I'm avoiding the term "leverage", and the huge issuances it must have taken to make a Stadia appear, and then suddenly disappear, as well as "the bottom 6%" that appeared and disappeared from the roster over the course of 2022.

Economically speaking, where's the logistic growth peak? Is there growth for each company each business cycle? I don't know that, but in my opinion, the dividend-buyback axis is how FAANG companies got themselves in this "unconstrained, risk-free market participant" position in the first place.

In one sense, buying everyone in the world a graphics card is a cool idea. In another sense, it's extremely risky and probably wasteful. Similar to "Bird" but somehow less noble.

The slime mold only creeps if there's no environmental constraints.

Yeah I still don’t really understand lol.

Buybacks are equivalent in effect to dividends except tax implications and small details. You didn’t mention those but did mention buyback dividend axis so I’m taking it you think dividends should be outlawed as well. I’m not sure the stock market would function if that was the case.

Buybacks create false value, dividends redistribute value.

Buybacks would be equivalent to dividends if there was 100% consensus that the company's market value was headed up, faster than any other asset -- such that all recipients started trying to buyout others.

With a dividend I get income and still own the stock. With a buy back I have to sell to see my money. Not the same

With a buyback your percent ownership goes up. You can sell stock to maintain the same percentage but get cash.