325. M&A heading into Q4: How AI is reshaping value creation

As we enter the fourth quarter, we look to where M&A stands and how dealmakers can finish strong. We also explore how AI is rewriting the traditional M&A playbook: success no longer comes from scale alone, but from building intelligent platforms and capabilities that compound over time to drive growth. Benjamin Houssard, Kameron Kordestani, Alex Liu, and Tobias Lundberg walk through how to leverage AI to turn a series of transactions into a self-reinforcing growth engine. Related insights 2026 M&A trends: Navigating a rapidly rebounding market Technology M&A: AI enters its industrial phase Five steps to strengthen M&A capabilities, no matter the starting point Gen AI in M&A: From theory to practice to high performance Advanced industries: Geopolitics, economics, and technology drive M&A Culture in M&A Using M&A to launch a transformationSupport the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/See www.mckinsey.com/privacy-policy for privacy information

As AI models become increasingly sophisticated, organizations and their leaders need to maintain awareness of the opportunities and challenges each new model can present. Specifically, the newest Frontier Lab LLMs are able to chain together and exploit vulnerabilities in even the most sophisticated organizations. Charlie Lewis and Marie-Claude Nadeau join us to discuss the threats posed by these models and how organizations can stay ahead of rapidly emerging cybersecurity challenges while also realizing their benefits. Related insights McKinsey Technology Trends Outlook 2026 Cybersecurity and trustworthy systems The speed problem: How frontier AI exposes weakness in enterprise cybersecurity Quantum is almost here: Are you and your systems ready? Deploying agentic AI with safety and security: A playbook for technology leadersSupport the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/See www.mckinsey.com/privacy-policy for privacy information

Episode description Executives have more data, more frameworks, and more advice than ever, and yet their confidence in their strategies keeps falling. Andy West, Tim Koller, and Whitney Zimmerman, authors of our forthcoming book Strategy and Value: The Four Foundations That Drive Long-Term Performance, join us to discuss how winning companies leverage the four foundations that drive long-term performance and value creation Related insights Strategy and Value: The Four Foundations That Drive Long-Term Performance Strategy’s biggest blind spot: Erosion of competitive advantage How to maximize competitive advantage (podcast) Ten Timeless Tests: Have you tested your strategy lately?  How top economic performers lean into their competitive advantage to guide their strategy Valuation: Measuring and managing the value of companies  Support the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/See www.mckinsey.com/privacy-policy for privacy information

McKinsey research finds that companies executing transformations with rigor are much more likely to meet overall organizational transformation goals. Chris Hagedorn, Preeya Mody, and Michel Morenville join us to discuss what rigor really means in the context of transformation and how to embed it throughout the process, from setting the aspiration to mobilizing to delivering impact. Related insights Rigor: What it takes to turn ambition into impact The power of rigor in transformation (podcast episode) Wave by McKinsey McKinsey Insights on Transformation How to gain and sustain a competitive edge through transformation Going all in: Why employee ‘will’ can make or break transformations Seven principles for achieving transformational growth Beyond transformation: What we now know about driving bottom-line performance The powerful role financial incentives can play in a transformation McKinsey Transformation on LinkedInSupport the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/See www.mckinsey.com/privacy-policy for privacy information

Real estate is moving from stabilization to selective acceleration, with value creation becoming more targeted, operational, and execution-led. As capital concentrates in select sectors and strategies, leaders need sharper asset selection, disciplined capital structures, and stronger AI-enabled capabilities. Ben Dimson, Tripp Norton, and Aditya Sanghvi discuss how General Partners, Limited Partners, and real estate operators can turn market complexity into an advantage, drawing on research from their recent article.Related insights Real estate builds on new terrain Real estate’s selective recovery How agentic AI can reshape real estate’s operating model 2026 Global Private Markets Report: Private equity−clearer view, tougher terrainSupport the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/See www.mckinsey.com/privacy-policy for privacy information

Private equity is navigating one of its most challenging value creation environments in years, and winning firms are using M&A integration as a competitive weapon. Brian Dinneen and Matthew Maloney join us to discuss three high-impact integration strategies that leading sponsors are using to overcome these headwinds, based on their recent article. Related insights How private equity is using M&A integrations to overcome headwinds Unlocking full potential: Five practices reshaping PE value creation 2026 Global Private Markets Report: Private equity−clearer view, tougher terrain Beating the odds: How private equity firms can improve exit prospects Transforming value creation in private equity portfolio companies (podcast)Private Capital at McKinseySupport the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/See www.mckinsey.com/privacy-policy for privacy information

The risk function’s fundamental purpose has not changed in light of AI. What has changed is the nature and pace of risks amplified by AI, as well as the tools available to manage them. Anke Raufuss, Björn Nilsson, and Laura Webanck join us to discuss the role of the digital twin and how it is changing the future of risk management.  Related Insights Evolving model risk management in the age of AI How companies can strengthen their geopolitical risk readiness Global risk productivity survey: Four themes shaping risk management The future of risk: How global trends are reshaping risk management From risk to resilience: New approaches to navigating disruption in Asia Risk and Resilience on McKinsey.com McKinsey Risk & Resilience on LinkedIn  Support the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/See www.mckinsey.com/privacy-policy for privacy information

As strategy rises to the top of executive agendas, many organizations are struggling to translate bold strategic choices into sustained performance. In this episode, the global coleaders of our Strategy and Corporate Finance Practice, Sébastien Lacroix and Andy West, along with Whitney Zimmerman, a distinguished expert in strategy, discuss why mobilization has become the critical differentiator between strategy success and failure, and how leaders can build the capabilities needed to turn strategy into action in an era of intensified competition, ever-accelerating change, and uncertainty. Related insights Strategy and Value: The Four Foundations That Drive Long-Term Performance (our new book, due out in November) How to maximize competitive advantage How to ensure your company acts on your strategy How strategy champions win Strategy Beyond the Hockey Stick Fundamentals of strategy and value creation Have you tested your strategy lately?Support the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/See www.mckinsey.com/privacy-policy for privacy information

In this bonus episode, McKinsey CFO practice leaders Kevin Carmody, Matt Maloney, and Christian Grube share their insights from the 2026 CFO Forum in London. Their conversation explores how the CFO role is evolving from financial steward to strategic value creator; why leading finance organizations are moving beyond incremental budgeting; how AI can provide the catalyst to fundamentally rewire finance operating models rather than simply automate existing processes; and why talent and capability building will determine which organizations capture the greatest value. They also discuss how CFOs can reclaim the strategic narrative, strengthen capital allocation, and create the headspace to focus on the bold moves that drive long-term growth.   Related insights Why accelerated resource allocation matters in the age of AI CFOs have been concerned about geopolitical impacts for months The CFO as growth leader: A conversation with Levi’s Harmit SinghSupport the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/See www.mckinsey.com/privacy-policy for privacy information

Private equity firms are under increasing pressure to create value in a tougher market, with longer hold times and evolving value creation theses. Leading funds are using re-underwriting as a repeatable discipline that supports better decisions across the hold period. Join AD Bhatia, Jason Phillips, Hassen Ahmed and Manuel Fernandez Angulo as they unpack the what, when and who of re-underwriting. They share how AI assistance, leaner teams and a systematic approach can help overcome resourcing restraints to place this practice in the reach of every fund.    Related insights Unlocking full potential: Five practices reshaping PE value creation 2026 Global Private Markets Report: Private equity−clearer view, tougher terrain Beating the odds: How private equity firms can improve exit prospects How private equity is using M&A integrations to overcome headwinds Transforming value creation in private equity portfolio companies (podcast)Support the show: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance/See www.mckinsey.com/privacy-policy for privacy information