The value of merger and acquisition transactions by American companies in the past four quarters reached a record $1.89 trillion, almost three times the amount recorded in the second quarter of 2023. This surpasses previous peaks set in 2021 ($1.72 trillion) and during the dot‑com bubble in 2000 ($1.54 trillion). Additionally, 49% of the deal value in the latest quarter was financed through equity payments, the highest share since the second quarter of 2001, reflecting a shift toward cheaper equity financing over cash or debt.