Quote of the week: “ Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose” Warren Buffett

Some of the biggest names in tech are restarting their buyback programs.

The top 20 S&P 500 companies now account for more than half of all share repurchases in Q2 2025 , marking one of the most concentrated waves of buyback activity in years.

This resurgence reflects a shift from splashy capital spending toward rewarding shareholders directly, even as valuations remain somewhat elevated and regulatory scrutiny builds.

By the end of this piece, you’ll see:

What’s really driving this new buyback cycle , Which companies are using it to create genuine value , and When repurchases are smart capital allocation or financial sleight of hand .