Furthermore, a massive 52% of stock repurchases were conducted by the index’s top 20 firms.

This compares to a long-term average of 48% and pre-pandemic average of 45%.

Apple, AAPL, Alphabet, GOOGL, Meta, META, and Nvidia, NVDA ALONE back $63 billion of stock.

The Information Technology sector saw $68 billion of repurchases while Financials and Communication Services saw $45 billion and $35 billion, respectively.

Buybacks are fueling the stock market rally.