Category: 3. Business

  • New research reveals hidden biases in AI’s moral advice

    New research reveals hidden biases in AI’s moral advice

    As artificial intelligence tools become more integrated into everyday life, a new study suggests that people should think twice before trusting these systems to offer moral guidance. Researchers have found that large language models—tools like ChatGPT, Claude, and Llama—consistently favor inaction over action in moral dilemmas and tend to answer “no” more often than “yes,” even when the situation is logically identical. The findings were published in the Proceedings of the National Academy of Sciences.

    Large language models, or LLMs, are advanced artificial intelligence systems trained to generate human-like text. They are used in a variety of applications, including chatbots, writing assistants, and research tools. These systems learn patterns in language by analyzing massive amounts of text from the internet, books, and other sources.

    Once trained, they can respond to user prompts in ways that sound natural and knowledgeable. As people increasingly rely on these tools for moral guidance—asking, for example, whether they should confront a friend or blow the whistle on wrongdoing—researchers wanted to examine how consistent and reasonable these decisions really are.

    “People increasingly rely on large language models to advise on or even make moral decisions, and some researchers have even proposed using them in psychology experiments to simulate human responses. Therefore, we wanted to understand how moral decision making and advice giving of large language models compare to that of humans,” said study author Maximilian Maier of University College London.

    The researchers conducted a series of four experiments comparing the responses of large language models to those of human participants when faced with moral dilemmas and collective action problems. The goal was to see whether the models reasoned about morality in the same ways that people do, and whether their responses were affected by the way questions were worded or structured.

    In the first study, the researchers compared responses from four widely used language models—GPT-4-turbo, GPT-4o, Claude 3.5, and Llama 3.1-Instruct—to those of 285 participants recruited from a U.S. representative sample. Each person and model was given a set of 13 moral dilemmas and 9 collective action problems.

    The dilemmas included realistic scenarios adapted from past research and history, such as whether to allow medically assisted suicide or to blow the whistle on unethical practices. The collective action problems involved conflicts between self-interest and group benefit, like deciding whether to conserve water during a drought or donate to those in greater need.

    The results showed that in moral dilemmas, the language models strongly preferred inaction. They were more likely than humans to endorse doing nothing—even when taking action might help more people. This was true regardless of whether the action involved breaking a moral rule or not. For example, when the models were asked whether to legalize a practice that would benefit public health but involve a controversial decision, they were more likely to recommend maintaining the status quo.

    The models also showed a bias toward answering “no,” even when the situation was logically equivalent to one where “yes” was the better answer. This “yes–no” bias meant that simply rephrasing a question could flip the model’s recommendation. Human participants did not show this same pattern. While people’s responses were somewhat influenced by how questions were worded, the models’ decisions were far more sensitive to minor differences in phrasing.

    The models were also more altruistic than humans when it came to the collective action problems. When asked about situations involving cooperation or sacrifice for the greater good, the language models more frequently endorsed altruistic responses, like donating money or helping a competitor. While this might seem like a positive trait, the researchers caution that this behavior may not reflect deep moral reasoning. Instead, it could be the result of fine-tuning these models to avoid harm and promote helpfulness—values embedded during training by their developers.

    To further investigate the omission and yes–no biases, the researchers conducted a second study with 474 new participants. In this experiment, the team rewrote the dilemmas in subtle ways to test whether the models would give consistent answers across logically equivalent versions. They found that the language models continued to show both biases, while human responses remained relatively stable.

    The third study extended these findings to everyday moral situations by using real-life dilemmas adapted from the Reddit forum “Am I the Asshole?” These stories involved more relatable scenarios, such as helping a roommate or choosing between spending time with a partner or friends. Even in these more naturalistic contexts, the language models still showed strong omission and yes–no biases. Again, human participants did not.

    These findings raise important questions about the role of language models in moral decision-making. While they may give advice that sounds thoughtful or empathetic, their responses can be inconsistent and shaped by irrelevant features of a question. In moral philosophy, consistency and logical coherence are essential for sound reasoning. The models’ sensitivity to surface-level details, like whether a question is framed as “yes” or “no,” suggests that they may lack this kind of reliable reasoning.

    The researchers note that omission bias is common in humans too. People often prefer inaction over action, especially in morally complex or uncertain situations. But in the models, this bias was amplified. Unlike people, the models also exhibited a systematic yes–no bias that does not appear in human responses. These patterns were observed across different models, prompting methods, and types of moral dilemmas.

    “Do not uncritically rely on advice from large language models,” Maier told PsyPost. “Even though models are good at giving answers that superficially appear compelling (for instance, another study shows that people rate the advice of large language models as slightly more moral, trustworthy, thoughtful, and correct than that of an expert ethicist), this does not mean that their advice is actually more sound. Our study shows that their advice is subject to several potentially problematic biases and inconsistencies.”

    In the final study, the researchers explored where these biases might come from. They compared different versions of the Llama 3.1 model: one that was pretrained but not fine-tuned, one that was fine-tuned for general chatbot use, and another version called Centaur that was fine-tuned using data from psychology experiments. The fine-tuned chatbot version showed strong omission and yes–no biases, while the pretrained version and Centaur did not. This suggests that the process of aligning language models with expected chatbot behavior may actually introduce or amplify these biases.

    “Paradoxically, we find that efforts to align the model for chatbot applications based on what the company and its users considered good behavior for a chatbot induced the biases documented in our paper,” Maier explained. “Overall, we conclude that simply using people’s judgments of how positive or negative they evaluate the responses of LLMs (a common method for aligning language models with human preferences) is insufficient to detect and avoid problematic biases. Instead, we need to use methods from cognitive psychology and other disciplines to systematically test for inconsistent responses.”

    As with all research, there are some caveats to consider. The studies focused on how models respond to dilemmas. But it remains unclear how much influence these biased responses actually have on human decision-making.

    “This research only showed biases in the advice LLMs give, but did not examine how human users react to the advice,” Maier said. “It is still an open question to what extent the biases in LLMs’ advice giving documented here actually sway people’s judgements in practice. This is something we are interested in studying in future work.”

    The study, “Large language models show amplified cognitive biases in moral decision-making,” was authored by Vanessa Cheung, Maximilian Maier, and Falk Lieder.

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  • Companies keep slashing jobs. How worried should workers be about AI replacing them?

    Companies keep slashing jobs. How worried should workers be about AI replacing them?

    Tech companies that are cutting jobs and leaning more on artificial intelligence are also disrupting themselves.

    Amazon’s Chief Executive Andy Jassy said last month that he expects the e-commerce giant will shrink its workforce as employees “get efficiency gains from using AI extensively.”

    At Salesforce, a software company that helps businesses manage customer relationships, Chief Executive Marc Benioff said last week that AI is already doing 30% to 50% of the company’s work.

    Other tech leaders have chimed in before. Earlier this year, Anthropic, an AI startup, flashed a big warning: AI could wipe out more than half of all entry-level white-collar jobs in the next one to five years.

    Ready or not, AI is reshaping, displacing and creating new roles as technology’s impact on the job market ripples across multiple sectors. The AI frenzy has fueled a lot of anxiety from workers who fear their jobs could be automated. Roughly half of U.S. workers are worried about how AI may be used in the workplace in the future and few think AI will lead to more job opportunities in the long run, according to a Pew Research Center report.

    The heightened fear comes as major tech companies, such as Microsoft, Intel, Amazon and Meta cut workers, push for more efficiency and promote their AI tools. Tech companies have rolled out AI-powered features that can generate code, analyze data, develop apps and help complete other tedious tasks.

    “AI isn’t just taking jobs. It’s really rewriting the rule book on what work even looks like right now,” said Robert Lucido, senior director of strategic advisory at Magnit, a company based in Folsom, Calif., that helps tech giants and other businesses manage contractors, freelancers and other contingent workers.

    Disruption debated

    Exactly how big of a disruption AI will have on the job market is still being debated. Executives for OpenAI, the maker of popular chatbot ChatGPT, have pushed back against the prediction that a massive white-collar job bloodbath is coming.

    “I do totally get not just the anxiety, but that there is going to be real pain here, in many cases,” said Sam Altman, chief executive of OpenAI, at an interview with “Hard Fork,” the tech podcast from the New York Times. ”In many more cases, though, I think we will find that the world is significantly underemployed. The world wants way more code than can get written right now.”

    As new economic policies, including those around tariffs, create more unease among businesses, companies are reining in costs while also being pickier about whom they hire.

    “They’re trying to find what we call the purple unicorns rather than someone that they can ramp up and train,” Lucido said.

    Before the 2022 launch of ChatGPT — a chatbot that can generate text, images, code and more —tech companies were already using AI to curate posts, flag offensive content and power virtual assistants. But the popularity and apparent superpowers of ChatGPT set off a fierce competition among tech companies to release even more powerful generative AI tools. They’re racing ahead, spending hundreds of billions of dollars on data centers, facilities that house computing equipment such as servers used to process the trove of information needed to train and maintain AI systems.

    Economists and consultants have been trying to figure out how AI will affect engineers, lawyers, analysts and other professions. Some say the change won’t happen as soon as some tech executives expect.

    “There have been many claims about new technologies displacing jobs, and although such displacement has occurred in the past, it tends to take longer than technologists typically expect,” economists for the U.S. Bureau of Labor Statistics said in a February report.

    AI can help develop, test and write code, provide financial advice and sift through legal documents. The bureau, though, still projects that employment of software developers, financial advisors, aerospace engineers and lawyers will grow faster than the average for all occupations from 2023 to 2033. Companies will still need software developers to build AI tools for businesses or maintain AI systems.

    Worker bots

    Tech executives have touted AI’s ability to write code. Meta Chief Executive Mark Zuckerberg has said that he thinks AI will be able to write code like a mid-level engineer in 2025. And Microsoft Chief Executive Satya Nadella has said that as much as 30% of the company’s code is written by AI.

    Other roles could grow more slowly or shrink because of AI. The Bureau of Labor Statistics expects employment of paralegals and legal assistants to grow slower than the average for all occupations while roles for credit analysts, claims adjusters and insurance appraisers to decrease.

    McKinsey Global Institute, the business and economics research arm of the global management consulting firm McKinsey & Co., predicts that by 2030 “activities that account for up to 30 percent of hours currently worked across the US economy could be automated.”

    The institute expects that demand for science, technology, engineering and mathematics roles will grow in the United States and Europe but shrink for customer service and office support.

    “A large part of that work involves skills, which are routine, predictable and can be easily done by machines,” said Anu Madgavkar, a partner with the McKinsey Global Institute.

    Although generative AI fuels the potential for automation to eliminate jobs, AI can also enhance technical, creative, legal and business roles, the report said. There will be a lot of “noise and volatility” in hiring data, Madgavkar said, but what will separate the “winners and losers” is how people rethink their work flows and jobs themselves.

    Tech companies have announced 74,716 cuts from January to May, up 35% from the same period last year, according to a report from Challenger, Gray & Christmas, a firm that offers job search and career transition coaching.

    Tech companies say they’re slashing jobs for various reasons.

    Autodesk, which makes software used by architects, designers and engineers, slashed 9% of its workforce, or 1,350 positions, this year. The San Francisco company cited geopolitical and macroeconomic factors along with its efforts to invest more heavily in AI as reasons for the cuts, according to a regulatory filing. Other companies such as Oakland fintech company Block, which slashed 8% of its workforce in March, told employees that the cuts were strategic not because they’re “replacing folks with AI.”

    Diana Colella, executive vice president, entertainment and media solutions at Autodesk, said that it’s scary when people don’t know what their job will look like in a year. Still, she doesn’t think AI will replace humans or creativity but rather act as an assistant.

    Companies are looking for more AI expertise. Autodesk found that mentions of AI in U.S. job listings surged in 2025 and some of the fastest-growing roles include AI engineer, AI content creator and AI solutions architect. The company partnered with analytics firm GlobalData to examine nearly 3 million job postings over two years across industries such as architecture, engineering and entertainment.

    Workers have adapted to technology before. When the job of a door-to-door encyclopedia salesman was disrupted because of the rise of online search, those workers pivoted to selling other products, Colella said.

    “The skills are still key and important,” she said. “They just might be used for a different product or a different service.”

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  • OPEC+ speeds up oil output hikes, adds 548,000 bpd in August – Reuters

    1. OPEC+ speeds up oil output hikes, adds 548,000 bpd in August  Reuters
    2. OPEC+ may approve larger oil output hike for August at key policy meeting  Profit by Pakistan Today
    3. Oil prices steady on solid job market, tariff uncertainty  Dunya News
    4. Oil dips ahead of expected OPEC+ output increase  Business Recorder
    5. Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As Traders Wait For OPEC+ Production Decision  FXEmpire

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  • Billionaire Bill Gates Has 66% of His Foundation’s $42 Billion Portfolio Invested in These 5 Dividend Stocks

    Billionaire Bill Gates Has 66% of His Foundation’s $42 Billion Portfolio Invested in These 5 Dividend Stocks

    • Five of the six largest positions held by the Bill & Melinda Gates Foundation Trust pay dividends.

    • Most of these stocks don’t pay super-attractive dividends, but one offers a solid dividend yield of 2.43%.

    • Growth investors could be interested in the foundation’s largest holding.

    • 10 stocks we like better than Microsoft ›

    Bill Gates could have been the world’s first trillionaire. However, his net worth today is “only” around $117 billion. He’s not hurting, to say the least.

    One reason why Gates isn’t even wealthier is that he didn’t hold on to his stake in Microsoft (NASDAQ: MSFT), the software giant he co-founded. Another factor is that Gates has given away a substantial amount of money — a whopping $59 billion — to the charitable organization he and his ex-wife founded, the Bill & Melinda Gates Foundation.

    This foundation has also given away a lot of money to help people around the world. However, it still boasts a sizable investment portfolio of roughly $42 billion at the end of the first quarter of 2025. And Gates has 66% of his foundation’s portfolio invested in the following five dividend stocks.

    Image source: Getty Images.

    Unsurprisingly, Microsoft is the largest holding for the Bill & Melinda Gates Foundation Trust. The company makes up nearly 25.6% of the foundation’s total portfolio, with a stake worth almost $10.7 billion at the end of Q1.

    Although many tech stocks don’t pay dividends, Microsoft initiated its dividend program in 2003. The company has increased its dividend for 20 consecutive years. However, Microsoft’s dividend still isn’t all that attractive, with a forward yield of only 0.68%.

    Gates donated billions of dollars worth of Microsoft shares to his foundation at its inception in 2000. The stock floundered for years, but began to take off in 2015. Its momentum continues today, thanks to a major tailwind from artificial intelligence (AI) adoption.

    Waste Management (NYSE: WM) ranks as the Gates Foundation Trust’s third-largest holding, trailing Microsoft and Berkshire Hathaway. At the end of Q1, the foundation’s position in Waste Management made up nearly 17.9% of its portfolio.

    While Berkshire has never paid a dividend, Waste Management has paid quarterly dividends since 1998. The big waste management services provider has increased its dividend for 22 consecutive years. Its forward dividend yield currently stands at 1.48%.

    The Bill & Melinda Gates Foundation Trust owned over 54.8 million shares of Canadian National Railway (NYSE: CNI) at the end of Q1, worth around $5.34 billion. This position comprised nearly 12.8% of the foundation’s total portfolio.

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  • Dr Finn on Adding Tiragolumab to Atezolizumab and Bevacizumab in Locally Advanced or Metastatic HCC

    Dr Finn on Adding Tiragolumab to Atezolizumab and Bevacizumab in Locally Advanced or Metastatic HCC

    “The most striking thing with this [updated] dataset is the overall survival, which is now at 26.6 months for the triplet. The objective response rate and duration of response have been very stable.”

    Richard Finn, MD, a professor of medicine at the Geffen School of Medicine in the Department of Medicine, Division of Hematology/Oncology, at UCLA, detailed updated findings from the randomized phase 1/2 MORPHEUS-Liver trial (NCT04524871) evaluating the addition of tiragolumab—a novel anti–TIGIT antibody—to the established combination of atezolizumab (Tecentriq) and bevacizumab (Avastin) in patients with unresectable locally advanced or metastatic hepatocellular carcinoma (HCC).

    The updated analysis presented at the 2025 ESMO Gastrointestinal Cancers Congress, demonstrated a median overall survival (OS) of 26.6 months (95% CI, 22.6-40.6) in patients treated with the triplet regimen (n = 40) compared with 16.0 months (95% CI, 7.5-18.5) in those given atezolizumab plus bevacizumab alone (n = 18; HR, 0.55; 95% CI 0.29-1.04). According to Finn, this represents a notable outcome in the current therapeutic landscape, where multiple systemic options are now available for patients with advanced HCC. The objective response rate (ORR) and duration of response (DOR) data remained consistent with earlier reports. Patients treated with the tiragolumab regimen experienced an ORR of 42.5% (95% CI, 27.0%-59.0%) vs 11.1% (95% CI, 1.4%-34.7%) for those given the doublet. Progression-free survival (PFS) was extended to 12.3 months (95% CI, 8.2-17.5) vs 4.2 months (95% CI, 2.3-7.4) for the triplet and doublet, respectively (HR, 0.63; 95% CI, 0.35-1.15).

    Finn noted that the findings from this study formed the foundation for the phase IMbrave-152/SKYSCRAPER-14 trial (NCT05904886), an ongoing randomized, placebo-controlled trial assessing the triplet of tiragolumab plus atezolizumab and bevacizumab vs atezolizumab and bevacizumab with placebo. The co-primary end points are OS and PFS. These results are highly anticipated, as they will determine the viability of incorporating tiragolumab into standard first-line treatment for advanced HCC, Finn said.

    Finn concluded that the MORPHEUS-Liver study represents one of the first robust datasets to evaluate a triplet immunotherapy regimen built on a bevacizumab-containing backbone in advanced HCC. Given the evolving treatment landscape—highlighted by the adoption of checkpoint inhibitors and anti-angiogenic agents in combination—the study adds important context for refining therapeutic strategies.

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  • 2 Top Quantum Computing Stocks to Buy in July

    2 Top Quantum Computing Stocks to Buy in July

    Quantum computing is an interesting investment sector. Several companies compete in this field, ranging from tech giants to start-ups. However, most companies within this field agree that monetization of quantum computing is still a few years away, but it’s getting closer.

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    The tricky thing for investors to balance is getting in at the right time. If you’re too early, you might miss the rise of current investment trends, like artificial intelligence (AI). If you’re too late and quantum computing becomes the next hot investment trend, you’ve missed out on potentially huge returns.

    Right now is a solid time to invest in some quantum computing companies, especially if you pick the right ones.

    Image source: Getty Images.

    Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) is Google’s parent company and is devoting significant resources to quantum computing research. Google kicked off the quantum computing investment cycle in December with its Willow chip, which solved an incredibly difficult problem in record time and with superb accuracy. This highlighted other quantum computing stocks, causing the entire industry to rise.

    Should Google deliver top-notch quantum computing technologies, it stands to benefit in one area in particular: AI. Quantum computing could unlock the next phase of AI, leading to unprecedented performance. This would give Google the leadership position in AI, leading to a huge increase in cash flows in its core business.

    This gives Alphabet a huge incentive to continue innovating in quantum computing. With its already massive cash horde and cash flows, it has the resources to devote to this field.

    Even with Alphabet’s innovative mindset and top-notch technology, the market doesn’t respect it. Investors are still worried about it losing market share from its Google Search business, so it trades at a cheap valuation.

    GOOG PE Ratio (Forward) Chart
    GOOG PE Ratio (Forward) data by YCharts

    It’s important to note that 18.5 times forward earnings is unbelievably cheap for a big tech stock like Alphabet. It basically indicates that the market values only its Google Search business, not any of the potential gains from quantum computing. As a result, I think it’s a great pick because it offers massive upside if it can win the quantum computing arms race, while also capitalizing on a potential turnaround in the market’s perception of its search business.

    While Alphabet is a conservative choice for quantum computing, IonQ (NYSE: IONQ) is more aggressive. Its only revenue comes from various contracts that it has signed, and there is no backup plan; it’s quantum computing viability or bust.

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  • Foxconn reports record Q2 revenue, cautions about geopolitical and exchange rate risks – Reuters

    1. Foxconn reports record Q2 revenue, cautions about geopolitical and exchange rate risks  Reuters
    2. Foxconn reports record Q2 revenue  The Express Tribune
    3. Nvidia Partner Hon Hai Meets Sales Estimates on Strong AI Demand  Bloomberg.com
    4. Apple, Nvidia supplier Foxconn reports record Q2 revenue on AI demand  Investing.com
    5. Foxconn posts record June and Q2 revenue, sees Q/Q and Y/Y growth for Q3  MSN

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  • A Rare Presentation of Gastric Plexiform Fibromyxoma: Diagnostic Challenges and Surgical Management

    A Rare Presentation of Gastric Plexiform Fibromyxoma: Diagnostic Challenges and Surgical Management


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  • Dr García-Carbonero on Outcomes With Fruquintinib in R/R mCRC by Metastatic Sites

    Dr García-Carbonero on Outcomes With Fruquintinib in R/R mCRC by Metastatic Sites

    “We see that fruquintinib improved overall survival in all [metastatic] subgroups. Survival [outcomes] with fruquintinib are much better in [patients with] lung [metastases] than in [those with] liver or bone [metastases], and the worst [outcomes] were in [patients with] peritoneal disease. However, these are more prognostic rather than predictive factors, because within each subgroup, fruquintinib improves survival vs placebo.”

    Rocío García-Carbonero, MD, of Hospital Universitario 12 de Octubre, discussed updated findings from a prespecified subgroup analysis of the phase 3 FRESCO-2 trial (NCT04322539), which evaluated fruquintinib (Fruzaqla) vs placebo in patients with refractory metastatic colorectal cancer (mCRC). The subgroup analysis focused on outcomes by site of baseline metastases.

    Data presented at the 2025 ESMO Gastrointestinal Cancers Congress included outcomes stratified by liver, lung, bone, and peritoneal metastatic involvement. In this analysis, fruquintinib demonstrated improved overall survival (OS), progression-free survival (PFS), and disease control rate (DCR) across all metastatic subgroups when compared with placebo. The OS benefit was observed in patients with liver-only metastases (HR, 0.256; 95% CI, 0.079-0.824; P = .0760); those with bone metastases with or without other metastatic sites (HR, 0.399; 95% CI, 0.215-0.741; P = .0065); and those with peritoneal metastases with or without other metastatic sites (HR, 0.669; 95% CI, 0.395-1.134; P = .2453). An OS benefit was not observed within the lung-only metastases subgroup (HR, 0.998; 95% CI, 0.208-4.792; P = .9561); however, García-Carbonero explained that data for this subgroup were immature. The median OS in the lung-only subgroup was 14.1 months for fruquintinib vs not evaluable for placebo.

    Importantly, the findings were derived from a post hoc analysis with small patient numbers, precluding definitive conclusions. Nonetheless, García-Carbonero emphasized that the data support the broad applicability of fruquintinib in the refractory mCRC setting, even in patients with metastases associated with poorer prognosis.

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  • Are Deals Back? IPOs, M&A Recover After ‘Liberation Day’ Blip

    Are Deals Back? IPOs, M&A Recover After ‘Liberation Day’ Blip

    Key Takeaways

    • Deal activity appears to be picking up as investors ride the AI wave and markets hit record highs, helping 2025 look like a strong year for IPOs and M&A.
    • U.S. IPO and M&A volumes in the first half of 2025 have hit the highest levels since 2021, which was itself a record year for deals, according to Dealogic.
    • Read on for the prevailing trends in deals this year—and lists of the top IPOs and M&A of 2025 so far.

    For a while, it looked like the boom in deal activity that was expected after President Donald Trump retook the White House wouldn’t happen. Companies pulled IPOs as the Liberation Day tariffs hit sentiment, while others put acquisition plans on hold.

    Deals, in short, dried up. But that seems to be changing.

    Deal activity is picking up for a host of reasons, experts say, among them Trump’s retreat from some of his harsher tariff plans and increasing investor expectations that trade deals will be struck or tariffs at least kept at their baseline levels. Add to that a relatively resilient U.S. economy and record-high stock markets and you get a recipe for rising deal volume.

    IPO and M&A volumes are at their highest levels in years, according to Dealogic data, after years when high interest rates put a damper on things. In the first half of 2025, 174 companies raised more than $31 billion from U.S. IPOs, the most since 2021, when a record $200 billion of funds were raised in the same year-to-date period.

    U.S. M&A volume so far this year has already topped $989 billion, the highest level since 2021’s record year, when there were $1.56 trillion in deals in the same period.

    Investors Regain Taste for IPOs

    Trump’s Liberation Day tariffs hit stock markets and led companies like Swedish fintech Klarna to pause plans for IPOs. That’s changing as investors are piling into tech and fintech firms, and investors are eyeing the possibility of interest-rate cuts in the second half that could keep stocks rising.

    CoreWeave (CRWV), a cloud computing company backed by Nvidia (NVDA), has since seen its shares more than triple since its March listing. USDC stable coin issuer Circle Internet Group (CRCL) was among June’s IPO stars, benefiting from the increasing popularity of crytocurrencies and bitcoin; Israel-based retail trading platform eToro (ETOR) and space and defense tech firm Voyager Technologies (VOYG) were also among June’s star listings.

    Circle and CoreWeave “in particular have been outstanding performers and a big driver of investor interest,” said Dealogic’s Global ECM Head Samuel Kerr said.

    The pipeline of new deals is now building up again: In early July, design software maker Figma filed for an IPO.

    Here are 2025’s top five US IPOs ranked by funds raised, according to Dealogic.

    1. Venture Global

    LNG exporter Venture Global (VG) raised $1.75 billion from its January IPO, the most by a listing so far this year in the U.S. and the most since Lineage’s $5.1 billion listing in July last year. Unlike some more recent tech IPOs, its shares have lagged below their listing price.

    2. CoreWeave

    CoreWeave (CRWV), a cloud computing company backed by Nvidia (NVDA), raised $1.57 billion from its listing on the Nasdaq in March. It had a tepid debut, but has since become one of this year’s stars, trading more than three times above its $40 IPO price.

    3. SailPoint

    SailPoint, a Texas-based cybersecurity company that private equity firm Thoma Bravo took private in 2022, made its return to public markets in February, raising $1.38 billion from its listing. Its shares continue to lag its $23 IPO price.

    4. Circle Internet Group

    Crypto firm Circle Internet Group (CRCL) has been one of this year’s IPO stars, raising $1.21 billion from its IPO priced at $31 a share in June; the stablecoin issuer’s stock is now around $189.

    5. Chime Financial

    The fifth-biggest IPO this year was the $994 million June offer by fintech firm Chime Financial. Its shares remain above their $27 IPO price.

    M&A Rides the AI Wave

    M&A volumes, which like IPOs took a hit this year, have been helped by enthusiasm for companies linked to artificial intelligence.

    “Although March brought a burst of large-cap deals, optimism faded in April after ‘Liberation Day’ tariffs sent shockwaves through the market,” Mergermarket Head Lucinda Guthrie said. “Still, the opportunities presented by the volatility in the public markets drew attention from private capital. A key deal driver in 1H25 has been M&A to fuel the evolving AI landscape. ”

    Here are the top M&A deals so far this year in the U.S, according to Dealogic, ranked by deal size, with No. 1, the funding round into ChatGPT maker OpenAI— illustrating the allure of AI investments. (All the deal volumes are excluding debt.)

    1. SoftBank, Others Buy OpenAI Stake

    The ChatGPT maker raised $40 billion in new funding from a group of investors who took a 13.3% stake in a round led by SoftBank Group. Other investors included its biggest backer, Microsoft (MSFT).

    2. Google Offers $32B for Wiz

    Google parent Alphabet (GOOGL) struck a $32 billion cash deal for cybersecurity startup Wiz in March that would be the tech giant’s largest acquisition ever. The deal hasn’t closed yet.

    3. Amrize Gets Spun Out

    In June, Swiss building-materials company Holcim spun off its North American operations in a $28.7 billion deal. The Chicago-based cement and roofing provider started trading under the stock symbol (AMRZ).

    4. Charter Communications Buys Cox

    Charter Communications (CHTR) announced a $24.1 billion deal in May to buy privately held rival Cox Communications in a deal that would combine two of the U.S.’s largest cable providers. The deal has yet to close.

    5. Constellation Energy Takes on Calpine

    Nuclear power producer Constellation Energy (CEG) agreed to buy private energy company Calpine for $17 billion excluding debt, a transaction that would create the largest clean energy provider in the U.S. The combined company would serve the AI boom, feeding the growing power needs of data centers.

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