$SNDK : what the market is still arguing about
Buybacks. Mgmt committed 100% of excess cash to repurchases at 50% FCF margin. That's $25B next year, 10% of market cap. Four years at current price retires 47% of shares. For scale: S&P avg buyback yield is 2-3%, Apple at peak was
$MU$SNDK$SKHY
The Three-Stage Earnings Engine in Memory
The growth-vs-cyclical debate on memory stocks carries a hidden assumption: earnings have peaked. Break down what’s actually driving earnings, and the current price surge is only stage one of three.
Stage one is pure
