AI has gone from Tool to Target

While artificial intelligence has largely been discussed as a tool that dealmakers use to move more efficiently through a transaction, it’s increasingly being viewed as the asset being acquired. Asked which industries would see the most M&A activity this year, respondents first pointed to data centers and digital infrastructure (38%), followed by technology (32%), placing physical and digital infrastructure behind AI and ahead of every other sector.

Among respondents who cited AI or technology adoption as the primary driver of activity in their industry, only industry consolidation was more pressing (34% versus 51%, both ahead of capital availability, regulatory change, and every other factor offered). Healthcare (29%), industrial and manufacturing (24%), and financial services (22%) round out the sectors expected to see the most activity, each with its own AI-adoption thread running beneath the surface.