Corporate buyback activity continues to show resilience in the third quarter. S&P 500 companies repurchased a combined $249.0 billion in shares, marking a 6.2% sequential increase from Q2 and 9.9% growth year-over-year. What's particularly interesting? The concentration among mega-cap leaders is gradually loosening. The top 20 companies now represent 49.5% of total repurchases, down from 51.3% the previous quarter. This shift suggests broader participation from mid-tier constituents in capital returns. Market watchers often cite buyback strength as a gauge of corporate confidence and liquidity conditions—metrics worth monitoring alongside broader asset allocation trends.