Insights: Clients

Tech / Media / Telecom

AI/Semiconductor Export Controls

President Trump’s AI Action Plan expresses strong support for exporting the full AI technology stack (hardware and software) to allied countries. However, the Action Plan makes more explicit than any statement to-date that the administration supports using export controls to prevent China from getting access to advanced semiconductor technology.

Tech / Media / Telecom

President Trump’s AI Action Plan and associated Executive Orders (EOs) focus on expediting permitting for data center build outs, ensuring that international standards and export controls protect U.S. technology and keeps it out of China’s hands, while reducing regulation that could inhibit AI innovation. A key part of the de-regulation element...

FY26 Appropriations and Recissions

The Senate is this week taking its initial steps to pass FY26 appropriations legislation (i.e., annually allocated funding for government operations, grants, loans, etc.), with a focus on Military Construction/VA, Agriculture, Commerce/State/Justice, and Legislative Branch. Appropriations bills need to pass the Senate on a bipartisan (60+ vote)...

Defense Spending

The House has passed an FY26 defense appropriations bill that would provide the Pentagon ~$832b, matching the same level of spending in FY25, as requested by the White House. The Trump administration requested flat funding for DOD, given that the Republicans' recently enacted reconciliation bill provides ~$150b for defense spending, $113b of...

Mergers & Acquisitions

The EC initiated a Phase 2 investigation of Mars/Kellanova on June 25, 2025 and set an October 31, 2025 provisional deadline. The EC is concerned that Mars’ acquisition of Kellanova’s products could increase its bargaining power vis-à-vis supermarket retailers and lead to higher prices for retailers that are passed on to consumers.

Mergers & Acquisitions

Aya/Cross Country

A recent article from Dealreporter reports that the FTC has been deposing third parties, including competitors and customers. The publication also reports that FTC staff is assessing the impact of the merger on travel nurse competition in California and Midwest markets, as well as Baltimore.