Western Digital’s board approved an additional $4 billion for its share repurchase program. This authorization adds to the $484 million remaining from a prior authorization. The company aims to enhance shareholder value amid surging demand for its memory chips used in AI servers.
WD made the announcement on its Innovation Day. It also unveiled a new storage roadmap addressing the AI-driven data economy.
The roadmap details the 40-terabyte UltraSMR hard drive. Hyperscale customers currently qualify the UltraSMR drive. The roadmap also includes new technologies designed to improve performance for AI workloads.
These developments follow a recent upbeat revenue forecast. WD shares rose about 5% in premarket trading on news of the expanded buyback plan.