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Used Construction Equipment Rentals Remain Strong as Sales Cool

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LINCOLN, Neb., June 3, 2026 /PRNewswire/ — Used construction equipment inventory levels continued to decline in May, led by crawler excavators and wheel loaders, according to the latest Sandhills Global market reports. The reports cover used heavy machinery, farm equipment, trucks, and trailers on MachineryTrader.com and several other Sandhills platforms worldwide.

“Rental utilization remains strong,” says RentalYard Sales Manager Matt Sterup, “but rising prices, especially fuel costs, are limiting customer’s ability to buy construction equipment. In lift equipment categories, it’s also becoming more difficult to find quality used equipment.”

Used heavy-duty trucks also experienced inventory level decreases in May, continuing a months-long downward trend. “Rising fuel costs have reduced some of the momentum gained in the truck market, but sentiment is still positive,” says Truck Paper Manager Scott Lubischer. “Freight rates are increasing and inventory is leaving the market at a pace similar to that of 2022 without being replaced. Newer trucks are starting to move, and buyers will be watching closely for lower-mileage trucks. Despite rising prices, dealers anticipate they won’t rise to 2022 levels.”

The key metric in all of Sandhills’ market reports is the Sandhills Equipment Value Index (EVI). Buyers and sellers can use the information in the Sandhills EVI to monitor equipment markets and maximize returns on acquisition, liquidation, and related business decisions. The Sandhills EVI data include equipment available in auction and retail markets and model-year equipment actively in use. EVI spread measures the percentage difference between asking and auction values.

Market Report Details
Sandhills market reports highlight the most significant changes in Sandhills’ used heavy-duty truck, semi-trailer, farm machinery, and construction equipment markets. Key points from the current reports are listed below. Full reports are available upon request.

U.S. Used Heavy-Duty Construction Equipment

Inventory levels in this market posted a marginal decrease of 0.16% month over month and fell 11.55% year over year in May and are trending down. Used crawler excavators had the largest M/M inventory change, down 1.41%, while used wheel loaders posted the largest Y/Y inventory change with a 13.32% decrease.Asking values posted dipped 0.89% M/M and 3.02% Y/Y and are trending down. Used crawler excavators had the largest M/M asking value change, down 1.75%, while used wheel loaders had the largest Y/Y asking value change, down 4.14%.Auction values decreased 1.53% M/M and 1.87% Y/Y and are trending sideways. Used wheel loaders had the largest M/M auction value change, down 2.41%, while used crawler excavators posted the largest Y/Y auction value change with a 3.44% decrease.

U.S. Used Medium-Duty Construction Equipment

Inventory levels of used medium-duty construction equipment posted a slight increase of 0.39% M/M but fell 15.65% Y/Y in May and have been trending down for seven consecutive months. Used wheeled skid steers had the largest M/M inventory change, up 2.93%, while used loader backhoes posted the largest Y/Y inventory change with a 26.5% decrease.Asking values decreased 0.86% M/M and 0.63% Y/Y and are trending sideways. Used track skid steers had the largest asking value changes, down 1.17% M/M and 1.64% Y/Y.Auction values posted marginal decreases of 0.86% M/M and 0.14% Y/Y and are trending sideways. Used track skid steers had the largest M/M auction value change, down 1.4%, while used wheeled skid steers posted the largest Y/Y auction value change with a 3.05% increase.

U.S. Used Aerial Lifts

Inventory levels in this market decreased 2.92% M/M and 2.99% Y/Y in May and are trending down. Used slab scissor lifts had the largest M/M inventory change, down 3.78%, while used articulating boom lifts posted the largest Y/Y inventory change with an 11.67% increase.Asking values decreased 1.26% M/M and 1.21% Y/Y and are trending sideways. Used telescopic boom lifts had the largest asking value changes, down 3.61% M/M and 4.08% Y/Y.Auction values decreased 1.73% M/M and 3.98% Y/Y and are trending down. Used telescopic boom lifts had the largest auction value changes, down 4.42% M/M and 5.67% Y/Y.

U.S. Used Forklifts

Inventory levels in this market jumped 5.63% M/M and 17.28% Y/Y in May and are trending up. Used cushion-tire forklifts had the largest inventory changes, up 6.57% M/M and 25.75% Y/Y.Asking values posted a marginal increase of 0.06% M/M but decreased 3.23% Y/Y and are trending down. Used cushion-tire forklifts had the largest asking value changes, up 0.77% M/M and down 7.56% Y/Y.Auction values decreased 1.06% M/M and 3.49% Y/Y and are trending down. Used cushion-tire forklifts had the largest auction value changes, down 1.97% M/M and 8.57% Y/Y.

U.S. Used Telehandlers

Inventory levels of U.S. used telehandlers increased 3.02% M/M and 5.3% Y/Y in May and are trending sideways.Asking values increased 2.01% M/M but slipped 1.78% Y/Y and are trending sideways.Auction values increased 1.05% M/M but decreased 1.58% Y/Y and are trending up.

U.S. Used Heavy-Duty Trucks

Inventory levels in this market fell 1.5% M/M and 23.14% Y/Y in May and have been trending down for six months. Used sleeper trucks had the largest M/M inventory change, down 3.3%, while used day cab trucks posted the largest Y/Y inventory change with a 25.31% decrease.Asking values increased 1.63% M/M but decreased 1.29% Y/Y and are trending sideways. Used sleeper trucks led in M/M asking value changes with a 2.94% increase, while used day cab trucks had the largest Y/Y asking value change with a 4.09% decrease.Auction values increased 3.07% M/M and 2.34% Y/Y and are trending up. Used sleeper trucks took the lead in auction value changes, growing 4.62% M/M and 3.91% Y/Y.

U.S. Used Semi-Trailers

Inventory levels of used semi-trailers posted a modest increase of 0.28% M/M but fell 26.9% Y/Y in May, continuing a 10-month-long downward trend. Used dry van trailers had the largest M/M inventory change, up 2.51%, while used reefer trailers posted the largest Y/Y inventory change with a 31.49% decrease.Asking values posted a marginal decrease of 0.28% M/M but rose 2.61% Y/Y and are trending up. Used reefer trailers had the largest asking value changes, down 1.17% M/M and up 7.23% Y/Y.Auction values inched downward by 0.6% M/M but jumped 6.35% Y/Y and are trending up. Used dry van trailers had the largest M/M auction value change, down 3.68%, while used reefer trailers posted the largest Y/Y auction value change with a 19.53% increase.

U.S. Used Medium-Duty Trucks

Inventory levels of used medium-duty trucks decreased 0.93% M/M and 37.52% Y/Y in May. Inventory levels in this market have been trending down for nine consecutive months.Asking values dropped 1.81% M/M and 6.05% Y/Y and are trending down.Auction values were down 2.39% M/M and 3.76% Y/Y and are trending down.

U.S. Used Tractors 100 Horsepower and Greater

Inventory levels in the used high-horsepower tractor market decreased 0.81% M/M and 16.23% Y/Y in May and have been trending down for 12 months. Used 100-to-174-HP tractors had the largest inventory changes, down 1.38% M/M and 21.99% Y/Y.Asking values posted modest decreases of 0.51% M/M and 1.75% Y/Y and are trending down. Used 175-to-299-HP tractors had the largest M/M asking value change, down 1.36%, while used tractors 300 HP and greater posted the largest Y/Y asking value change with a 1.85% decrease.Auction values were down 0.9% M/M but increased 2.36% Y/Y and are trending sideways. Used 175-to-299-HP tractors posted the largest auction value changes, down 1.38% M/M and up 3.21% Y/Y.The EVI spread, which measures the percentage difference between asking and auction values, increased from 31% in April to 32% in May. This is lower than the peak values observed in 2015.

U.S. Used Combines

Used combine inventory levels posted a modest increase of 0.6% M/M but fell 10.09% Y/Y in May and are trending down.Asking values decreased 2.61% M/M and 1.22% Y/Y and are trending sideways.Auction values decreased 1.52% M/M, increased 0.76% Y/Y, and are trending sideways.The EVI spread was 38%, down from 40% in April and lower than the peak values observed in 2015.

U.S. Used Sprayers

Inventory levels of used sprayers inched lower by 0.8% M/M in May, fell 19.18% Y/Y, and continued a 6-month-long downward trend.Asking values decreased 2.84% M/M and 2.59% Y/Y and are trending down.Auction values dropped 5.94% M/M and decreased 2.9% Y/Y and are trending down.The EVI spread jumped four percentage points in May, to 40%, which is still lower than the peak values observed in 2015.

U.S. Used Planters

Used planter inventory levels dropped 5.33% M/M and fell 26.36% Y/Y in May and are trending down, continuing a 7-month-long pattern.Asking values posted a marginal decrease of 0.15% M/M but increased 2.57% Y/Y and are trending sideways.Auction values decreased 3.26% M/M but jumped 5.01% Y/Y and are trending sideways.The EVI spread increased from 49% in April to 53% in May, still lower than the peak values observed in 2015.

U.S. Used Compact and Utility Tractors

Inventory levels in this market fell 2.91% M/M and 28.25% Y/Y in May and have been trending down for seven months. Used tractors with less than 40 HP had the largest inventory changes, down 5.87% M/M and 33.26% Y/Y.Asking values remained almost flat with a 0.02% M/M increase and rose 1.63% Y/Y. Asking values have been trending up for five consecutive months. Used 40-to-99-HP tractors had the largest asking value changes, up 0.04% M/M and 1.76% Y/Y.Auction values posted a marginal decrease of 0.16% M/M but increased 2.76% Y/Y and are trending up. Used tractors with less than 40 HP had the largest auction value changes, posting gains of 0.61% M/M and 2.81% Y/Y.

U.S. Used Self-Propelled Forage Harvesters

Inventory levels in this market decreased 0.87% M/M and 4.47% Y/Y and are trending sideways.Asking values increased 2.03% M/M and 0.61% Y/Y and are trending up.Auction values increased 3.8% M/M and 5.6% Y/Y and are trending up, continuing a pattern of monthly increases over the past several months.

Obtain the Full Reports
For more information or to receive detailed analysis from Sandhills Global, contact us at marketreports@sandhills.com.

About Sandhills Global
Sandhills Global is an information processing company headquartered in Lincoln, Nebraska. Our products and services gather, process, and distribute information through trade publications, websites, and online services that connect buyers and sellers across the construction, agriculture, forestry, oil and gas, heavy equipment, commercial trucking, and aviation industries. Our integrated, industry-specific approach to hosted technologies and services offers solutions that help businesses large and small operate efficiently and grow securely, cost-effectively, and successfully. Sandhills Global—we are the cloud.

About the Sandhills Equipment Value Index
The Sandhills Equipment Value Index (EVI) is a principal gauge of the estimated market values of used assets—both currently and over time—across the construction, agricultural, and commercial trucking industries represented by Sandhills Global platforms, including AuctionTime.com, TractorHouse.com, MachineryTrader.com, TruckPaper.com, and other industry-specific equipment platforms. Powered by Value Insight Portal (VIP+), Sandhills’ proprietary asset valuation tool, Sandhills EVI provides useful insights into the ever-changing supply-and-demand conditions for each industry.

Contact Sandhills
www.sandhills.com/contact-us
402-479-2181

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U.S. News & World Report Reveals the 2027 Best Places to Retire

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Affordability is a top priority for attendees as Midland, Michigan, holds No. 1 spot.

Summary

Midland, Michigan, is the No. 1 Best Place to Retire for the second year in a row.Affordability is the most considered factor when choosing a place to retire in 2027.Florida and Texas dominate the top 250 Best Places to Retire, offering a number of affordable and retiree-tax friendly locations.

WASHINGTON, Oct. 27, 2026 /PRNewswire/ — U.S. News & World Report, the global authority in rankings and consumer advice, today revealed the 2027 Best Places to Retire in the United States.

Midland, Michigan, retained the No. 1 rank for the second year in a row. Midland scored high in affordability and retiree taxes, helping it to lock in the top spot.

“Retirees are seeking a place that gives them a sense of security and comfort as they live out their golden years,” said Megan Wood, assistant managing editor, home services and real estate. “Whether that comfort prioritizes scenic nature spots, access to multi-cultural experiences, or everyday affordability, places like Midland, Michigan, offer financial safety while still providing a good quality of life.”

Homosassa Springs, Florida, came in at No. 2 due to strong scores in affordability, 55+ population growth and retiree taxes. High performance for, quality of life, retiree taxes, affordability and quality of life resulted in Weirton, West Virginia, placing No. 3 on the list.

U.S. News adjusted its scoring weights for the 2027 rankings to mirror a growing concern for affordability in America. This resulted in multiple double-digit jumps in the top 25, including Paducah, Kentucky (No. 8), ascending into the top 10 for the first time.

“It’s no secret that affordability is top of mind for Americans this year, which is why U.S. News updated its weighting criteria to better align with what retirees prioritize,” Wood said. “The 2027 rankings reflect key metrics used to highlight the places that best suit retiree needs.”

U.S. News evaluated more than 850 U.S. cities – publishing the top 250 places – based on how well they meet American retirees’ expectations against measures including quality of life, affordability, healthcare, retiree taxes, job market, and population and migration for retirees aged 55 and older.

The six measures factored into this year’s rankings were weighted based on a public survey of individuals across the U.S. who are at or approaching retirement age (45 and older) to find out what matters most to people when they’re considering where to retire. Resources include federal, state and local data provided by Applied Geographic Solutions, which includes data sourced from the FBI’s Uniform Crime Reporting program, Bureau of Labor Statistics, Bureau of Economic Analysis and U.S. News’ Best Hospitals rankings. To learn more about how the rankings are determined, read the Best Places to Retire methodology.

Best Places to Retire is part of U.S. News’ Real Estate section, which provides rankings and tools to help individuals navigate the housing market, including home value estimates to working with an agent.

2027 U.S. News Best Places to Retire – Top 10 
*See the full rankings here.

Midland, Michigan Homosassa Springs, Florida Weirton, West VirginiaThe Woodlands, TexasSpring, TexasRancho Rio, New Mexico Altoona, PennsylvaniaPaducah, KentuckyLynchburg, Virginia Palm Coast, Florida 

For more information on Best Places to Retire, explore Facebook, LinkedIn, Tik Tok, Instagram and X using #BestPlacesToRetire.

About U.S. News & World Report
U.S. News & World Report is the global leader for journalism that empowers consumers, citizens, business leaders and policy officials to make confident decisions in all aspects of their lives and communities. A multifaceted media company, U.S. News provides unbiased rankings, independent reporting and analysis, and consumer advice to millions of people on USNews.com each month. A pillar in Washington for more than 90 years, U.S. News is the trusted home for in-depth and exclusive insights on education, health, politics, the economy, insurance, personal finance, travel, automobiles, real estate, careers and consumer products and services.

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SOURCE U.S. News & World Report, L.P.

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IBM Introduces Identity and Control for AI Agents, Securing Frontier Intelligence for the Enterprise

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Enterprises are deploying agents faster than they can verify them. HashiCorp Vault uses Agent Identity to give each agent a governed identity Verified agents still need limits on access. Vault extends its established secrets management to AI agents, built to enforce least-privilege access and enable real-time revocation when an agent attempts an unauthorized action Enterprises can’t scale agents they can’t see, test or account for. IBM watsonx Orchestrate is designed to unify discovery, containment, and evaluation across Amazon Bedrock, Microsoft Foundry and Google Gemini 

ATLANTA, Oct. 27, 2026 /PRNewswire/ — At TechXchange 2026, IBM (NYSE: IBM) is announcing new capabilities to help developers, IT and security teams put AI agents to work across business systems with clear authority and accountability. IBM brings together agent discovery, verified identities, access controls and performance evaluation to help organizations understand who owns each agent, control what it can access, and trace its actions across existing applications and infrastructure.  

According to Gartner, by 2028 the average Fortune 500 enterprise will use over 150,000 AI agents. But only 13% of organizations believe that they have the right AI agent governance in place [1]. Persistent credentials, unclear ownership and disconnected controls make it harder to govern agents as they interact with other agents, invoke tools and act across teams, platforms and clouds. 

“The winners in enterprise AI are changing how their business runs, not simply adding more AI to it,” said Dinesh Nirmal, Senior Vice President, IBM Software. “For agents to take on real work across the systems a company depends on, it requires an AI operating model – one that connects agents to the business’s data, applications and infrastructure and runs them with the same discipline as its most critical systems. Build trust and control into that model, and agents stop being a technology and become a way of doing business.”  

Today’s announcements extend IBM’s portfolio to deliver an AI operating model of four essential systems working together: agents, data, automation and hybrid infrastructure. This starts with the trust and control every agent needs – a verified identity, only the access it needs, and one place to discover, secure and evaluate agents regardless of where they were built. 

Extending HashiCorp Vault to AI agents
HashiCorp Vault manages the secrets and credentials that applications and services use to access business systems. It provides that control through centrally managed secrets, automated rotation for supported credentials, and dynamically generated credentials that expire or can be revoked. These capabilities help reduce the time exposed credentials remain usable and limit access to the permissions configured for each role. 

HashiCorp Vault already secures non-human identities for organizations including ABN AMRO, Adobe, athenahealth, BBVA, BlackRock, Canva, Duke Energy, Expedia, London Stock Exchange, Starbucks, Swiss Federal Railways and Target, across systems that process billions of dollars in transactions [2]. HashiCorp will now extend those capabilities to AI agents, issuing secured, short-lived credentials that limit each agent to what it needs. 

Establishing agent identity and accountability
AI agents are a growing class of non-human identity, alongside applications and services. As they begin acting across business systems, enterprises need a clear record of who owns each agent and what authority it has been granted. HashiCorp is combining governed agent identity with credential controls to help organizations delegate work with defined authority and accountability. 

When used with HashiCorp Vault, Agent Identity establishes the authoritative record for each agent, such as who owns it, its lifecycle status and the authority it has been granted. Built to extend existing identity and security investments, it shares relevant identity and authorization context with Vault’s credential controls – ultimately enforcing least-privilege access and enabling real-time revocation when an agent attempts an unauthorized action. 

Controlling agent credentials and access
Identifying an agent is only the start. Enterprises also need to control the credentials it uses to reach databases, applications and cloud services – and how long those credentials remain valid. As agents invoke tools and act across business systems, their credentials become a critical security boundary. An agent with a long-lived, overprivileged credential can put systems and data at risk if it’s compromised or acts outside its intended task. Enterprises need to establish what each agent’s job is, limit the access it receives and revoke that access when circumstances change. 

These controls extend beyond initial authentication. If an agent attempts to retrieve information or perform actions outside its approved permissions, the access can be denied and session revoked in real time to prevent unauthorized activity. Vault’s short-lived credentials and least-privilege controls can further restrict what an agent accesses and the duration of those permissions.  

Additional capabilities include: 

Vault 2.2 gives agents their own secured accounts, automatically renews their credentials and incorporates post-quantum encryption for quantum-era threats. Secure Hub (public preview) gives companies centralized visibility across their Vault environments to make it easier to understand operational health, usage and security resources. 

At TechXchange, client speakers will share how they use Vault to secure enterprise applications, workloads and AI agents 

athenahealth: Automating certificate management with Vault’s PKI engine. Albert Einstein College of Medicine: Applying IBM Verify and Vault to AI agent identity, just-in-time access, dynamic secrets and auditability. Optum: Using Vault Radar to detect exposed secrets and Boundary for just-in-time, identity-based access. Seven-Eleven Japan: Centralizing and encrypting secrets with Vault Enterprise and detecting hardcoded secrets with Vault Radar. Yum! Brands: Building an identity security platform with IBM Verify, with a look ahead to machine identities and secrets management. 

“AI presents extraordinary opportunities to accelerate biomedical research and discovery, but realizing its potential requires a foundation of security, trust, and responsible governance,” said Shailesh M. Shenoy, Assistant Dean for Information Technology at Albert Einstein College of Medicine. “In my experience, technologies such as IBM Verify and HashiCorp Vault can play an important role in helping organizations establish the identity, access, and security controls needed to innovate with confidence.”  

Managing agents across platforms
Identity tells organizations what an agent is. But they also need to see every agent they have, wherever it was built. IBM watsonx Orchestrate works across the AI ecosystem, not inside a single vendor’s platform, to give organizations one place to discover, secure and evaluate their agents. Capabilities include: 

Discover (tech preview): Organizations can’t govern agents they don’t know exist. Orchestrate connects to platforms such as Amazon Bedrock, Microsoft Foundry and Google Gemini to find agents built in third-party environments, so teams can see and manage agents instead of adding them manually. This capability also extends to models and MCP servers. Contain (tech preview): One rogue agent can disrupt others and spread mistakes across the business. Orchestrate now runs agents in isolated sandboxes so a rogue agent can’t interfere with others. Teams also now have access to a kill switch to shut down any agent. Evaluate: Agents that aren’t tested and tracked can quietly drift off course and increase costs. Teams using Orchestrate can now test the quality, accuracy and compliance of agents, models and MCP servers before deployment, then monitor them in production. Built-in cost tracking shows each agent’s model and token use, so teams can spot what’s driving spend and fix it. 

Orchestrate also works with Vault’s credential controls and Agent Identity to establish what each agent’s job is, govern its authority and enforce least-privilege credential access. Together, these controls help organizations authorize and audit agent actions and rapidly revoke trust and credentials when risk changes. 

Connecting agents to the business
Once agents are authorized to use a company’s APIs and tools, they need to know what already exists, how systems connect, what can be reused safely and what their actions could affect. IBM Integration Intelligence Hub is built to provide that knowledge through its Unified Context Engine, so agents can fix problems like stuck messages or deploy an API using what’s already in place. Skills, approval policies and audit controls keep those actions in check. Instead of rebuilding for AI, organizations can put agents to work on the systems they already depend on. 

Scaling agents with NVIDIA
Agent Identity and HashiCorp Vault integrate with NVIDIA OpenShell secure runtime software, the foundation of the NVIDIA OpenShell Architecture. Together, they pair a protected environment for agents to run in with a verified identity and short-lived credentials for every agent, so each action can be traced, limited and reviewed. 

“Businesses need enforceable control over how agents operate and what they can access,” said John Fanelli, vice president, enterprise software, NVIDIA. “Our work with IBM combines NVIDIA OpenShell’s policy-governed runtime with Agent Identity and HashiCorp Vault to help enterprises scale AI agents with secure execution, verified identities and tightly scoped access to business systems.” 

Responding to Emerging Security Threats
When new vulnerabilities are discovered, enterprises must quickly identify affected systems, determine required changes and deploy fixes without disrupting critical operations. In complex environments, this process often involves multiple teams, tools and processes. 

IBM Concert integrates observability, optimization, incident management and security across applications, infrastructure and networks. With AI-powered insights and proof of exploitability, Concert helps teams to identify high-risk vulnerabilities, assess operational impact, and coordinate responses. These capabilities also help organizations address performance, manage costs and maintain resilience in hybrid environments. 

HashiCorp Terraform provides an infrastructure context and governed workflows for change implementation. New features now generally available and in public preview, including Terraform policy, Terraform Developer Portal and Terraform remote MCP server, enable developers and AI agents to access approved configurations and implement infrastructure changes through established controls. Terraform powered by Infragraph also helps teams understand infrastructure relationships and dependencies for more informed decisions. 

Together, these capabilities enable organizations to progress from identifying vulnerabilities to implementing and verifying remediation, while optimizing the visibility and governance essential for enterprise operations. 

A comprehensive system intelligence and change orchestration layer for IBM Z 
IBM Z Atlas maps a client’s entire z/OS stack across infrastructure, middleware, and applications, and then uses that intelligence to address the manual effort of tasks like patch management, regulatory response, and sharing system knowledge across teams, from systems programmers to application developers. Atlas addresses the leading cause of unplanned z/OS outages – changes that aren’t proven to be safe – by mapping how a change impacts the z/OS stack and testing and validating it. This design (in tech preview) accelerates clients’ modernization efforts by keeping experts in control and giving practitioners, in operations or development, the same shared Z system visibility to reduce risk. 

Availability
HashiCorp Vault 2.2, Agent Identity, watsonx Orchestrate evaluate capabilities, IBM Concert, and HashiCorp Terraform policy are generally available. Secure Hub, Terraform Developer Portal, Terraform remote MCP server, and IBM Z Atlas are in public preview. IBM Integration Intelligence Hub and watsonx Orchestrate discover and contain capabilities are in tech preview. 

Statements regarding IBM’s future direction and intent are subject to change or withdrawal without notice and represent goals and objectives only. 

Learn more
IBM TechXchange is IBM’s annual conference for developers and technology practitioners and brings together nearly 6,500 attendees from 85 countries. This year, the event incorporates HashiConf to bring together the HashiCorp community with practitioners from across IBM, Red Hat and Confluent. Attendees can choose from more than 1,000 sessions and experiences, including 180 hands-on labs, 260 client-led sessions and more than 50 certification exams. Speakers include American Airlines, Bradesco, Citi, CVS Health, Deutsche Bank, DoorDash, Hertz, and US Bancorp who will share how they are making AI enterprise ready. 

Session livestream and replays will be available here: ibm.biz/txc26-livestream.  

Supporting Materials

Strengthen security for agentic AI with new Vault, Verify, Boundary, and Secure Hub capabilities  IBM Agent Identity now generally available: Building Trust for the Agentic Era  Vault Enterprise 2.2 advances identity security, PKI, and cryptoagility  Announcing the public preview of Secure Hub: govern Vault at scale  IBM watsonx Orchestrate advances AI agent management with new capabilities  IBM Integration Intelligence Hub gives AI the context to act, not just access IBM Concert platform advances the path to cross-domain agentic IT operations  Terraform advances infrastructure lifecycle management for the agentic era Introducing IBM Z Atlas: Change Intelligence for IBM Z 

[1]: Gartner Identifies Six Steps to Manage AI Agent Sprawl
[2]: HashiCorp Vault client stories  

About IBM  
IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Thousands of governments and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s long-standing commitment to trust, transparency, responsibility, inclusivity and service. Visit www.ibm.com for more information. 

Media contacts:

Sarah Benchaita
IBM
sarah.benchaita@ibm.com

Kate Lehman
IBM
Kate.Lehman@ibm.com 

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Three Blind Spots Leave Industrial Companies Exposed to Critical Mineral Shortages

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Boston Consulting Group Finds Industrial Companies Underestimate Their Critical Mineral Exposure, Which Also Limits Their Access to Public CapitalDemand for Key Minerals Is Projected at 120% to 250% of Forecast Supply Through 2040An Estimated $3.5 Trillion of Products Depend on Gallium, a “Mosquito Mineral” Traded in a Market Under $350 Million a YearSome Governments Have Deployed Less Than 10% of Their Critical Minerals Funds

BOSTON, Oct. 27, 2026 /PRNewswire/ — Industrial companies are underestimating their exposure to critical mineral shortages and missing a strategic opportunity as a result, according to new analysis from Boston Consulting Group (BCG). Three blind spots in the metrics that companies rely on hide where the risk sits, including what BCG calls “mosquito minerals,” so small by traded value that they never reach a risk register.

These are among the findings of Why Critical Mineral Shortages Are a CEO Issue, a BCG report released today. BCG’s proprietary model projects demand for key inputs, including rare earths, graphite, copper and lithium, at roughly 120% to 250% of forecast supply through 2040.

“Most industrials track exposure through spend and direct supplier data, and the minerals that can stop a production line are often the ones they spend almost nothing on,” said Tycho Möncks, a BCG managing director and partner and a coauthor of the report. “The question for CEOs and boards is not whether their company is exposed. It is. The question is whether they intend to live with that exposure or turn it into an advantage.”

Small Markets Can Stall Large Industries

Companies often start their risk assessment with the bill of materials, which points them toward high-volume metals such as copper and lithium. Mosquito minerals fall outside that view. Their traded value is tiny, but the value chains that depend on them are not.

Rare earths. The rare earths used in a fighter jet are worth less than the paint that coats the plane.Gallium. The global market is worth under $350 million a year, with production of only about 900 tons, yet BCG estimates about $3.5 trillion of final products depend on it.Arsenic. The upstream market is about $50 million worldwide, yet a single producer supplies roughly 60% of the ultra-high-purity grade used in 5G and 6G infrastructure, data center optics, radar systems, and defense electronics.Byproduct supply. Gallium, germanium and arsenic are recovered as byproducts of other mining and industrial processes, so the host metal’s market sets their supply. Even a sharp price spike may not bring new production.

Exposure Hides Below Tier One Suppliers

A company that buys almost no critical minerals directly can still be acutely exposed because minerals arrive embedded in motors, magnets, power modules, lasers and sensors. They also sit in the tools and processes used to make those components, from crucibles and catalysts to dies and the capital equipment itself.

Turbine blades, engine blocks and structural aerospace components, for example, are machined with cutting tools made of tungsten carbide bonded with cobalt. A manufacturer that has never bought either metal directly can still see production stop if those tools run short, a dependency that appears on no bill of materials.

Companies also tend to map where critical minerals are mined, but for some minerals the bottleneck is processing, not production. A map of where assets sit and a map of who owns them can look very different, so a change of supplier that looks like diversification may leave a company’s exposure unchanged.

Public Capital Is Committed but Largely Unspent

The three blind spots also lead to a strategic miss. The International Energy Agency reports that public finance commitments to critical minerals in advanced economies reached around $65 billion in 2025, more than four times the 2023 level. BCG’s review of government-backed vehicles found the flagship instruments barely deployed, with some countries having spent less than 10% of their allocated capital and others nothing.

These vehicles are designed to draw in private capital, and offtake requirements are typically the main eligibility gate. BCG argues that companies without a clear view of their own exposure cannot make a credible commitment, and so cannot qualify. The funds are not free money: they carry conditions such as reporting obligations and localization requirements, and they represent only about one tenth of the capital needed through 2040. But for industrial companies, BCG says, they are a way to build a competitive advantage.

Several of the companies that have reframed their approach and tapped public capital are industrial companies and trading firms, not miners, and BCG found that in each case the CEO and executive team led the process of identifying and correcting their blind spots.

“These blind spots have a cost beyond risk. The money is there, but it comes with offtake requirements, and a company cannot make a credible commitment without knowing its own exposure,” said Karthik Valluru, a BCG managing director and senior partner who coauthored the report. “Mapping that exposure properly is where the opportunity starts.”

Download the publication here:

https://www.bcg.com/publications/2026/critical-minerals-risk-blind-spots

Media Contact: 
Bruce Wraight
wraight.bruce@bcg.com 

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SOURCE Boston Consulting Group (BCG)

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