Blog | On 4 March 2026, the European Commission published its long-awaited proposal for a Regulation establishing a framework of measures for the acceleration of industrial capacity and decarbonisation in strategic sectors (Industrial Accelerator Act or IAA). The proposal is accompanied by a press release, Q&A, and factsheet. The IAA is deliberately wide-ranging, seeking to cover competitiveness, decarbonisation, supply-chain resilience, foreign investment, and territorial industrial policy within a single framework. Key takeaways Strategic industrial and decarbonisation projects would benefit from...

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The article in brief: Contingent consideration, especially earnouts, helped sustain M&A deal momentum in 2025 amid macroeconomic uncertainty. Earnouts are expanding beyond the life sciences sector, with shorter performance periods and increasingly ambitious payout hurdles. As deal structures become more customized, valuation methodologies are evolving to keep pace with growing complexity. How 2025’s Market Cycle Influenced Earnout Activity M&A deal activity in 2025 unfolded in two distinct phases. Early in the year, shifting trade policy, uneven macroeconomic data, and persistent inflation...

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Key insights While commercial real estate construction is slowing due to high costs and labor shortages, data centers remain a bright spot because of accelerating AI‑driven demand. The pace of computing innovation could outstrip the useful lives of today’s designs. AI hardware, density patterns, and power requirements are evolving quickly, creating real risk current data center layouts and systems may not align with future needs. Just as America’s shopping malls lost value when consumer behavior changed, data centers could...

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Patent eligibility under 35 U.S.C. § 101 continues to be one of the most challenging aspects of U.S. patent prosecution, particularly for software- and AI-driven inventions. While the legal framework has long been shaped by judicial exceptions and evolving case law, recent developments at the USPTO and the Patent Trial and Appeal Board (PTAB) suggest a meaningful shift in how eligibility is being evaluated. This article highlights key trends shaping § 101 analysis today and outlines practical considerations for innovators...

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Middle market firms (about 200,000 companies with $10 million to $1 billion in annual revenue) employ roughly 48 million people, account for one-third of U.S. GDP, and help set the pace for the U.S. economy. When they lean into growth, the effects are broad. KeyBank’s latest Middle Market Sentiment Survey polled 750 owners and senior executives in November and December 2025. The results point to a middle market entering 2026 on the front foot. Company outlooks are strong, driven by tighter...

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