share buybacks

JPMorgan

2026-09-28 09:14:18

JPMorgan says U.S. corporate financing surplus is near historic highs, with buybacks supporting equities and Bitcoin back above production cost

JPMorgan said in its Sept. 24, 2026 flows and liquidity report that the U.S. corporate sector’s financing surplus in the second quarter was close to 2% of GDP, one of the highest non-crisis readings since data began in 1952. The bank said non-financial corporates posted a surplus of about 1.5%, the highest non-crisis level since 1958, as cash-flow growth outpaced capital spending and reduced the need for external financing. According to JPMorgan analyst Nikolaos Panigirtzoglou, AI-related capital expenditure remains strong, but the aggregate pace of capex has been held back by weakness outside concentrated areas such as data centers. The bank argued that the late-1990s style capex excess has not yet reappeared in the broad data, while corporate savings continue to flow mainly into share buybacks. JPMorgan expects global buybacks to reach $1.7 trillion in 2026, including $1.3 trillion from U.S. companies. On crypto, the report said Bitcoin had spent 280 days below its estimated production cost before recently moving back above that level. JPMorgan estimated the average cost to mine one Bitcoin at about $85,000, adding that a sustained move above that threshold would ease pressure on miners and reduce the risk of forced selling. The bank also said network hashrate and mining difficulty are down about 19% and 15% from their peaks in October last year as miners increasingly shift toward AI-related business.

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Goldman Sachs

2026-09-10 04:50:09

Goldman Sachs keeps Buy on Sandisk, says NBM coverage supports 80% gross margin and $2,200 target

Goldman Sachs said in a Sept. 9 meeting-notes report that it maintained a Buy rating on Sandisk and set a 12-month price target of $2,200, implying 26.6% upside from the stock’s cited current price of $1,738. The report followed management comments at the Communacopia conference, where Sandisk said its long-term NBM agreements already cover 50% of planned FY27 shipments and 67% of FY28 shipments. According to management, floor-price provisions in those contracts could still support gross margins of about 80% even in a bearish NAND pricing scenario. Goldman said the company’s story is shifting away from a pure cycle trade and toward a structural upgrade, with the NAND market moving from short-term spot pricing to long-term agreements and data center demand becoming the main driver. The bank also pointed to constrained supply growth, AI inference demand, Sandisk’s joint venture with Kioxia, and a capital intensity of about 5% as key supports for earnings visibility. Risks named in the report include failure of a structural shift in NAND pricing, continued roadmap progress at YMTC, and Sandisk not gaining eSSD share.

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Nvidia

2026-08-25 18:31:48

Franklin Templeton manager says Nvidia investors want clarity beyond an earnings beat

Franklin Templeton portfolio manager Sara Araghi said Nvidia investors are looking past whether the company can simply beat earnings expectations. In her view, the market is also focused on the details of Nvidia’s capital allocation and spending plans, not just the headline result. Araghi said Nvidia is trading at roughly 21 times forward earnings over the next 12 months, a sign that investors have already begun pricing in slower growth. That leaves the company needing to show continued earnings expansion to support its case. She added that Nvidia must demonstrate profit growth that can justify the use of free cash flow for investment and share buybacks. The comments frame investor attention around execution and capital deployment, rather than earnings outperformance alone.

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Bank of Ameri

2026-08-18 14:39:07

BofA keeps Buy on Micron, says SanDisk growth targets could reshape valuation

Bank of America said SanDisk’s newly outlined long-term growth targets may offer a fresh valuation reference point for Micron (MU), leading the bank to reiterate its Buy rating and keep its $1,550 price target. That target stands about 61% above the $963 share price used in the report. SanDisk told investors it expects nearly 15% annual sales growth and gross margin above 80% by fiscal 2030. BofA argued that if Micron can deliver similar growth and profitability, supported by AI-driven demand for high-bandwidth memory, or HBM, and tighter supply discipline, the company may no longer deserve to be viewed purely as a traditional cyclical memory name. The bank said Micron’s fiscal 2030 earnings per share could reach $200 to $250 and added that a higher valuation for its AI-related HBM business could expand both earnings potential and the stock’s multiple. BofA also said Micron could trade at 12x to 15x earnings as profitability in the memory industry improves. On capital returns, the bank expects Micron may step up share buybacks after CHIPS Act-related restrictions expire on Dec. 9, 2026.

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Bitmine

2026-08-11 10:05:54

Bitmine Slows ETH Accumulation as It Shifts Capital to Share Buybacks

Bitmine Immersion continued adding to its Ethereum position last week, but at a much slower pace than earlier this year. The company bought 7,391 ETH, worth about $14.2 million at roughly $1,915 per coin, marking its smallest weekly increase of 2026. Even so, its total ETH holdings now exceed 5.8 million coins, equal to about 4.8% of Ethereum’s total supply and leaving the firm close to its stated goal of holding 5% of the network’s ETH. At the same time, Bitmine has redirected more of its capital toward share repurchases. The company bought back 3 million of its own shares last week at a cost of about $50 million to $58 million, bringing total buybacks since July to 19.1 million shares. Beyond its ETH position, Bitmine also holds 209 BTC, $104 million in cash and marketable securities, and equity stakes in Beast Industries and Eightco Holdings. Chairman Tom Lee said the failure of the CLARITY Act to reach a Senate vote before Congress’s August recess was disappointing, though he argued markets are currently more focused on softer inflation and labor data.

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Berkshire Hat

2026-08-09 00:39:00

Berkshire Hathaway Q2 Net Income Doubles, Alphabet Becomes Top Holding

Berkshire Hathaway reported second-quarter net income attributable to shareholders of $25.667 billion, versus $12.37 billion a year earlier, a gain of more than 100%, according to Cailian Press via PANews on Aug. 9. Operating profit rose to $12.983 billion from $11.16 billion in the year-ago period. Investment gains climbed to $12.684 billion against $4.97 billion previously. The conglomerate's cash reserves slipped to $364.7 billion at the end of June from $397 billion at the close of the first quarter. The fair value of its fixed-income securities investments reached $17.034 billion as of June 30, comprising $3.002 billion in U.S. Treasuries, $12.668 billion in foreign bonds and $1.364 billion in corporate bonds. Berkshire's top five equity holdings were Alphabet, American Express, Apple, Bank of America and Coca-Cola, with Alphabet as the largest position. Buybacks totaled about $4.5 billion in the second quarter, lifting the first-half figure to roughly $4.8 billion. The report shows a lower cash pile and a sharp jump in investment income.

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Nvidia

2026-07-23 20:40:16

Jensen Huang Says Nvidia Will Return 50% of 2026 Free Cash Flow, While FY2026 Payouts Totaled About $41.1 Billion

Jensen Huang said Nvidia will return 50% of free cash flow to shareholders in 2026, but based on FY2026 figures, buybacks and dividends totaled about $41.1 billion, or roughly 43% of free cash flow.

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Bitcoin

2026-07-03 23:00:14

ProCap Financial Adds 450 Bitcoin and Uses Buybacks to Narrow Its NAV Discount

ProCap Financial, Inc. expanded its dual capital-allocation strategy this week by purchasing 450 additional Bitcoin, lifting its total holdings to 5,457 BTC while also lowering its average cost basis. Management made the purchase as Bitcoin traded near $65,000, framing the move as a long-term accumulation opportunity during a volatile market environment. Chairman and CEO Anthony Pompliano said the company is pursuing two value-accretive actions at once: buying Bitcoin to strengthen the balance sheet and repurchasing its own stock when the market price falls materially below net asset value, or NAV. According to an SEC filing posted on March 2, the latest Bitcoin acquisition was funded through working capital and option exercises, with roughly $35.4 million deployed in the transaction. The enlarged treasury now places ProCap among the top 20 largest publicly traded corporate holders of BTC based on data from Bitcointreasuries.net. At the same time, ProCap has accelerated an open-market buyback program that began in late December 2025. Backed by a $100 million board authorization, the company repurchased blocks of stock at discounts ranging from 25% to 35% below NAV between Feb. 20 and Feb. 26. In total, recent repurchases exceeded 700,000 shares out of roughly 82.6 million outstanding. Management argues these buybacks increase per-share value for long-term holders and says they will continue for as long as BRR trades at a significant discount to NAV.

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