‼️Big Tech firms have almost completely stopped buying back their own stock:

Of the 4 largest AI spenders, only Microsoft repurchased shares in Q1 2026, totaling just $3.4 billion, the lowest quarterly figure for the group in almost 10 YEARS.
This also marks the first time in nearly 10 years that Alphabet did not buy back any shares, a sharp reversal from over $15 billion in repurchases during the same quarter last year.
Over the last 5 years, Alphabet alone has spent ~$280 billion on buybacks, equivalent to more than 6% of its current market capitalization.
This comes as Alphabet already raised $85 billion in its first equity sale in 20 years earlier this month, while Meta is reportedly weighing a similar offering worth tens of billions of dollars, both aimed at funding AI infrastructure.
The 4 largest AI spenders are forecasting combined capital expenditures of up to $725 billion this year alone, increasingly consuming free cash flow and pushing companies toward higher debt levels.
Is the era of massive buybacks over?