JPMorgan analysts said technology companies drove most of the increase as cash-flow growth outpaced capital spending, widening financing surpluses despite investor concerns over AI-related capex.
Global stock buyback announcements totaled a record $533 billion in April and May, JPMorgan analysts said. Technology companies accounted for most of the increase, even as investors remained concerned about the scale of artificial intelligence-related capital spending. According to the report, recent quarters showed cash-flow growth rising faster than capital spending, widening financing surpluses and supporting stronger share repurchase activity.