U.S. corporations are repurchasing their own shares at an unprecedented clip, announcing $983.6 billion of buybacks so far in 2025, according to Birinyi Associates. The tally marks the busiest start to a year in records going back to 1982 and has helped underpin a broad rally in U.S. equities. Tech behemoths and large financial institutions dominate the activity. Apple has set aside roughly $100 billion for repurchases, while Alphabet, JPMorgan Chase, Bank of America and Morgan Stanley are also among the biggest buyers. Analysts cited by the Wall Street Journal expect total buybacks to surpass $1.1 trillion this year, eclipsing the previous annual record. The surge in corporate spending on stock repurchases reflects strong balance-sheet cash levels and managements’ confidence in earnings durability. Market strategists say the steady demand for shares from issuers themselves is offsetting concerns about slowing economic growth and higher borrowing costs, providing an important pillar of support for U.S. indexes.