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# All Weather says US companies are switching from buying back their shares to flooding the market with new ones
- URL: https://www.businessbagel.com/all-weather-us-companies-buybacks-new-shares/
- Published: 2026-11-13T03:00:00.000Z
- Updated: 2026-11-13T02:59:59.000Z
- Description: All Weather Capital counts about $285 billion of new US share supply this quarter, led by Meta and Anthropic, and isn't convinced US stocks have much further to run.
- Author: Christian Maidman
- Tags: Markets, Business Bagel News

All Weather Capital believes the US stock market is facing a big shift in supply and demand. According to the All Weather team, American companies bought back almost $1 trillion of their own shares last year, roughly $250 billion a quarter, which helped keep demand strong. But this quarter, All Weather says that flow reverses, with more new shares coming to market than companies are buying back. As it put it on Thursday, instead of net demand, the market is going to have net supply.

## Where the new shares are coming from

Some of the biggest names in tech are raising money. In October, Meta raised the planned size of its largest-ever equity offerings to $97.5 billion, as it taps the public market to expand its AI infrastructure. It also has a separate programme to sell up to $60 billion in shares over time, which it expects to begin once a planned new class of shares starts trading in the first quarter of 2027\. Then there's Anthropic, which plans to price its IPO on 18 November and start trading on Nasdaq the next day, offering 825 million shares at between $70 and $78 each. At the top of that range, it would raise up to about $64 billion, and could be valued at up to $1.4 trillion. Each of its founders is also set to sell shares, taking in just shy of $250 million apiece at the midpoint of the range.

## All Weather's view

All Weather adds the October share placements, the Anthropic IPO and insider selling at Anthropic and SpaceX together, and gets about $285 billion of new supply this quarter. It says that's the biggest it has ever seen. Looking further ahead, it puts the figure for the first half of next year at over half a trillion dollars. With that much new supply coming, All Weather isn't convinced the US market has much further to run.

Not all of that supply has arrived yet, though. Anthropic only lists next week, and All Weather expects the SpaceX insider selling next month. So, on All Weather's count, investors will need to absorb a lot more stock before the year is out.

Views quoted from All Weather Capital are their own and not financial advice. All Weather Capital is an Authorised Financial Services Provider (FSP 36722). Full disclosures are available at allweathercapital.co.za.