Big Tech is sacrificing buybacks for AI CapEx: Combined buybacks by Amazon, AMZN, Alphabet, GOOGL, Microsoft, MSFT, Meta, META, and Oracle, ORCL, plunged to $12.6 billion in Q4 2025, the lowest since Q1 2018. Share repurchases have declined -74% since the ~$48.0 billion peak seen in 2021. Amazon has not bought back a single stock since Q2 2022, redirecting capital into AI infrastructure. Meta slashed share repurchases to a combined $3.3 billion in Q3 and Q4 2025, down from $33.5 billion in 2021. At the same time, Alphabet cut buybacks to $17.0 billion, nearly HALF the $30.6 billion spent in the same period in 2024. CapEx is all that matters.(The Kobeissi Letter)