Please note that this article does not cover developments since the end of 2025.

Below, we discuss key 2025 developments in each of the following areas:

AI

AI fervor is ubiquitous—it has been a key driver of M&A activity this year, as almost all companies in almost all industries now view it as imperative to have these capabilities. The surge in overall M&A activity seen in the third quarter this year was led by large deals (those valued at $5 billion or more), and about one quarter of these large deals had an AI theme, relating to building in-house capabilities, enhancing existing product offerings, acquiring data center products, or responding to AI-related power demands. (Outside M&A, there were also large “acquihires,” where companies acquired AI experts, licensed intellectual property, or invested in minority stakes to obtain AI capabilities.) In addition, AI is increasingly being used as a support tool throughout the life cycle of the M&A process—to locate deals, assess risk, analyze historical deal data, automate due diligence and disclosure schedules, manage the regulatory approval process, produce documents, and facilitate post-closing integration.

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