth quarter and robust forward demand guidance. However, in the post-earnings conference call, CFO Mark Murphy provided enough information to get a sense of what to expect in a buyback. It has the potential to be a really, really big number as a percentage of Micron’s nearly $1.2 trillion market cap. MU YTD mountain Micron YTD We’ll go through what Murphy said and the math in a second — but all in, we think a $100 billion Micron buyback is very much in play. We’ve seen $100 billion-plus buybacks before from Apple and Nvidia . In fact, Jim has been pushing Nvidia CEO Jensen Huang for months to increase its buyback and embark on the kind of program that Apple successfully executed over Tim Cook’s 15 years as Apple CEO. On Monday, Nvidia listened, adding a $150 billion share repurchase authorization, bringing its total buyback plan to $235 billion, or roughly 4.3% of the company’s $5.5 trillion market cap. Noting…
