Big Tech AI spending is eating into stock buybacks, hitting lowest level since 2019

Alphabet, Microsoft, Amazon, and Meta spent the least on combined share repurchases last quarter than in any quarter since 2019 as they race to invest in AI. Alphabet and Microsoft spent roughly $11B on buybacks, while Amazon and Meta held off entirely. Amazon hasn't bought back stock since 2022. The shift reflects how aggressively Big Tech is redirecting cash toward AI infrastructure. The trend is notable for investors who have relied on buybacks as a key return mechanism from these companies.

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