Thanks, Donald! Five Largest Tech Giants Double Stock Buybacks To $115 Billion, CapEx Growth Muted

Per the FT, the five US tech companies with the largest cash piles spent more than $115 billion on buybacks during the first three quarters of the year, nearly double what they spent during the entirety of last year. This is the latest sign that, while Trump sold his tax cuts as a boon for working Americans, investors have reaped most of the benefits to date (though to be fair, the companies did boost their capital spend by a combined $42 billion). The tech firms also spent some of the repatirated cash paying down debt, freeing up more money to spend on buybacks in the future.

David Stockman's Contra Corner is the only place where mainstream delusions and cant about the Warfare State, the Bailout State, Bubble Finance and Beltway Banditry are ripped, refuted and rebuked. Subscribe now to receive David Stockman’s latest posts by email each day as well as his model portfolio, Lee Adler’s Daily Data Dive and David’s personally curated insights and analysis from leading contrarian thinkers.