A new PwC report published Tuesday shows that while tech, media, and telecom M&A volumes are falling, artificial intelligence is fueling a surge in high-value transactions. Strategy, not scale, is now driving the dealmaking.

By Lou Sokolovskiy

In the past, the technology sector thrived on velocity—more users, more funding, more deals. But a new PwC report suggests a different kind of energy is now at work: intelligence over intensity.

According to PwC’s latest “Telecommunications, Media & Technology (TMT) M&A Outlook,” global deal volumes fell by 11% across the TMT landscape in early 2025. Yet deal values rose 20%, signaling a profound shift in what buyers are chasing—and why.