Big Tech buybacks fall 83% as AI spending eats the cash, Reuters reports

In the first nine months of 2026, Microsoft, Alphabet, Amazon, Meta, and Oracle drastically reduced share buybacks by 83% to $13.6bn as AI-related capital spending doubled to $556.9bn, exceeding their operating cash flow. Despite a 29% rise in operating cash flow to $542.9bn, free cash flow turned negative, causing companies to fund payouts through reserves, debt, or share sales. Alphabet and Meta paused buybacks entirely, while Amazon has not repurchased shares since 2022.