Imani Moise

And because big tech has accounted for such a large share of recent market gains, those decisions carry extra weight.

Even stock buybacks, one of Wall Street's favorite drivers of share prices in recent years, are starting to slow.

Excluding Nvidia, buybacks among the so-called Magnificent Seven fell more than 70% from a year ago in the latest quarter, as companies redirected cash toward the increasingly expensive AI arms race.

Analysts say the trend reflects a growing reality inside big tech.

The need to spend on AI infrastructure is crowding out other priorities, including keeping shareholders sweet with buybacks and dividends.

And now you know what's news in markets this week.

You can read about more stocks that moved on the week's news in our live markets coverage on WSJ.com.

Today's show was produced by Alexis Moore with supervising producer Melanie Roy.

I'm Imani Moise.

Have a great weekend and catch you next Saturday.

Hey, listeners.

It's Saturday, May 9th.

I'm Imani Moise for The Wall Street Journal.

And this is what's news in markets.

Our look at the biggest stock moves of the week and the news that drove them.

Let's dive in.

Investors spent this week chasing the next phase of the AI boom.

But analysts can't decide whether the AI trade looks more like the future or 1999.

The S&P 500 and Nasdaq both climbed to fresh records.

Tech stocks surged, software companies staged a comeback, and investors poured into everything from cybersecurity firms to Japanese toilet makers.