Short answer: the first wave has started, but the spree has not. What we are seeing in October 2026 is the opening act. A handful of small, adjacency driven deals have closed. Two category leaders have raised enough capital to buy things. The NHS has begun to buy in bulk, which changes who survives. Regulation has become a real fixed cost. The conditions for a busier twelve to eighteen months are in place, but a "spree" is a forecast, not a fact and we will try to keep the tw