Big Tech giants like Alphabet, Microsoft, Amazon and Meta are now making massive investments in Artificial Intelligence (AI) infrastructure instead of returning cash to investors through stock buybacks. The last quarter saw the lowest combined buybacks since 2019. Companies are planning to spend $700+ billion capex this year, which may increase short-term pressure on free cash flow. After earnings, a decline was also seen in many tech stocks, due to which investors are looking cautious. However, experts believe that this is not a financial weakness, but a strategic capital shift for long-term growth.