M&A Mutation: Artificial Intelligence Changes the Logic of Mergers and Acquisitions

The focus of corporate acquisitions has shifted radically from software to basic physics. On May 23, 2026, the Financial Times published a review of the transformation of the M&A (mergers and acquisitions) market under the influence of the AI boom.

The trend is crystal clear: IT giants are no longer buying startups with pretty web interfaces. The main target of deals is access to megawatts of electricity, liquid cooling systems, and space for data centers. The most striking example was the recent $5 billion deal between Google and Blackstone (a JV for TPU computing). The level of AI penetration requires industrial approaches comparable to the oil and gas sector. Companies with access to energy nodes and silicon quotas are being acquired with maximum multipliers, forever altering the structure of investment banking.

Source: Financial Times / Reuters