The official GDC website has posted that the conference is officially postponed coming after several major participants have announced over the last couple of weeks of their plans to not attend including Microsoft, Sony, Amazon, Epic, Unity, and more. The statement posted on the main GDC website that also states that more information is to come, "As everyone has been reminding us, great things happen when the community comes together and connects at GDC. For this reason, we fully intend to host a GDC event later in the summer. We will be working with our partners to finalize the details and will share more information about our plans in the coming weeks."
Additional information is available on their faqs page providing information for ticket holders, booked hotel rooms, speaking events, and Game Choice Awards. These faqs are also available below, quoting the official faq page.
For passholders, "If you are a currently registered passholder, you will be receiving an email about your registration status and any next steps regarding refunds, which conference and expo attendees will be receiving in full."
For official GDC hotel bookings, "Individuals who have made hotel reservations inside the GDC room block will not have to pay penalties or fees associated with their reservations. More information will be available early next week on next steps."
The speaking events, "In order to allow our conference speakers to still participate in the event, we are intending to make many of the presentations that would have been given at GDC 2020 available for free online. After speakers (optionally) contribute their talks in video format, they will be distributed on the GDC YouTube channel and the free part of GDC Vault."
What will happen to the Independent Games Festival and Game Developers Choice Awards, "We also intend to stream a set of these GDC 2020 talks and the Independent Games Festival and Game Developers Choice Awards via Twitch during the week that the event would have taken place in San Francisco (March 16th to 20th), so that our community can continue to honor & celebrate its best games."