When the printing press starts selling stocks, the biggest backstop force in the US stock market over the past decade is reversing

The S&P 500 is hitting new highs. But the tech giants spending the most on AI are seeing their stock prices fall, buybacks have already started to halt, and they are unleashing new stocks and bonds onto the market at an unprecedented pace.

Google is the clearest signal. In mid-May, it was at a record high of $402, but by early June it had fallen by nearly 7%. During the same period, the S&P rose from 7,501 points in mid-May to a new high of 7,599 on June 1. On the very day the index set a record, Google's parent company submitted an approximately $80 billion equity financing plan to the SEC.

A company that has been buying back its own shares over the past decade is now selling stocks on a large scale.

What does this really mean?