The first half M&A boom is being followed by a third quarter bust, according to preliminary deal data from LSEG.

By the numbers: Q3 is shaping up to break a streak of six straight quarters with at least $1 trillion in global M&A activity.

• Q3 global M&A volume and deal count are down 49% and 39%, respectively, from Q2. The year-over-year totals are down 26% and 41%, respectively.
• The U.S. deal dropoff is even more severe, with M&A volume off 61% quarter-over-quarter and deal count down 46.5%. Year-over-year it's fallen by 36.5% and 47%, respectively.

Zoom in: There's been a significant decline in megadeals, which had been inflating the headline numbers.

• So far this quarter there only have been nine deals valued at $10 billion or more, compared to 27 such deals last quarter.

Choose your own albatross: High oil prices, stubborn inflation, (correct) expectations of interest rate hikes, lingering SaaSpocalypse fears trickling into other sectors.

• "This seems more dramatic than other pauses we've seen," says Matthew Toole, director of deals intelligence for LSEG. "The macro issues are probably causing some buyers to question their models."

The bottom line: There's usually a flurry of reported deal activity at the very end of a quarter — still nine business days away — but it won't get close to closing the chasm.

Warren Buffett today stepped down as chairman of Berkshire Hathaway, after more than six decades.

Why it's the BFD: End of an extraordinary era, unlikely to ever be matched.

Zoom in: Buffett, who turned over the CEO reins at the end of 2025 to Greg Abel, will become chairman emeritus and remain a director.

The bottom line: "Father Time always wins. He has, however, been generous with me. He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead. The company is in excellent hands, and I look forward to remaining a shareholder alongside you." — Warren Buffett

• Crusoe, a Denver-based data center developer that's been speaking to banks about an IPO, raised $3.9b at a $30.9b post-money valuation led by Atreides Management, Mubadala Capital, and Valor Equity Partners. axios.link/46swz1p

• Emulate, a British AI lab led by ex-DeepMind researchers, is raising up to $700m at a $3b pre-money valuation led by Index Ventures and Lightspeed, per the FT. axios.link/4hwX0Jo

🚑 Angle Health, an SF-based health-care benefits platform, raised $600m at a $2.7b valuation. It includes $200m in Series C primary capital and a $400m tender. Vitruvian Partners led, joined by Town Hall Ventures and insiders Blumberg Capital, Portage Ventures, PruVen Capital, and YC. axios.link/3UZhWA6

• ElevenLabs, an AI audio startup, is raising more than $500m in Series E funding with backers to include Scaleup Europe Fund, per Bloomberg. axios.link/4h2t33W

• Fever, the U.K. owner of live entertainment ticketing platform Dice, raised $250m. EQT led, joined by Point72 Private Investments and Baillie Gifford. axios.link/4yBmvik

• Nex, an SF-based gaming console maker, raised $150m in Series E equity and debt funding (split around 50/50). Baillie Gifford and BAI led the equity, while JPMorgan provided a new credit facility. axios.link/4cOYxI6

🚑 Penelope Health, a provider and payer policy intelligence platform, raised $100m from Thoreau, Bertelsmann Healthcare Investments, Twine Ventures and Seedcamp. axios.link/4hepSoq

• Mind Security, an Israeli cybersecurity startup focused on preventing corporate data leaks, raised $72m in Series B funding. Crosspoint Capital Partners led, joined by insiders YL Ventures and Paladin Capital Group. axios.link/4hlqM2K

• Kastle, an SF-based AI workforce platform for consumer lending, raised $24m in Series A funding. Insight Partners led, joined by YC, Commerce Ventures, and Fifth Wall. axios.link/4hcMhCy

• Viabot, a Santa Clara, Calif.-based developer of autonomous robotics for outdoor property maintenance, raised $24m in Series A funding. Walden International led, joined by CDIB Capital Group, Stalwart Ventures, Baseline Ventures, Era Ventures, Morado Ventures, and SOSV. axios.link/46Oqg8B

🚑 Fize Medical, an Israeli platform for predicting fluid risks, held a first close on a $20m-targeted Series B round led by Asahi Kasei Medical and Rapha Capital Management. axios.link/4h8qz45

• CorePower Magnetics, a Pittsburgh-based maker of magnetic components, raised $10.6m led by Engine Ventures and Material Impact. axios.link/4y3ltvT

🌎 Cura Climate, a Canadian developer of green cement manufacturing solutions, raised US$10m. Zacua Ventures led, joined by Sandpiper Ventures, Amplify Capital, and Vantage Futures. axios.link/4hgMDIw

• Euka AI, an affiliate platform on TikTok, raised $5m from Susa Ventures and Creator Ventures. axios.link/4y0yeHl

• Helios AI, an agricultural commodities prediction platform, raised $3m from W23 Global. axios.link/4cRBSLr

• TigerByte Cyber, an edge security startup, announced it has raised $3m in seed funding. Hale Capital Partners led, joined by Tenon VC. axios.link/4yLNOGZ

• Carlyle and CVC agreed to buy Dutch security tech provider BauWatch from Haniel at a reported €1b valuation. axios.link/4yIWM7Y

• CVC acquired a stake in Ridge, a U.K. built environment consultancy, from Horizons Capital. axios.link/4xtpPeE

• CyberMaxx, a Periscope Equity portfolio company, acquired Avertium, a Microsoft-focused cybersecurity firm. axios.link/4jbIM1P

🚑 Kincell Bio and Cellipont Bioservices merged to form Kincellis, a CDMO focused on cell therapies. Kincell investor NewSpring Capital led financing for the deal, joined by Cellipoint backers Kineticos Life Sciences, HealthQuest Capital and Great Point Partners. axios.link/4yORkAy

🚑 NMS Capital acquired both Endoscopy Corp. of America and Medical Optics from Probo Medical, forming a new surgical suite MRO platform called Asurgence Medical. axios.link/4xA0iAy

🚑 Sheridan Capital Partners acquired PtEverywhere, a provider of practice management and payments software for outpatient physical therapy providers. axios.link/4xVxMu0

• StayTerra, a Garnett Station Partners portfolio company, acquired Gather Vacations, a manager of luxury vacation rental properties in Hawaii and the West Coast. axios.link/4hxIbGp

🚑 Electra Therapeutics, an SF-based biotech focused on immunology and cancer, raised $350m in its IPO. It priced 23.3m shares at $15, versus plans to offer 21.67m shares at $14-$16, for a $1b fully diluted value. Electra will list on the Nasdaq (ETRA), and had raised $300m from OrbiMed (9% pre-IPO stake), Westlake BioPartners (7.1%), Redmile (7.1%), Aventus (6.2%), EQT LSP (6.2%), and New Leaf Ventures (4.4%). axios.link/46Up6YX

• Leader's Advantage Acquisition, a SPAC led by Paritosh Chakrabarti (PMC Group), raised $150m in its IPO. axios.link/3QsGKOO

• Orion180 Insurance Group, a Melbourne, Fla.-based provider of excess and surplus home insurance, raised $240m in its IPO. It priced at $12, below its $15-$17 offering range, for a $1.2b fully diluted value. Orion180 will list on the Nasdaq (OIG). axios.link/4iUiMrF

• Revolut, valued by VCs at $75b, is planning a dual listing in London and New York. axios.link/4jclSY5

Russia seized Nestlé's operations in the country, and also the operations of French retailers Auchan and Leroy Merlin. axios.link/4AlB5fB

• The FCC approved Paramount Skydance's (Nasdaq: PSKY) request to permit more than 25% of the financing for its Warner Bros. Discovery (Nasdaq: WBD) acquisition to come from foreign sources. axios.link/4hj8DCF

🎲 The FTC requested more information on Fertitta Entertainment's proposed $5.7b acquisition of Caesars Entertainment (Nasdaq: CZR). axios.link/4rkPXqL

⚡HighPeak ‌Energy (Nasdaq: HPK) hired Evercore and Texas Capital Securities to explore a sale, per Reuters. axios.link/4Achs9M

• PSA International of Singapore is seeking to sell a minority stake in its Mumbai port operations, which could be valued at $2b (including debt), per Bloomberg. axios.link/4hzrmLm

• Vue, a European cinema operator backed by Barings and Farallon, said it's exploring strategic alternatives including a possible London listing. axios.link/4rnukGk

• 01 Advisors, the VC firm led by Twitter vets Adam Bain and Dick Costolo, is raising up to $395m for its fourth fund, per an SEC filing.

• Firehunter, a Denver-based early-stage firm led by John Smith (Innosphere Ventures), is raising up to $25m for its debut fund, per an SEC filing.

• Generalize Fund, a VC firm led by Eliya Elon (ex-Revrod/Torq, EIR at Notable), is raising up to $35m for its debut fund, per an SEC filing.

🌎 Pulse Fund, an LA-based climate VC group led by Tenzin Seldon, raised $63m for its debut fund. pulsefund.com

• Tron Allen joined Gordon Brothers as a senior managing director. He previously was with Eclipse Business Capital. axios.link/3TfMHAf

• Amulet Capital Partners promoted Sam Brinkley to partner. axios.link/4Al8lDK

• Roy Kamineni joined Asymmetric Capital Partners as an investor. He previously was with Summit Partners. axios.link/4dkwel2

• Kiran Rao joined Vector Capital Management as a managing director and head of value creation. He previously was with Vista Equity Partners. axios.link/4rnBQB2

• Rich Schainker joined Constitution Capital Partners as a managing director, with a focus on defined contribution activities. He previously was with WTW. axios.link/3TfLzfZ

• Stifel hired three venture bankers from SVB: Chris Morrison as head of Boston, Matt Scott as head of NYC, and Arianne Perry as head of NYC investor coverage. axios.link/4yIVwBt

Vital Farms shares soared late Wednesday, after Axios Pro reported that the company is exploring strategic alternatives, including a possible sale.

• Austin, Texas-based Vital is America's largest producer of pasture-raised eggs. But after last year's bird flu caused an egg shortage, other companies amped up production on both standard eggs and those from pasture-raised hens, driving up competition. The result was nearly an 80% market cap decline for Vital.