Big tech's stock buybacks decline as companies prioritize AI investments, shifting from capital-light to capital-intensive strategies.

Big Tech hyperscalers are projected to spend $755 billion on AI in 2026, slashing share buybacks to just 20% of capital allocation, down from a 34% average.

The soaring cost of building and continually replacing AI infrastructure could become a major financial challenge for Big Tech, even if demand for artificial intelligence remains…