Tech buybacks hitting record pace - artificial demand?

Apple just authorized another $110B program while Microsoft ups theirs to $60B. These aren't growth investments - they're admitting they can't find better returns than their own stock at these multiples.

When AAPL trades at 29x earnings and they're buying back $110B worth, that's basically admitting organic growth is tapped out. The math only works if you think multiple expansion continues - which feels like the definition of artificial demand to me.