Is the US market strong only because of share buybacks?

AI generated stock market [https://invezz.com/wp-content/uploads/2025/04/image-21.webp] The share buyback machine in the United States has never been stronger. By late August, companies had already announced more than one trillion dollars in repurchases, the fastest pace on record. Executions lived up to expectations. The numbers are impressive, but investors should ask what they really mean. Share buybacks are more than a technical detail. They have become one of the dominant forces driving up the equity market, influencing liquidity, valuations, and even the perception of corporate strength. The flow is powerful today, but it carries risks that are not always obvious. HOW BIG HAS THE WAVE BECOME The S&P 500 set a new record in 2024 with $942.5 billion in buybacks. And that record is already under threat. In the first quarter of 2025 alone, companies spent $293.5 billion, up more than 20% from the prior quarter. The 12-month tally to March touched $999 billion, according to S&P Global. The activity is highly concentrated. Only 20 companies accounted for nearly half of total repurchases in the first quarter. Apple alone spent $26.2 billion,…