Sandisk spent $4.5 billion on its own stock in the roughly nine weeks between the board’s April 30 authorization and the July 3 fiscal year-end. On August 5 the board added another $14 billion. That leaves $15.5 billion of firepower pointed at a stock trading around $1,600, about a third below the June 25 record close of $2,354.39. The correction took the price down. It didn’t touch the cash.

The $14 billion headline matters less than the $5.035 billion of adjusted free cash flow Sandisk generated in fiscal Q4, of which the $4.5 billion repurchase absorbed 89%. Annualize that quarter and the company throws off more than $20 billion a year. With about 149 million shares outstanding, the market cap sits near $240 billion, so the stock trades at roughly an 8% free cash flow yield on the current run rate. The entire remaining authorization is less than one year of cash at the Q4 pace. At $1,600 it retires about 9.7 million shares, or around 6.5% of the company, and management’s Investor Day framework commits to returning 100% of excess cash from here. This authorization will need topping up again.