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J.P. Morgan strategists believe that the size of stock buybacks in the United States may increase by another $600 billion over the next few years. Previously, it was expected that the stock buyback size in the US would reach a historical record of $1.5 trillion by 2025 and increase further. The team of strategists, including Nikolaos Panigirtzoglou, believes that there is still room for growth in the stock buyback size and it could reach 3% to 4% of the total market value of the stock market, which would be consistent with levels before the COVID-19 pandemic. In their report, the team wrote, "The strong support for the stock market provided by the stock buyback power this year may become even stronger in the next few years." They added that record stock buyback sizes, combined with weak initial public offering (IPO) activity, are causing stock supply to show negative values for the fourth consecutive year, a phenomenon that is "unprecedented."