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🔴Buyback Big Tech sinks to 10-year lows — Who is swallowing all the cash in the market?
Q1/2026: The top 4 AI-using companies (Alphabet, Microsoft, Meta, Amazon); only Microsoft is still doing share buybacks. This $3.4B figure is also the lowest buyback level for this group in nearly 1 decade.
The reason is $725B CAPEX. The 5 tech giants have spent a total of $725B on AI in 2026, up 77% from the record $410B level in 2025:
- Microsoft: $190B
- Alphabet: $190B
- Amazon: $200B
- Meta: $125-145B (up 87-101% YoY compared with $72.2B in 2025) — the highest year-over-year percentage increase.
Alphabet didn’t just stop buying; it also announced offering to sell more shares:
- 1/6: Issued $80B shares, with Berkshire Hathaway buying $10B.
- 2/6: Announced an increase in the amount to sell to $84.75B due to overwhelming demand.
-> This is the first time Alphabet has sold shares in 20 years. It’s also the largest equity issuance in history across all industries — surpassing the previous record of Petrobras ($70B in 2010).
Alphabet isn’t short of money. In Q1/2026, revenue was $109.9B (+22% YoY), with Google Cloud up +63%. Clearly, they want to pour in more money so they won’t be left behind in the AI race.
A decline in buybacks doesn’t mean the stock is weak; it simply means company leadership believes the ROI from AI CAPEX is higher than the ROI from share buybacks at this time.