Goldman Sachs forecasts that corporate buybacks will be the largest source of equity demand in 2025, driven by US economic strength attracting foreign investors and prompting US households to shift from net sellers to buyers. US households' stock allocation hit a record high of 48% in October, matching Dot-Com Bubble peak levels and doubling in 15 years. Tech stocks now constitute 32% of the S&P 500 market cap, nearing Dot-Com Bubble levels, and combined with Communication Services, they represent 43% of the market. US share buybacks are at all-time highs, with authorizations reaching $988 billion, the highest on record and three times higher than in 2020, up 21% year-over-year. Tech companies are leading these buybacks, with Apple, Google, Meta, Nvidia, and Wells Fargo making significant repurchases in Q2 2024. Buybacks in 2024 could set a new record with $1.065 trillion authorized year-to-date, approaching the previous annual record of $1.2 trillion set in 2022.