S&P 500 companies are expected to spend 44% of operating cash flows on CAPEX in 2026, up from 40% in 2025.

At the same time, buyback spending is down to just 15%, the lowest in YEARS, and a massive drop from the 46% peak in 2022.

Amazon and Google are leading the CAPEX surge, leaving far less cash available to support stock prices through buybacks.

Fewer buybacks = weaker demand for stocks = additional pressure on stock prices.

Are investors noticing the divergence?