Meta's $27 Billion Deal and the Eve of Nvidia GTC—A Week Where 'All-In on AI' Accelerates

In the third week of March 2026, the news reported by Bloomberg Tech converged on the theme of 'capital concentration in AI infrastructure.' It was reported that Meta is considering laying off over 20% of its total workforce while signing a compute contract worth up to $27 billion with Nebius, and Nvidia captured the market's undivided attention ahead of the GTC opening. OpenAI is advancing plans for a joint venture with private equity, and the war with Iran has opened a new front in the form of cyberattacks. Here is a summary of these developments.

1. Meta—Simultaneous $27 Billion Compute Contract and Large-Scale Layoffs

1-1. Up to $27 Billion Contract with Nebius

Meta has signed a major compute procurement contract with AI infrastructure company Nebius.The deal involves Meta acquiring excess capacity from clusters built by Nebius, totaling up to $27 billion, including a confirmed $12 billion and an additional option for up to $15 billion. Having already signed major contracts with Nvidia and AMD, Meta is making its stance clear: 'secure AI infrastructure from wherever it can be secured.'

1-2. Considering Layoffs of Over 20% of Employees—The Reality of 'AI Replacing Jobs'

On the same day, Reuters reported that Meta is considering layoffs of 15,000 people, equivalent to over 20% of its total workforce. As of the end of 2025, the company had approximately 79,000 employees. It is said that anxiety had been spreading internally for some time that the expansion of AI investment would lead to personnel reductions.

Mark Zuckerberg has stated in multiple earnings calls that 'AI will replace mid-level engineering tasks, and engineers will manage AI agents instead of writing code.' This report suggests that this direction is beginning to manifest as a concrete personnel plan. Following Block's layoffs, the pattern of 'AI investment and personnel reductions being linked' is spreading throughout the tech industry.

2. Nvidia and GTC—Conditions for Moving a Stock That Has Been Flat for 6 Months

2-1. 'GTC is a Macro-Level Event'

Nvidia's GPU Technology Conference (GTC) has opened. Once a niche event for developers, it has now transformed into a 'mega AI announcement event' that the global financial markets watch closely. Bloomberg reporters likened it to 'the Apple product launches of the past' and described it as 'Jen-sanity.'

2-2. What is Needed for the Stock Price to Move

Nvidia's stock price has remained largely flat over the past six months. With a P/E ratio of about 22x, which is at the S&P 500 average level, some argue it is not overvalued considering the company's profit margins, growth rate, and cash flow. Margie Patel of Allspring Global Investments analyzes, 'It is enough for Jensen Huang to simply confirm the known growth path. The problem is not Nvidia, but that investors looking to rebalance positions in software or private credit are using Nvidia as an easy stock to sell.'

The three points the market is watching are as follows: First, the maintenance or upward revision of the $500 billion data center revenue forecast for 2026. Second, the view on the impact of helium supply constraints caused by the blockade of the Strait of Hormuz on chip production. Third, the product pipeline—details on Vera Rubin and Feynman, and the possibility of entering the CPU market.

2-3. Debate Over H200 Exports to China

Regarding the U.S. government's export permit for Nvidia H200 chips to China, Democratic Senator Elizabeth Warren and Representative Gregory Meeks expressed national security concerns and called for support for a bipartisan bill (the Overwatch Bill) that would require congressional involvement in export controls. Nvidia has countered that 'export restrictions only benefit Huawei in the Chinese market.' This issue is also a political challenge for the ruling Republican party, and the fate of the bill is expected to be swayed by moves with an eye on the midterm elections.

3. OpenAI—Expanding Enterprise Sales Through a Joint Venture with Private Equity

It has been reported that OpenAI is in discussions to establish a joint venture with a private equity (PE) firm. The goal is to accelerate the adoption of AI software among the portfolio companies owned by the PE firm. According to reports, the scale is expected to be in two tiers of $10 billion and $4 billion, both of which are structured to be raised off-balance sheet for OpenAI.

The consistent theme of 'meeting the needs of both consumers and businesses' is also evident in this strategy. Anthropic is also said to be in similar talks with PE firms, and the movement by large language model providers to capture the enterprise market via 'PE distribution networks' is in full swing.

4. Iran and Cyberattacks—Medical Device Giant Stryker Targeted

4-1. Stryker Attack and Iranian Involvement

As the war with Iran enters its third week, medical device giant Stryker has announced that it has been hit by a cyberattack, affecting its business processes. While a pro-Iranian group has claimed responsibility, Stryker has not confirmed the identity of the attackers. Forrester analyst Allie Mellen explains, 'Identifying attackers requires the analysis of technical evidence, which typically takes weeks to months.'

4-2. The structure of 'cyberattacks linked to military operations'

Mellen discussed the structure that became apparent through her research for the book 'Code War.' 'Actors like Iran tend to execute cyberattacks in coordination with military actions, such as missile strikes. They time their attacks to achieve maximum impact.' The reasons Stryker was targeted include its connections to the military and Israel, such as large contracts with the U.S. military and the acquisition of an Israeli company in 2015.

Cyber attackers are no exception when it comes to utilizing AI. Mellen pointed out, 'State-sponsored actors are using AI to automate attacks, increasing the speed of attacks while reducing the necessary human resources.' As long as the conflict with Iran continues, an increase in cybersecurity spending is seen as inevitable.

5. SpaceX and Anthropic IPOs—A market waiting for 'big-ticket listings'

Matthew Witheiler, head of Late Stage Growth at Wellington Management, says, 'The triggers that will activate the IPO market are the major listings of SpaceX, OpenAI, and Anthropic.' He asserted that the capital demands held by these companies have reached a scale that cannot be covered by the private market alone, stating, 'It is not a question of whether they will go public, but when.'

Meanwhile, as private stock trading via SPVs (Special Purpose Vehicles) spreads, it has become clear that some leading companies are beginning to restrict investment acceptance from SPVs. The intention behind this is that 'anyone can buy shares after an IPO, but at the private stage, they want to control who their shareholders are.'

While Witheiler is concentrating capital in large AI companies, he indicated a policy of diversifying his portfolio, stating, 'Even if they are not AI companies, excellent consumer-facing businesses and fintechs can go public. There are also investment opportunities in small and mid-cap stocks.'

Summary—The logic of an era of 'going all-in on AI and cutting everything else'

One logic runs through this week's series of news—companies are concentrating capital on AI infrastructure and trying to maintain competitiveness by cutting other costs (personnel expenses and non-core businesses). Meta's layoffs and its contract with Nebius are the clearest manifestations of this. Nvidia's conference will be a venue to reaffirm the scale of that demand, and OpenAI's PE joint venture will be a means to accelerate penetration into the enterprise market.

What is important for investors is that this 'concentrated investment in AI' has two contexts: short-term cost reduction and long-term productivity improvement. How one reads that balance will likely be the core of future tech stock investment.

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