Meta Cable Expansion Stalled by Iran Conflict | Bloomberg Tech 3/13/2026

Meta pauses Africa-Middle East cable project

Meta has stopped construction on a major subsea fiber-optic cable system through the Persian Gulf due to missile attacks and safety concerns, halting work that would have connected Africa to the Middle East via Oman, UAE, and Saudi Arabia.

Red Sea section already delayed

The company previously delayed a Red Sea section due to Houthi attacks, and cable installers have now issued force majeure notices citing inability to meet contractual obligations in the Gulf region.

Data center capacity impacted

The stalled infrastructure will delay additional connectivity capacity needed to support data center buildouts in the Middle East and Africa regions.

Adobe CEO resigns after two decades

Shantanu Narayen is stepping down as Adobe's CEO, with the board reportedly seeking new leadership to navigate the AI transition as the stock has declined 30% amid concerns about competition from generative AI tools.

Meta delays AI model rollout

Meta is postponing its latest AI model launch after internal testing revealed underperformance compared to rival systems, causing the stock to drop nearly 3% while Alphabet gained.

Adobe's monopoly on professional tools eroding

Adobe faces existential risk as AI reduces content creation costs and competitors emerge, threatening its long-standing dominance among creative professionals.

Ramp acquires platform for European entry

Fintech startup Ramp is acquiring a payments platform licensed in the UK and Sweden to expand its corporate card and expense management services into Europe, targeting the region's fastest-growing companies.

Ramp hits $1B revenue run rate

CEO Eric Glyman revealed the company is doubling revenue annually with four consecutive quarters of accelerating growth, processing over $1 billion in annual revenue while maintaining profitability and $2 billion in raised capital on its balance sheet.

Consolidating fragmented corporate finance

Ramp aims to replace the average company's 20+ financial tools with an integrated platform for cards, bill pay, expenses, and procurement.

Amazon diversifies beyond NVIDIA

Amazon's AWS will begin offering services using chips from a startup alongside its own processors in the second half of 2026, pressuring NVIDIA's dominance in AI infrastructure.

NVIDIA faces high expectations at GTC

With the stock trading at 22 times earnings after 70% growth, NVIDIA's upcoming GTC conference carries high stakes for announcements regarding Vera, Vera Rubin, and Feynman architectures to justify valuations.

Software multiples compress despite growth

Tech investors are prioritizing ROI on AI capex over pure earnings growth, with software companies seeing multiple contraction even as earnings improve, though March saw a bounce back from January-February selloffs.