Memory Makers Bet on Buybacks as AI Demand Surges

Memory-chipmakers are boosting shareholder returns as AI-driven demand keeps cash flowing: SanDisk adds $14 billion to its buyback authorization (now $15.5 billion total), Western Digital is expanding its $4 billion buyback, and Micron is expected to announce a large program once CHIPS Act limits lift in December. At the same time, both Micron and SanDisk are expanding memory capacity in the US and Asia to meet rising AI demand. Despite recent stock declines in memory names, executives frame the cash flow and buybacks as durable signs of value as the memory market remains strong and capacity grows.