BlackRock warns there isn't enough stock to buy

BlackRock’s Rick Rieder says the current rally is being driven by a supply-side squeeze—corporate buybacks (~$1 trillion) far outpace expected IPO issuance (~$200 billion)—alongside strong earnings (notably semiconductors +97% YoY). He argues limited available stock and powerful technicals are pushing equity prices higher, aided by productivity-driven margin gains at large-cap firms. Institutional demand extends to digital assets via BlackRock’s IBIT and ETHA, with IBIT holding 806,699 BTC, intensifying competition among institutional vehicles. Geopolitical and energy risks (Brent > $100/bbl amid Strait of Hormuz tensions) are present but have not derailed the rally; the Nasdaq Composite rose 1.6% to a record. Market impact: the combination of buyback-driven supply constraints, robust sector earnings and heavy institutional accumulation supports further upside in U.S. equities, implying a bullish near-term outlook.