Simon Wu · 11 September 2026 · Industry Analysis

The So-Called M&A Recovery Is a Handful of Companies

Simon Wu, Partner @ Cathay

M&A volume is driven by a handful of megadeals and AI infrastructure consolidation, while the median software company remains stuck in a 2023-level market; bankers' claims of recovery mask concentrated activity and structural mismatch between buyer and seller expectations.

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Topics: AI (Horizontal) · Enterprise Software · Venture Capital & Startups

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