US corporate dealmaking is booming: US M&A deal value hit a record $1.89 trillion over the last 4 quarters. This figure has nearly TRIPLED since Q2 2023. This also exceeds the previous peaks seen in 2021 and during the 2000 Dot-Com Bubble at $1.72 trillion and $1.54 trillion, respectively. Furthermore, 49% of M&A deal value was financed with stock last quarter, the highest since Q2 2001. Elevated equity valuations have made stock issuance a relatively cheap financing tool, incentivizing companies to pay with shares rather than cash or debt. US M&A activity is at record highs.(The Kobeissi Letter)