The Jefferies 2025 Public Tech Conference brought together top bankers, investors, founders, and tech executives to discuss the sector’s key trends and developments. The insights below are drawn from interviews and panels with conference attendees.
When tariff announcements rattled markets in early April, no sector took a bigger hit than technology. Public tech stocks fell sharply — led by mega-caps like Apple, whose global manufacturing footprint left them especially exposed, according to Reuters.1
The turbulence sparked fears that the long-anticipated rebound in dealmaking might stall. With policy uncertainty clouding the outlook and earnings under pressure, many expected M&A activity to pause.
Two months later, tech has proven remarkably resilient, according to EY.2 Through May 2025, tech led all sectors in M&A activity, with 165 deals valued at $100 million or more and a cumulative deal value of $236 billion. In April alone, technology accounted for nearly 60 percent of all billion-dollar-plus deals.
Jefferies spoke with senior tech bankers at its annual Public Tech Conference about what’s driving the market — and where things might go next.
Strong Public Listings Paired with Renewed M&A Momentum
In recent weeks, several large tech companies have completed successful IPOs — including eToro, the Israeli multi-asset trading platform. The company continues to trade more than 20 percent above its May debut price.3 Jefferies served as lead bookrunner on the $713 million offering.
“A month and a half ago, there were positive vibes, but no deals were happening,” said Evan Osheroff, Managing Director in Software Investment Banking at Jefferies. “Fast forward a month later, I want to say we’ve seen ten plus billion dollar deals across TMT. We’re seeing large-cap strategics actively pursue M&A.”
That view was echoed by Stefani Silverstein, Global Head of Technology, Media, and Telecommunications (TMT) M&A at Jefferies, who described just how much sentiment has shifted over the past two months.
“When we last spoke, it was April showers. We’ve reached May flowers,” she shared. “There’s been a real evolution, and folks are risk-on, looking to be acquisitive. Deals that should get done, do get done.”
A recent Jefferies survey of tech IPO investors reflected the same shift in tone. Risk appetite is high, and IPOs are still seen as the preferred route for alpha generation. Investors pointed to growth and unit economics as top priorities and expressed renewed confidence in software, which many expect to lead the next wave of public listings.
Tech Earnings Beat Expectations & Strategics Target AI
Some of the optimism may stem from recent tech earnings, which offered an early read on the impact of tariffs. Many results came in stronger than expected. As Barron’s reported, investors can breathe a sigh of relief: tech companies remain on solid ground. As big tech leans further into AI and software, many are proving less exposed to tariffs than other industries.
“We had the tariff uncertainty hit and the S&P went all the way down below 5000. We’ve come roaring back, which is obviously a great sign. Q1 earnings turned out to be fine,” said Ron Eliasek, Chairman of Global TMT Investment Banking at Jefferies. “This quarter’s going to be really interesting to watch because we have, obviously, all the uncertainty of April kind of factored in.”
Strategic buyers, in particular, are back in the game — many focused on AI infrastructure and enablement. Nearly every company is looking to fill gaps or speed up capabilities in their existing tech stacks, and acquisitions are the fastest way to get there.
“There’s a tremendous amount happening with AI financing,” explained Steve West, Vice Chairman for Technology Investment Banking at Jefferies. “Every large company and established company is looking to complement what they already have, with potential acquisitions of AI companies.”
Attendees at Jefferies’ Public Tech Conference broadly expect a steadier cadence of tech dealmaking in the second half of the year, supported by public market momentum, strong earnings, and the continued push to integrate AI. But they also caution that policy uncertainty and challenging conditions, including high rates, mean the market hasn’t fully stabilized. There’s clear momentum, but also a healthy degree of watchfulness.
