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Just For You Berkshire, Broadcom & Nucor Are Revving Their Buyback EnginesAuthored by Leo Miller. Article Published: 3/16/2026. 
Key Points - Berkshire Hathaway is signaling that its shares are below their intrinsic value as it restarts buyback spending.
- Chips giant Broadcom likely sees something similar in its stock as the firm's buyback activity is picking up big-time.
- Steel giant Nucor has surged over the past 52 weeks and now has large buyback capacity.
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Two stocks with market capitalizations over $1 trillion and North America's largest steel producer just announced sizable buyback programs. All three companies are signaling confidence in their outlooks, with the world's largest financial services company clearly indicating it believes investors are undervaluing the stock. Berkshire Announces Resumption of Buybacks After Almost Two-Year Hiatus Warren Buffett's Berkshire Hathaway (NYSE: BRK.B) is one of the most storied investment firms in history. It is also one of just 12 companies worldwide with a market capitalization above $1 trillion and the only financial services firm in that club. Despite Berkshire's long-term success, the stock has struggled recently. Shares have fallen after each of the last four earnings reports, including an almost 5% decline following the most recent release. This weakness followed a quarter in which the company missed estimates significantly, with operating earnings down 30%. The drop was largely driven by softness in Berkshire's insurance operations, where underwriting earnings fell 54%. Over the past 52 weeks, Berkshire shares have been roughly flat to slightly down. Unlike many companies, Berkshire doesn't set a fixed dollar limit for buybacks. A 2018 amendment to its buyback policy allows repurchases whenever the company believes shares are "below Berkshire's intrinsic value, conservatively determined." In a recent SEC filing, Berkshire disclosed that it "commenced repurchasing shares of our common stock under this policy on Wednesday, March 4, 2026." The filing did not specify the amount repurchased, but the move signals that management sees value in the shares. Berkshire had not repurchased stock since mid-2024. AVGO Undertakes Huge Buyback Spending and Reloads Its Chest Semiconductor behemoth Broadcom (NASDAQ: AVGO), another $1 trillion-plus company, is also accelerating buybacks. Broadcom's results have been strong, driven by demand for its artificial intelligence (AI) solutions. In its latest quarter, Broadcom beat estimates for both revenue and adjusted earnings per share and issued guidance that exceeded expectations for the next quarter. The company also outlined a path to generating more than $100 billion in AI-related revenue in its fiscal 2027 year, which roughly aligns with calendar 2027. For context, that $100 billion target would be about 46% higher than the $68.3 billion in total revenue Broadcom generated over the past 12 months. The figure excludes non-AI semiconductor sales and the company's infrastructure software business, which together accounted for 56% of revenue last quarter. Despite these trends, Broadcom shares remain roughly 20% below their all-time high. Broadcom's buyback activity suggests management believes the market is undervaluing the company. Last quarter the firm repurchased $7.8 billion of stock, its second-largest quarterly total ever, after making little in the way of repurchases over the prior two quarters. The company then announced a $10 billion repurchase authorization. Although that amount represents under 1% of Broadcom's roughly $1.5 trillion market capitalization, it is a clear vote of confidence. The program is effective only through the end of 2026, which suggests Broadcom intends to act quickly to take advantage of recent price weakness. NUE's Buyback Capacity Exceeds 10% as Shares Put Up Impressive Gains Finally, Nucor (NYSE: NUE) — a major North American steelmaker — announced a substantial repurchase program. Based on 2024 data, Nucor produced more steel than any other North American company, though Asian firms dominate global production and place Nucor outside the top 10 worldwide. Nucor stock has performed well over the past 52 weeks, returning roughly 25% total. Several tailwinds have helped Nucor. Steel tariffs have reduced U.S. imports from foreign competitors, supporting domestic demand for its products. Nucor noted that the foreign share of the U.S. finished-steel market was near 25% at the start of 2025 and is estimated to have fallen to about 14% by November 2025. The company expects that share to remain at or below that level in 2026. Demand from Nucor's main end markets — including infrastructure, data centers, and energy — remains strong. Those dynamics helped Nucor enter 2026 with what management calls "historically strong backlogs." Its steel mill backlog rose 40% year over year, while its steel products backlog increased 15%. Against that backdrop, Nucor unveiled a $4 billion share buyback program, representing roughly 11% of the company's approximate $37 billion market capitalization. That gives Nucor considerable capacity to return capital to shareholders over time. AVGO's Buybacks Signal Undervaluation as AI Demand Explodes Among the three, Broadcom's surge in repurchases and its new authorization are especially notable. The firm likely believes its results and outlook do not justify the large drawdown in its stock price. Both moves are confidence-boosting actions for a company at the center of the AI infrastructure buildout. | 
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