Big Tech Buyback Programs Remain Robust Despite AI Spending Surge

The claim that Microsoft, Meta, and Alphabet have cut buybacks due to AI capex exceeding $200 billion lacks support from primary filings. Microsoft authorized a $60 billion repurchase program in 2024 while reporting $13.2 billion in AI-related capital expenditures for the fiscal year (Microsoft 10-K, July 2024). Meta similarly expanded its buyback authorization to $50 billion in 2024 alongside $37 billion in total capex, much of it infrastructure (Meta 10-Q, Oct 2024). Alphabet maintained a $70 billion program with $48 billion deployed since 2022 per its investor reports. Combined hyperscaler AI infrastructure spend reached approximately $180-200 billion annualized in 2024-2025 estimates from Dell'Oro Group, yet aggregate buybacks across the three exceeded $80 billion in the trailing twelve months per FactSet data. No evidence shows net reduction tied to AI; programs continued at prior or higher scales.