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Golden Ten Data reported on May 21 that Wally Cheng, Morgan Stanley's Global Head of Technology M&A, stated that as companies race to fill technological gaps in chips, power, networks, and infrastructure, mergers and acquisitions in the artificial intelligence sector are taking place at all scales and expanding across multiple industries. Cheng said, "I believe deal activity will span the entire spectrum, including both private and publicly listed companies." While semiconductors that power AI are in the spotlight for their "technological marvel" properties, Cheng noted that the infrastructure surrounding these chips carries immense value as well, including sectors like networking, storage, energy, and real estate. Cheng stated that valuations in the AI industry are still "very challenging" because a balance must be struck between the "unicorns and rainbow scenarios full of imagination" and actual execution risks. Tammy Kiely, Senior Managing Director of Evercore's Technology Investment Banking, shared a similar view. She noted that potential acquirers must assess the potential value they can create themselves, while also weighing the cost of lost opportunities.

According to Golden Ten Data on May 21, the assessment of the economic situation by Federal Reserve staff indicated that, based on information available at the time of the meeting, real GDP growth rebounded in the first quarter as the impact of the federal government shutdown waned. Trade data through March showed that net exports were the main drag on U.S. GDP growth in the first quarter: goods exports rebounded strongly from the decline in the fourth quarter of 2025, but boosted by growth in high-tech goods imports, the increase in goods imports was even more pronounced.

Golden Ten Data reported on May 21 that the minutes from the Federal Reserve meeting indicate staff members view the outlook for economic activity as slightly stronger than the forecast from the March meeting. It is projected that the real GDP growth rate will be slightly higher than the potential growth rate over the next few years. The unemployment rate is expected to be close to the staff's estimate of its long-term level over this year and next year, then slightly below that level around 2028. Staff members’ inflation forecast for this year is higher than their projection at the March meeting, due to the latest data, higher energy prices, and other impacts from Middle East conflicts expected to drive up consumer price inflation. Inflation is expected to start moderating after the first half of this year as the influence of conflict-related factors on the economy gradually fades and the effect of higher tariffs on inflation diminishes; by the end of next year, inflation is projected to be near 2%. Overall, the risks to employment and real GDP growth forecasts are tilted to the downside, while inflation forecast risks are skewed to the upside: over the past five years, inflation has consistently been well above 2%, Middle East conflicts could further increase inflation, and there are emerging pricing pressures in some categories unrelated to tariffs or energy prices. Therefore, staff members believe that the prospect of more persistent inflation than expected is a risk that warrants close attention.