Some of the largest U.S. technology companies pushed for a corporate tax overhaul in 2017 by suggesting they would go on hiring sprees and boost the economy. Just over a year after getting what they wanted, data show these firms gave most of their huge tax savings to investors.

The top 10 U.S. tech companies spent more than $169 billion purchasing their shares in 2018, a 55 percent jump from the year before the tax-law changes, according to data compiled by Bloomberg. The industry as a whole authorized the greatest number of share buybacks ever recorded, totaling $387 billion, according to TrimTabs Investment Research. That's more than triple the amount in 2017.

Spending on research and development climbed slightly. Capital expenditures overall rose because Alphabet Inc. and Facebook Inc. almost doubled spending in that category. Apple Inc. and its partners have yet to bring manufacturing back to the United States, as President Donald Trump had hoped. And there was no surge in tech hiring, according to data compiled by Bloomberg.

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