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With AI transforming everything, what's the deal for M&A?

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In 2025, one-third of the largest M&A deals

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cited artificial intelligence as a strategic deal rationale.

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Some estimates suggest that
funding AI technology

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and infrastructure over
the next five years

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could take between 5 and 8 trillion dollars.

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Just to put that in context

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in 2025, global M&A values totaled around 3.5 trillion dollars.

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So what does this mean for deals?

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The AI CapEx supercycle

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could siphon capital from
M&A in the near term.

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However, we think it'll spark an innovation supercycle

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which will transform businesses and create disruption, boosting deals.

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In 2026

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dealmakers face a K-shaped M&A market

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with growth at the top and caution below.

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Big players are back with confidence, capital, and complex megadeals.

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The rest of the market remains subdued with less confidence,

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more selective dealmaking, and the risk of getting left behind.

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Smaller players, of course, are more constrained

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and need a clear, unique story to stand out.

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Scale, conviction, and access to capital will decide

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who can transform and who will have to wait.

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What other trends we are seeing? Find out in our latest outlook.