Dear Fellow Investor,
Recently, a $200 billion bet was placed against every data center in America.
And almost nobody saw it coming.
I’m George Gilder. I’ve been calling tech revolutions for over 40 years.
Smartphones in 1991. Streaming in 1994. Amazon in 1996.
Early investors in those calls could have seen gains of 249,900%… 112,700%… and 216,100%.
Now I’ve identified something that could make all of them look small:
A radical new chip architecture – backed by the Trump administration and its $200 billion bet…
That processes data up to 100X faster using 90% less energy.
Three companies are converging to make today’s AI data centers obsolete.
Wall Street hasn’t connected the dots yet.
But the smart money – Vanguard, BlackRock, Morgan Stanley – has already poured billions in.
Once the third company IPOs, the window slams shut on the biggest profits.
>> Get all three company names before the fuse is lit <<
To the future,
George Gilder
Editor, Gilder’s Technology Report
Why Meta's AI Chip Announcement Has Broadcom Investors Paying Attention
Submitted by Leo Miller. Posted: 3/18/2026.
Key Points
- Meta publicly confirmed Broadcom as its custom chip partner for the first time, removing lingering doubts about one of Broadcom's most important AI relationships.
- The MTIA chip roadmap is expanding from ranking and recommendation into generative AI inference—a workload many expect to dominate AI compute by decade's end.
- One notable gap in Meta's announcement: no generative AI training chip, lending weight to reports that its most ambitious custom silicon project has been shelved for now.
- Special Report: Elon Musk: This Could Turn $100 into $100,000
In a recent announcement, the Magnificent Seven tech giant Meta Platforms (NASDAQ: META) unveiled four customized artificial intelligence (AI) chips. The news follows semiconductor design behemoth Broadcom's (NASDAQ: AVGO) earnings report, where CEO Hock Tan specifically addressed Meta.
Meta's announcement effectively acknowledges the partnership with Broadcom, a development that has clear positive implications for AVGO — though some negative factors remain. What does this mean for Broadcom going forward?
META and AVGO Confirm MTIA Partnership
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Before April 20th, there is still a backdoor way to secure a pre-IPO stake in SpaceX. Here is how to get positioned.
Claim Your Pre-IPO PositionFor some time, market watchers and analysts have assumed Meta was one of Broadcom's custom AI processor customers. Broadcom, however, never explicitly named Meta during earnings calls — until now. In Broadcom's Q1 2026 call, Tan said, "Contrary to recent analyst reports, Meta's custom accelerator MTIA road map is alive and well. We're shipping now."
MTIA, which stands for Meta Training and Inference Accelerator, is a custom chip family developed in collaboration with Broadcom. Tan's comment followed reports that Meta halted development of its most advanced custom training chip, codenamed Olympus.
Meta itself mentioned Broadcom in the MTIA press release: "Meta Training and Inference Accelerator (MTIA), our family of homegrown AI chips developed in close partnership with Broadcom, has remained and will continue to be an important part of Meta's AI infrastructure strategy."
Markets generally accepted the partnership already, but explicit acknowledgment from both companies removes any lingering doubt.
The Good: META-AVGO Partnership Expands Into GenAI
The title of Meta's post, "Four MTIA Chips in Two Years: Scaling AI Experiences for Billions," reinforces the bullish scenario Broadcom laid out on its earnings call. Hock Tan noted that most customers are moving to develop two custom chips with Broadcom per year — the same pace Meta described — lending credibility to Broadcom's claims about deepening customer relationships.
Meta is deploying MTIA across multiple purposes, including training and inference for its ranking and recommendation (R&R) models. Training is the process of developing more capable models; inference is the process of using those models to answer queries and perform tasks.
R&R training and inference help Meta deliver more engaging content and more targeted advertising across its apps. With 3.5 billion users — more than 40% of the world's population — Meta has substantial demand for these workloads, and it is relying on Broadcom to meet that need.
The MTIA series also extends beyond R&R: Meta plans to use MTIA 450 and MTIA 500 for GenAI inference, with mass deployments expected in 2027. GenAI inference likely includes chatbot queries, video and image generation, and AI-powered agents in WhatsApp.
While Meta's LLaMa models aren't generally considered state-of-the-art compared with ChatGPT, Claude, or Gemini, they can still be useful and monetizable. Meta AI already has over 1 billion users, presenting a sizable revenue opportunity.
For Broadcom, expanding MTIA beyond R&R into GenAI inference is a positive development. Supporting both core and emerging Meta workloads points to more chip sales for AVGO.
The Bad: META-AVGO GenAI Training Chip Takes a Back Seat
Meta's announcement did not include a GenAI training chip, which adds weight to reports that Meta scaled back Olympus development. Meta CFO Susan Li also recently said at the Morgan Stanley Technology Conference that Meta "expects" and is "hopeful" it can expand its use of custom silicon to train AI models "eventually."
This is negative for Broadcom, which likely would have co-developed Olympus with Meta. That said, Meta hasn't abandoned training ambitions entirely — it intends to pursue custom training silicon over time. The result is that Broadcom's timeline for meaningful revenue from a Meta training-chip project may have lengthened.
AVGO and META: Powering the Growth in AI Inference
Meta's relationship with Broadcom is now clearly substantiated and appears to be expanding significantly outside of GenAI training.
Many expect inference to overtake training as the dominant AI workload in the coming years. McKinsey predicts inference will grow at a compound annual rate of about 35% over the next five years and account for more than half of AI compute by 2030.
That trend supports Broadcom's outlook: as Meta's inference workloads scale, Broadcom's relationship with Meta — especially around inference — should become increasingly valuable for AVGO.
Meta Reportedly Plans 20% Layoff: A Sign of Weakness or Strength?
By Leo Miller. Article Published: 3/26/2026.
Key Points
- AI CapEx at Meta Platforms is set to surge in 2026, leaving many investors uneasy.
- Reports indicate that the Magnificent Seven company is also looking to lay off 20% or more of its workforce despite recent reports indicating that large cost-cutting measures don't do much to help shares.
- Meta has fallen to a forward price-to-earnings ratio near 20x, a level not seen since Liberation Day roiled markets in April 2025.
- Special Report: Elon Musk: This Could Turn $100 into $100,000
Despite a very strong earnings report earlier in 2026, the year-to-date (YTD) performance of Meta Platforms (NASDAQ: META) has been disappointing. The Magnificent Seven member is down nearly 9% YTD, even after shares jumped about 10% the day following the company's earnings release.
Recent reports of large cost-cutting moves haven't helped much. On March 13, Reuters reported Meta was planning layoffs that could affect 20% or more of its workforce. Meta rose just over 2% the next trading day but has since given back those gains and then some.
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A $1.5 trillion valuation. That is what industry experts are projecting for the highly anticipated SpaceX IPO, expected to be announced on April 20th — potentially surpassing the combined market caps of the six largest U.S. defense contractors.
Consider what Tesla's IPO meant for early investors: a $50,000 position held for 10 years grew to $1.5 million. The SpaceX IPO is projected to be even larger.
Before April 20th, there is still a backdoor way to secure a pre-IPO stake in SpaceX. Here is how to get positioned.
Claim Your Pre-IPO PositionThat has sparked debate over whether potentially massive layoffs signal weakness or strength for the tech giant. With massive capital expenditure (CapEx) planned, some argue layoffs are necessary to curb costs. Others see them as evidence Meta is using AI to drive internal efficiency.
Meta's Massive CapEx Causes Concern Amid Layoff Reports
In 2026, Meta plans to spend between $115 billion and $135 billion on CapEx as it invests heavily in artificial intelligence. At the midpoint, that would be roughly a 73% increase from the $72.2 billion the firm spent on CapEx in 2025.
That spending has led analysts to forecast a sharp drop in Meta's free cash flow—one of the key metrics for stock valuation. Analysts currently expect Meta to generate about $11 billion in free cash flow this year, a decline of nearly 75% year-over-year (YoY) from 2025.
Given that dynamic, Meta is incentivized to reduce costs, and 20% layoffs would materially offset the projected free cash flow decline. The key question is whether layoffs would be a reaction to heavy AI spending or a sign Meta is realizing AI-driven efficiency gains. The company's recent comments lean toward the latter.
Meta Touts Emerging AI Efficiency on Internal Workloads
On Meta's latest earnings call, CFO Susan Li said AI tools are boosting productivity across the organization. She noted output per engineer increased about 30% since early 2025, driven largely by adoption of agentic AI coding tools.
Li added that "power users" of these tools saw output rise roughly 80% year-over-year, and that Meta experienced a "big jump" in agentic AI tool usage in Q4. She expects productivity gains to accelerate in the first half of 2026. CEO Mark Zuckerberg echoed this, saying, "We're starting to see projects that used to require big teams now be accomplished by a single, very talented person," highlighting that smaller teams can now achieve comparable output.
Those comments suggest the productivity improvements are recent and accelerating. That timing implies Meta isn't merely holding layoffs as a last resort to offset spending; the company appears to be seeing tangible efficiency gains that support a restructuring rationale.
Li Expresses Concern Over AI Startups
Still, one remark Li made at the Morgan Stanley Technology Conference raises a strategic concern. She acknowledged that a company starting today would "use a lot of AI tools very differently." For Meta—a roughly 20-year-old company—she said they don't want to "find ourselves behind companies that are being born today and that are AI-native from the very day of inception."
That comment suggests Meta worries that AI-native startups, which can build workflows around AI from day one, may operate more efficiently than incumbents adapting legacy processes. Yet Meta's dominance in social media—more than 3.5 billion users—remains a formidable moat that is hard to replicate.
Overall, Li's remark reinforces the view that AI adoption is part of Meta's strategy to maintain competitiveness, rather than purely a cost-cutting response to heavy CapEx.
Meta Looks Undervalued as Shares Get Hit in 2026
The debate over potential layoffs centers on motive: are they driven mainly by unsustainable CapEx, or are they enabled by new AI-driven efficiencies? Both views have merit. Surging costs are a clear overhang on the stock, so it's understandable the market would pay attention to credible cost-saving measures.
Reports of 20% layoffs—which would likely equal more than 10,000 workers—remain unconfirmed; outlets have, however, reported that Meta recently laid off several hundred employees earlier this month. Investors are also processing a separate legal overhang after a Los Angeles jury found Meta and Google liable in a social-media addiction case on March 25, with punitive damages still to be determined.
Amid these developments, Meta's shares have fallen to a forward price-to-earnings (P/E) ratio near 20x, a level not seen since Liberation Day roiled the markets in April 2025.
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