Despite Record Buybacks, The Impact From Stock Repurchases Is Fading

For years, corporate spending on buybacks was the biggest source of price upside. And while it still is to a large extent, over the past year the market has rewarded companies that spend more on capex, especially if it is related to datacenters and other AI trinkets. 

Which may explain why while S&P 500 companies repurchased shares at a record pace in 1H 2025, buying nearly $550 billion worth of shares...