Big Tech Stock Buybacks Vanish as AI Spending Spree Eats Up Cash

The Meta AI app in the Apple App Store on a smartphone arranged in Germantown, New York, US, on Wednesday, July 23, 2025. In April, Meta said it could spend as much as $72 billion on capital expenditures this year, with a focus on AI and the data centers used to train and run the models. Photographer: Gabby Jones/Bloomberg