Yikes! The AI Data Center Build-Out Is Cannibalizing a $1 Trillion Catalyst That's Powered the Trump Bull Market Higher.

While AI infrastructure investment has driven the Trump bull market, major tech companies are dramatically reducing share buybacks to fund data center expansion. This shift threatens a key earnings-per-share catalyst at a time when the S&P 500 trades at historically expensive valuations, with combined buybacks from major tech firms falling 70% from 2021 peaks.