Global first-quarter M&A exceeded $1.2 trillion, largely due to advances in artificial intelligence (AI), driven by companies considered to be winning the AI race. Despite a 17% decrease in deals from the previous year, companies bought and sold larger, bringing total value up by 26%. Four of the six biggest deals were equity stake purchases, a trend that accounted for 29% of the total volume for the quarter. Despite the Middle Eastern conflict, the conflict has not significantly impacted M-A activity. Despite this, corporate boards have become more discerning about deals driven by strategic rationale, rather than short-term volatility, according to Deutsche Bank's Sam Kim. BNP Paribas' deal pipeline for the year was up by over 20% by both deal number and value compared to last year.