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In the past major corporations used to launch speculative research projects and risky ventures, but that rarely happens any more. All the resources are being shifted to stock buybacks, everything else is a secondary priority.

Some companies like Chevron and Texas Instruments have even committed in writing to "returning 100% of all cash flow in perpetuity" to buybacks and dividends. So yes, they have legal contracts saying they won't agree to invest in future growth or investments or research no matter how much money they make, they are so committed to this buyback first model.

Google is a true leader in the buyback wars, they were the first company to commit to $25B in buybacks per quarter, which used to be a shockingly large number for these programs. Lots of other companies have followed that pattern since.