Goldman Sachs: $1.7T Buyback Wave to Absorb Surging Equity Supply

The structural point here is that buybacks are being framed as the offset to rising equity supply, not as a standalone bullish signal — the two forces are being netted against each other. That matters for how the market prices dilution risk, since the cushion depends on both corporate cash deployment and continued household and foreign demand holding up together. Whether buybacks actually scale as projected, and whether demand from those buyer cohorts persists, is the open question.