Apple’s board spent $879 billion on buybacks instead of buying any of 488 S&P 500 companies

This year has been defined by two trends: the artificial intelligence data-center build-out and major leadership transitions. Among the latter, Berkshire Hathaway’s Warren Buffett retired as CEO on December 31st, and Apple’s CEO role changed hands on September 1st. Both companies have kept continuity at the board level. Over the roughly 15 long...