From a basic economics perspective, companies conduct buybacks when they have no other use for the money. Since re-investment supports shareholders on a longer timescale, Intel has essentially let the market know they don't have any other use for the money they have. The point of investing in a company is the funds to be used to generate wealth. If I invest in your company and you just give me back my money, what's the point of the company (especially if its money requiring extra leverage to produce). Buybacks are inefficient use of invested capital (see NVidia's stock price if you need a comparison for a more efficient use of cash and its effect on shareholder value).