From OpenAI to Versace to a big public firm that went private, these are the most notable mergers, acquisitions, and partnerships of the year.

BY CHRIS MORRIS @MORRISATLARGE

Stargate data centers in in Abilene, Texas. Photo: Courtesy OpenAI

When it came to investments, mergers and acquisitions, 2025 was a particularly busy year. More importantly, perhaps, it was also a year with some very interesting deals.

In the first nine months of 2025, global M&A activity was up 10 percent over what it was in the same period in 2024, despite the headwinds of geopolitical tensions and tariff policies that seemed to change every few weeks. The tech sector was especially busy with deal-making this year as companies looked to find a way to leverage the AI boom.

But some activity stood out from the rest. Here’s a look at the deals that made this year so unique.

The Trump Administration surprised both the tech world and Wall Street in August, announcing that the federal government was taking a 10 percent stake in the chipmaker. (That was especially astonishing, as Trump had, just weeks before, strongly criticized Intel’s CEO on social media, saying he was “highly CONFLICTED and must resign.”)

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