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Our analysis finds that markets are more concentrated, with less breadth, as a larger share of U.S. equity returns reflects a single, common driver after accounting for other drivers of equity returns, like value and momentum. Bridging the AI buildout\u2019s financing hump between front-loaded investment and back-loaded revenues needs long-term financing. This has already started with the AI buildout being increasingly debt funded, as seen from bond sales by large tech firms.<\/p>\n<\/p>\n
Consumer expectations are reshaping health industries as patients demand more convenient, prevention-oriented, and tech-enabled care. Platforms that can deliver experiences such as virtual-first primary care, home diagnostics, remote patient monitoring, and wellness ecosystems are expected to command premium valuations. Recent deals such as Resmed\u2019s acquisition of virtual diagnostics company VirtuOx and Samsung\u2019s acquisition of digital health company Xealth illustrate how buyers are accelerating their shift towards virtual and care-anywhere platforms. Exit windows will remain narrow in 2026, constrained by volatile public market valuations, selective buyer appetite, and lingering uncertainty around regulatory, pricing and macroeconomic conditions. Medline\u2019s debut on the Nasdaq in mid-December 2025, which raised $7.26bn in the largest IPO in nearly five years, exemplifies this strengthening confidence.<\/p>\n<\/p>\n
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Of course, healthcare investment is not limited to outright M&A activity, and investors are sitting on plenty of dry powder given the depressed dealmaking activity seen across the past couple of years. That undeployed capital\u2014combined with greater investor enthusiasm (warranted or not)\u2014is likely to lead to increased dealmaking activity this year, particularly in sub-sectors of the market that the new adminstration is likely to support, such as AI. In a regulatory environment generally considered more favorable to M&A than in years past, the health care, medical and biotech spaces are being closely watched for dealmaking activity after 2025 saw a return to relative highs for these sectors. One factor driving urgency may be the \u201cpatent cliff,\u201d a term for the numerous brand-name drugs where key patents are set to expire in the coming years. As the brand-name drugs become available as generics, large pharmaceutical companies are bracing for potential loss of revenue by bolstering pipelines through M&A.<\/p>\n<\/p>\n
Long-term Treasuries no longer offer the portfolio ballast they once did as high debt keeps yields elevated. Yet the massive capital investment from tech \u201chyperscalers\u201d is seemingly unaffected by the Middle East conflict. In fact, consensus expectations of their spend has only risen since last year, with estimates out to 2030 rising about 25% since last October. The cookie will expire after six months, or sooner should there be a material change to this important information. This Website has not been, and will not be submitted to become, approved\/verified by, or registered with, any relevant government authorities under the local laws. This Contents are not intended for, or directed to, persons in any countries or jurisdictions that are not enumerated above, or to an audience other than as specified above.<\/p>\n<\/p>\n