Markets
105 analyses
Michael Dell and Jensen Huang inaugurated Dell Technologies World in Las Vegas with the announcement of AI Factory 2.0: new PowerEdge servers support up to 192 Blackwell Ultra GPUs per chassis and 256 GPUs per rack, with LLM training up to four times faster than the previous generation.
The French IT giant reported an organic decline of 11% in the first quarter of 2026 and downgraded its forecasts for the year. The Genesis programme cut 19% of the workforce, and the group is still seeking to return to growth in 2027.
Five AI companies:OpenAI, Scale AI, Anthropic, xAI, and a fifth startup:raised US$ 84 billion in 2025, representing 20% of the total global venture capital for the year. Mistral reached a valuation of EUR 11.7 billion in September 2025. Analysts have identified patterns of circular investment among the same groups of investors that have historically preceded market corrections.
The technology IPO pipeline for 2026 gathers the largest private valuations in history. OpenAI, SpaceX, and Databricks could test trillions in the public market, but the concentration of 20% of global venture capital in five AI companies raises alarms about bubble dynamics.
In the third fiscal quarter of 2026, Nvidia reported revenue of $51.2 billion in data centre, a 66% increase from the previous year, representing 90% of total revenue. In December 2025, Nvidia acquired Groq for $20 billion. In April 2026, OpenAI committed over $20 billion in chips from Cerebras. The AI chip market reached $38.1 billion in 2025 and is expected to grow to $377 billion by 2033.
Over 400 cybersecurity acquisitions were announced in 2025, with total value increasing by 270% compared to the previous year. The average deal size reached USD 2.47 billion in 2025, an 82% rise from 2024. Palo Alto acquired CyberArk for USD 25 billion, while CrowdStrike responded with a series of acquisitions. The result is accelerated consolidation in integrated platforms.
The five largest cloud providers have committed between US$ 660 billion and US$ 690 billion in capex for 2026, nearly double the levels of 2025. The geographical expansion is deliberate: new regions in Africa, the Middle East, and Southeast Asia reflect both data sovereignty demands and geopolitical competition for technological influence.
CB Insights recorded 266 M&A deals in AI in the first quarter of 2026, a 90% increase compared to the same period in 2025. The total global M&A value reached US$ 4.9 trillion in 2025, a new record. In 2025, the battle for AI shifted from foundational models to data, cloud, and governance infrastructure, with US$ 157 billion invested in this layer.
On 11 March 2026, Google finalised the largest acquisition in its history: Wiz, a cloud security startup with $1 billion in ARR and a presence in 50% of the Fortune 100. The deal is cleared by the DOJ and the European Commission, signalling that consolidation in the cybersecurity market has entered a new phase.