Carl Icahn’s new “Danger Ahead” video has Wall Street buzzing this week as investors try to determine exactly how much weight Icahn’s words hold. In the video, one of Icahn’s major points is that low interest rates have artificially stimulated a bubble in high-yield bonds and M&A.

Another side-effect of low rates is a massive increase in corporate buybacks. A new report by the Goldman Sachs Investment Banking Division highlights just how robust the buyback environment has become.

Here are five telling charts from the report.

1. Projected Repurchase Activity

The first chart shows that projected 2015 repurchase activity has reached its highest level since 2007. Goldman is predicting $692 billion in executed buybacks by year’s end.

2. 40 Percent Of Repurchased Cash

This chart shows the companies that led the buyback charge in Q2. Apple Inc. AAPL 0.65%, Express Scripts Holding Company ESRX 0.01% and QUALCOMM, Inc. QCOM 1.02% were the top three names, and Goldman notes that the top 20 companies accounted for 40 percent of total buybacks in the quarter.

3. Excess Capacity

The next chart shows…

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