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Tariff turmoil may have killed the tech M&A market’s comeback


While investors had good reason to believe 2025 would be the year startup M&A started to return, tariffs have meddled with that plan.

“Heading into 2025 as you may recall, people were almost giddy, thinking things are really going to pick up in 2025,” Stellar Tucker, a managing director at Truist Securities, told TechCrunch. “The large public companies, they’re going to have a really tough time with depressed valuations in their stock,” said Kyle Stanford, the director of U.S. venture capital research at PitchBook, in an interview with TechCrunch. “They’ve probably been trying to hold out for the venture market to come back, and if it doesn’t, then those companies are gonna need to get comfortable with either down rounds or acquisitions at discounts,” Earnest said.

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