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

The tech market's unpredictable landscape in 2025 saw a fleeting surge in M&A activity before being overshadowed by political tariffs and economic uncertainty. Early optimism, fueled by recovering startup valuations and major deals like CoreWeave's $1.7 billion acquisition of Weights&Biases, gave hope for a rebound. However, Donald Trump's April tariffs sent shockwaves through the industry, causing tech stocks to plummet and casting doubt over future M&A prospects. Despite this turbulence, some acquisitions—like OpenAI's rumored purchase of Windsurf—continue, but the broader outlook remains uncertain, leaving 2025 as a challenging year for dealmaking.