Dean Bell breaks down insights from KPMG’s mid-year M&A survey. In May, 74% of surveyed dealmakers expect 2025 to be more active than 2024, with the majority in the second half of the year. Lower rates and certainty around tariffs would help the industry. He’s “most bullish” on technology & telecom and says everyone is trying to buy tech. “90% of our respondents said they’re using AI,” he adds. Dean expects to see “bigger deals” this year.