When talking about buybacks and M&A in the U.S. stock market, John Flood, head of U.S. equities at Goldman Sachs, responded as follows:

In the past, when we discussed buybacks, we mainly said that the "Mag Seven" dominated most of the buyback activity.
But on our corporate buyback trading desk, we are seeing buying spread out, which is a positive sign. Two years ago, if the buyback desk had an active trading day, there would be about 10 buyback programs running. This year, it's more like 50 to 60.
That is to say, across the entire S&P 500, besides the Mag Seven, relatively smaller companies have also started to participate in buybacks. I believe this trend will continue.