Microsoft, Alphabet, Amazon, Meta, and Oracle returned just 9.3% of cash to shareholders in the first three quarters of 2026, a 15-year low amid AI spending
THE SO WHAT
Mega-cap tech is clearly prioritizing AI capex over shareholder payouts — if you sell into AI infra or tooling, this is your budget window. If you compete with them for capital or talent, assume they will tolerate lower near-term returns to secure compute, power, and model advantage.
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