The US midterm elections are a test of investor sentiment in the rapidly growing defense sector, market watchers said.

A surge of mergers and public offerings in the final months of 2026 could push dealmaking volumes to a new high, despite growing concerns over the economy, according to Dorothee Blessing, co-head of global investment banking at JPMorgan Chase & Co.

Banks, private equity and capital markets show very little sign of slowing down on financing the massive artificial intelligence infrastructure build-out that is thriving in the US, according to Stonepeak Infrastructure Partners Chief Executive Officer Mike Dorrell.

The market for initial public offerings in the technology sector is entering what Barclays’ Jamie Turturici, head of TMT equity capital markets, called “a golden age” as a slew of companies head for public markets.