Tech's $370B Paradox: Why Cash-Rich Giants Might Not Lead 2025's M&A Race
Tomasz Tunguz
JANUARY 11, 2025
Despite holding a staggering $370b war chest in 2025, tech giants aren’t racing to acquire companies they’re too busy building their AI empires, one data center at a time. Microsoft hasn’t acquired a company since January 2023. Two of Google’s reported acquisition overtures, Wiz & Hubspot , were scuttled. This focus elsewhere creates an opportunity for mid-market players to lead the M&A wave of 2025.
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