This is just a quirk of the modern stock market capitalist system. Yes, stock buybacks are more lucrative than almost anything other than a blitz-scaling B2B SAAS. But for good of society, I would prefer if Alphabet spent their money developing new technologies and not on stock buybacks / dividends. If they think every tech is a waste of money, then give it to charity, not stock buybacks. That said, Alohabet does develop new technologies regularly. Their track record before 2012 is stellar, their track record now is good (Alphafold, Waymo, Tensorflow, TPU etc), and it is nowhere close to being the worst offender of stock buybacks (I’m looking at you Apple), but we should move away from stock price over everything as a mentality and force companies to use their profits for the common good.