Selective U.S. M&A and IPOs Offer Catalysts Despite High Rates

Q3 U.S. merger volume was approximately $535 billion as elevated yields, financing constraints and technology uncertainty restrained activity. Paramount–Warner Bros., Skyworks–Qorvo and AMD’s proposed World Labs acquisition remain active, while possible Anthropic and infrastructure IPOs would test AI valuation appetite; buybacks and selective activism remain more actionable than broad issuance.