# Micron Shares Close at $1,029 as Buyback Authorization Reaches $35.16B By John Kim Canonical URL: https://www.tokenpost.com/news/business/30170 Published: 2026-10-12T09:40:36.000Z Updated: 2026-10-12T09:40:36.000Z Section: Business > The memory-chip maker reported record fiscal 2026 revenue and forecast $61.5 billion in first-quarter fiscal 2027 revenue. Micron Technology shares closed at $1,029 on Oct. 9 after falling 0.66%, while the memory-chip maker’s latest results and expanded buyback authorization set the backdrop for its fiscal 2027 outlook. The close was recorded at 4 p.m. ET (2000 UTC). The company’s board increased its total discretionary share-repurchase authorization to $35.16 billion on Oct. 8. Micron may begin repurchasing shares on Dec. 9 under its CHIPS Act direct-funding agreements. The authorization does not require the company to buy shares, has no expiration date and remains subject to market conditions, CHIPS Act restrictions and Micron’s assessment of the best use of cash. The company repurchased 2.5 million shares for $650 million during fiscal 2026. The expanded authorization includes about $2.16 billion remaining under the prior program, plus 100% of adjusted free cash flow for the quarter ended Sept. 3, 2026, less CHIPS Act grant incentives tied to capital expenditures and dividends. Micron reported fiscal 2026 revenue of $133.19 billion, GAAP net income of $84.97 billion and diluted GAAP earnings per share of $74.33 for the year ended Sept. 3. For the first quarter of fiscal 2027, Micron forecast revenue of $61.5 billion, plus or minus $1.5 billion, and diluted GAAP earnings per share of $37.84, plus or minus $1. “Micron delivered record fiscal 2026 results, and we expect an even stronger fiscal 2027,” Chairman and CEO Sanjay Mehrotra said. Micron supplies memory and storage products used in data centers and artificial intelligence systems. Mehrotra said AI is becoming “Super Intelligence (SI)” and that memory enhances the intelligence and competitiveness of customers’ platforms. The investment case depends on continued AI-related memory demand and sustained profitability. The buyback authorization gives Micron flexibility in allocating cash but does not commit the company to spending the full amount. The company’s next concrete buyback milestone is Dec. 9, when repurchases may begin under the terms of its CHIPS Act funding agreements. [Previous coverage examined the Dec. 9 change in buyback restrictions](). ## Links in this article - [Previous coverage examined the Dec. 9 change in buyback restrictions](https://www.tokenpost.com/news/business/28887)