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☆ 3 reasons why Wall Street is playing Roblox again
▼ + stars: | 2024-05-08 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +6 min

CNN —Many adults heard the phrase “Robux” for the first time last holiday season when the virtual currency of gaming platform Roblox landed on the top of most wish lists. And it will have to prove to Wall Street there’s more growth up ahead. In its fourth quarter of 2023, Roblox revenue was $750 million, up 30% year-over-year – but had a net loss of $323.7 million. Like Fortnite, Roblox is also moving ahead with a“payout to creators” business model. “It’s clear that [Roblox] intends to go after younger gamers in 2024 and 2025,” Ward said.

Persons: ”, Roblox, Matilda Beinat, Lindsey Nicholson, UCG, David Baszucki, Ralph Lauren, Mike Proulx, Forrester, “, ” Proulx, Michael Nagle, ” Beinat, Lewis Ward, ” Ward, Ward Organizations: CNN, Investors, ABI Research, “, Gaming Center, Costco, Brookhaven RP, Nike, Walmart, New York Stock Exchange, Bloomberg, Getty, Apple’s, IDC, Disney, Pixar, Marvel, Star Wars Locations: Asia, Roblox, New York, Fortnite

☆ Star Wars was the first Lego license — 25 years later, it's stronger than ever
▼ + stars: | 2024-05-04 | by ( Sarah Whitten | ) www.cnbc.com time to read: +7 min

Star Wars Lego models are seen at the Bricks & Figs museum in Krakow, Poland, on April 15, 2023. A design director at the Denmark-based Lego company, he has spent the past 25 years creating Lego Star Wars sets. Now, Lego Star Wars has become a blueprint for the company's other brand deals — think Harry Potter, Batman and Marvel's Avengers. The Lego Star Wars collaboration came at a time of financial turmoil for Lego. Lego Icons, Lego Technic, Lego City and Lego Harry Potter also performed well.

Persons: Jens Kronvold Frederiksen, Frederiksen, Darth Vader, Harry Potter, Jill Wilfert, Wilfert, It's, Paul Southern, Shirlaine Forrest, " Frederiksen, we're, Southern, We've Organizations: Anadolu, Getty, Star, CNBC, Disney, Epic Games, Lego Star, Lego, Force, Manchester Central, Imperial, Star Wars, Lucasfilm, Walt Disney Company, Lego Star Wars, Warner Bros, Games Locations: Krakow, Poland, Denmark, Lego, Manchester, England

☆ Viking is the biggest IPO of the year, capping off a huge month for IPOs
▼ + stars: | 2024-05-01 | by ( Bob Pisani | ) www.cnbc.com time to read: +2 min

The Viking Holdings Ltd. IPO, which starts trading today on the New York Stock Exchange, will be the biggest IPO of 2024 so far. Viking is only the biggest in a month of standouts. Eighteen IPOs raised a combined $5.3 billion in April, according to Renaissance Capital, the busiest month for IPOs since November 2021. The stock market had a miserable April, with the S & P 500 down 4% and, unsurprisingly, many recent IPOs were down. All of the larger, most recent IPOs remain above their initial offering price.

Persons: Del Organizations: Viking Holdings, New York Stock Exchange, Renaissance Capital, IPOs, Viking, Holdings, Epic Locations: Bermuda, Del Monte

☆ ‘This is a unique time’: ARK Invest’s chief futurist tackles tech innovation from AI to robotics
▼ + stars: | 2024-04-27 | by ( Meredith Mutter | ) www.cnbc.com time to read: +1 min

ARK Invest's chief futurist lists five groups that should give tech investors an edge. "We believe that this is a unique time in technological economic history," he told CNBC's "ETF Edge" this week. Winton collaborates with ARK Invest CEO Cathie Wood to maintain the ARK Venture Fund (ARKVX), which allows investors to buy into the private technology space. "That's a real challenge a lot of public market investors don't have that long-term view," Winton added. The ARK Venture Fund is down more than 7% so far this year.

Persons: ARK, Brett Winton, CNBC's, Winton, Cathie Wood Organizations: ARK, ARK Venture, Epic, Therapeutics

☆ Why ARK Invest thinks it’s an 'amazing time' to invest in cutting-edge tech
▼ + stars: | 2024-04-25 | by ( Emily Glass | ) www.cnbc.com time to read: +1 min

ARK Invest is betting big on private tech companies. "It's an amazing time to invest in innovation," the firm's chief futurist, Brett Winton, told CNBC's "ETF Edge" this week. Winton worked with the ARK Invest team to create the ARK Venture Fund (ARKVX), a closed end interval fund, in September 2022. Closed-end interval funds allow investors to invest in private companies at their net asset value at any time, regardless of market volatility. As of Thursday's close, the ARK Venture Fund was up 29% since its inception date.

Persons: Brett Winton, CNBC's, Winton, ARK, … Organizations: Invest, ARK Invest, ARK Venture, Games, SpaceX

☆ The IPO reopening is real. Just look at Rubrik, the first unicorn to go public in months
▼ + stars: | 2024-04-25 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

Last night data security firm Rubrik priced 23.5 million shares at $32, above the price talk of 23 million shares at $28-$31, raising $752 million. Rubrik is the first tech unicorn IPO since last fall. Marex Group, a UK-based financial services company known for its global clearing business, priced 15.4 million shares at $19, the midpoint of the price talk of $18-$21, raising $292 million. Loar Holdings, which makes aerospace and defense components, priced 11 million shares at $28, above the range of $24-$26, raising $308 million. All eyes on Rubrik Rubrik is an important test of the tech IPO market.

Persons: Matt Kennedy, Rubrik, Kennedy, Ingram, Del Organizations: Marex, Nasdaq, Loar Holdings, New York Stock Exchange, Viking Holdings, Arm Holdings, Renaissance Capital, UL, Astera Labs, Forge, Companies, Ingram Micro, Epic Locations: Del Monte

☆ TikTok influencers fear their careers will be destroyed and their work 'deleted forever' as a US ban looms
▼ + stars: | 2024-04-23 | by ( Lindsay Dodgson | ) www.businessinsider.com time to read: +9 min

Chinese-owned ByteDance will be forced to sell TikTok to a US company or face a nationwide ban. AdvertisementThose who want the app banned argue that TikTok may be forced into giving over user data to the Chinese government. A ban would be "devastating" for her, she said, because years of her work would be "deleted forever." AdvertisementA TikTok spokesperson told BI in March that the legislation has a "predetermined outcome," which is a total ban of TikTok in the US. Editor's note, April 23, 2024: This article has been updated to reflect the House of Representatives vote, which passed a bill to ban TikTok in the US.

Persons: —, TikTok, Leo LonDini, LonDini, Brett Jansen Organizations: Service, Google, Epic Games, Universal Group, Warner Music Group, Spotify, Tesla Locations: China

☆ Demand for private companies is high, but getting your hands on them is a big problem
▼ + stars: | 2024-04-22 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

If you have your heart set on investing in up-and-coming private companies, options exist, but are limited. Obviously, there is a strong desire to get into hot private market tech companies, even if at an irrational cost. The simplest way to do this would be to float an exchange traded fund, or ETF, that held these private shares. Forge Global launched the Forge Accuity Private Market Index, a market capitalization weighted index that tracks the performance of 60 late-stage venture-backed private companies like SpaceX and Epic Games. Bottom line: there is no easy way to access private shares.

Persons: Tech100, Cathie Wood, Howe Ng, Brett Winton Organizations: New York Stock Exchange, SpaceX, Klarna Bank, Tech100, ARKVX Venture, Forge Global, Epic Games, ARK Investment, Edge

☆ Caviar, champagne, and IPOs: At the Jefferies Private Internet Conference, tech dealmaking was back
▼ + stars: | 2024-04-19 | by ( Ben Bergman | ) www.businessinsider.com time to read: +4 min

Jefferies hosted a conference to bring together late-stage tech founders, investors and bankers. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAs bankers and venture capitalists nibbled on caviar sushi and sipped champagne and sake this week at Nobu Malibu, there was a gleeful mood at the beachside closing dinner of the Jefferies Private Internet Conference. After a Covid pause, Jefferies resumed this conference in 2022 to bring together late-stage tech founders, investors, and bankers. Related story"Beyond typical deal considerations, AI has emerged as the single biggest new influence today in tech M&A," according to Greenberg.

Persons: Jefferies, —, Cameron Jefferies, Jason Greenberg, Greenberg, Goldman Sachs, David Solomon, Reddit, Marc Andreessen, Rich Handler, Andreessen Horowitz, Neerav, Goldman, JP Morgan Chase, we've, Lester Organizations: Service, Jefferies Private Internet Conference, Technology, Media, Telecom Investment Banking, Jefferies, Global Technology, Informatica, Epic, Venture, Jefferies Private Locations: Neerav Kingsland

☆ Cathie Wood takes a stake in OpenAI, saying it's at the forefront of a 'Cambrian explosion' in AI
▼ + stars: | 2024-04-12 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Cathie Wood's Ark Invest has taken a stake in OpenAI, the popular artificial intelligence player that's behind ChatGPT. In a Thursday email to clients, the St. Petersburg, Florida-based asset manager said her ARK Venture Fund has invested in OpenAI as of Wednesday. Wood's firm launched the venture fund in September 2022, giving small investors access to the venture capital market with as little as $500 . The widely followed Wood has been a big AI bull, saying it's the most important catalyst in every corner of her disruptive innovation strategy. Wood has also spoken highly of DeepMind, an AI intelligence research lab acquired by Google in 2014, calling it "one of the best AI companies in the world."

Persons: that's, Ark, OpenAI's ChatGPT, Wood Organizations: ARK Venture Fund, SpaceX, Google Locations: OpenAI, ChatGPT, St . Petersburg , Florida

☆ Inside Andy Jassy's plan for Amazon in the generative AI era
▼ + stars: | 2024-04-12 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. By the way, we're wrapping up voting for the championship matchup in our business, tech, and innovation bracket. In today's big story, we're looking at Amazon CEO Andy Jassy's letter to shareholders, which details the tech giant's plan in the age of generative AI . What's on deck:AdvertisementBut first, Amazon, AI, and a letter. The big storyAmazon in the AI ageMichael M. Santiago/Getty Images; Chelsea Jia Feng/BIThe generative AI revolution is coming, and Amazon wants in on the ground floor.

Persons: —, We've, Andy Jassy's, Michael M, Chelsea Jia Feng, Andy Jassy, Ana Altchek, Jassy, that's, Andy Jassy Mike Blake, Eugene Kim, Jassy's, Phillip Faraone, Gregor Fischer, Noam Galai, Here's, it's, Morgan Stanley, Ben Bergman, Rebecca Zisser, Adam Neumann, Neumann, Samantha Lee, Bon Appétit, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, Amazon, Getty, AWS, Bridgewater Associates, Pfizer, Reuters, Prime, TechCrunch, Games, New York Times, Visual China, BI, JPMorgan Chase, Citigroup, Coachella Locations: Wells Fargo, New York, London

☆ There are green shoots appearing in the IPO market. Here are the stocks to watch going public soon
▼ + stars: | 2024-04-10 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

Two months ago, I wrote a story entitled, "The IPO market is looking very shaky and facing challenges galore." Two months later, the IPO market is still shaky, but there are definite signs of improvement. Second, three $100 million IPOs have filed to go public in the past week, including Viking (the cruise line operator) and Rubrik, a data management platform. Greg Martin at Rainmaker Securities told me that the recent performance of Reddit and Astera Labs, "Were nice shots in the arm for the IPO market. Even with markets at new highs, the specter of interest rates creeping up is still hanging over the IPO market.

Persons: Matt Kennedy, Reddit, Greg Martin, Ibotta, Ingram, Del, Viking, Howe Ng, I'm, Martin, Rainmaker, Santosh Rao Organizations: IPOs, Viking, Renaissance Capital, Astera Labs, Rainmaker Securities, NYSE, UL Solutions, Underwriters Laboratories, Nursing, Centuri Holdings, Labs, Companies, Ingram Micro, Epic, Manhattan Venture Partners Locations: IPOs, Del Monte

☆ Want to Invest in SpaceX or Stripe? There’s a Fund for That.
▼ + stars: | 2024-04-05 | by ( Erin Griffith | ) www.nytimes.com time to read: +1 min

Stripe, a payments start-up, is one of the most successful companies to emerge from Silicon Valley in a generation. It is a problem that has vexed retail investors for years, as start-ups like Stripe, SpaceX and OpenAI soar to enormous valuations in the private market. Only so-called accredited investors with a high net worth are allowed to invest in private tech start-ups. It is offering a publicly traded fund that contains shares of 23 private tech companies including Stripe, SpaceX, OpenAI, Discord and Epic Games. Sohail Prasad, the chief executive of Destiny XYZ, the parent company of the fund, said his goal was to let anyone own part of the tech industry’s top private companies.

Persons: Destiny Tech100, Sohail Prasad Organizations: SpaceX, Games, New York Stock Exchange Locations: Silicon

Disney fended off the activist investor Nelson Peltz for the second time in two years, as its shareholders rejected his effort to win two seats on its board. The House of Mouse claimed a “substantial” margin of victory, after a bitterly fought contest with Peltz and his major backer, the former Marvel chair Ike Perlmutter. Based on preliminary results from Wednesday’s annual investor meeting, Disney’s board candidates won the backing of 75 percent of individual shareholders, an outsize investor base. But like any good Disney tale, the board fight provided a series of lessons for the future — for companies and activists alike. That included cost-cutting efforts, an investment in the video game giant Epic Games and a shake-up in the struggling movie division.

Persons: Iger, Nelson Peltz, Mouse, Peltz, Ike Perlmutter, Bob Iger Organizations: Disney, Marvel, Wall Street

☆ Bob Iger has one really, really important thing left to do
▼ + stars: | 2024-04-03 | by ( Peter Kafka | ) www.businessinsider.com time to read: +1 min

Bob Iger seems to have convinced investors that he's really turning Disney around. But he won't get a final grade until he does the one thing he's been very bad at — finding a successor. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementOK, Bob Iger.

Persons: Bob Iger, —, Nelson Peltz, what's Organizations: Service, Partners, Disney, Epic

☆ Disney's Bob Iger has won the long proxy battle against Nelson Peltz
▼ + stars: | 2024-04-03 | by ( Madeline Berg | ) www.businessinsider.com time to read: +5 min

It's a victory for CEO Bob Iger against activist investor Nelson Peltz. AdvertisementDisney CEO Bob Iger has officially prevailed in his battle against activist investor Nelson Peltz. Disney had been expected to prevail in the Peltz proxy battle. AdvertisementThe battle, though, likely prompted Iger and the board to redouble its focus on the next Disney CEO. "Regardless of the outcome of today's vote, Trian will be watching this company's performance," Peltz said at the meeting before the decision.

Persons: Bob Iger, Nelson Peltz, —, Peltz, Jay Rosulo, Horacio Gutierrez, Disney's, Maria Elena Lagomasino —, Iger, Disney, Neuberger Berman, Trian, Gen Z, Alpha, Bob Chapek, Iger's, Jason Schloetzer Organizations: Disney, Service, Trian Partners, CNBC, California Public Employees, Epic Games, ESPN, Georgetown University's McDonough School of Business

☆ Disney's fight with Nelson Peltz will come to a head tomorrow. Here's where things stand.
▼ + stars: | 2024-04-02 | by ( Madeline Berg | ) www.businessinsider.com time to read: +6 min

A vote for the Disney's slate of board members will show support for Iger's performance as CEO since he returned to lead the company in November 2022. AdvertisementIt's the culmination of months of tussling between Disney and Peltz, who has been waging war against Disney's board since January last year. "When I sold Lucasfilm just over a decade ago, I was delighted to become a Disney shareholder because of my long-time admiration for its iconic brand and Bob Iger's leadership." And proxy advisory firm Institutional Shareholder Service recommended shareholders vote for Peltz, though not Rasulo. Advertisement"We wish the very best to Bob, this management team, and the board," Peltz said on CNBC at the time.

Persons: —, Bob Iger, Nelson Peltz's Trian, that's, Peltz, Jay Rasulo —, Maria Elena Lagomasino, Michael Froman, Gen, Alpha, Jason Schloetzer, BlackRock, Rowe Price, Iger, Roy Disney's, Laurene Powell Jobs, George Lucas, Lucas, Bob Iger's, Donald Duck's, Ludwig Von Drake, Schloetzer, Trian, That's, Neuberger Berman, Ike Perlmutter, he'd Organizations: Service, Disney, Nelson Peltz's Trian Partners, Business, Century Fox, Epic Games, Georgetown University's McDonough School of Business, Vanguard, Street Journal, ValueAct Capital, Walt, Star Wars, Lucasfilm, New York Times, California Public Employees, CNBC, Netflix, ABC, ESPN, Marvel, Financial

☆ Here are the biggest first-quarter stock winners, and what analysts think they’ll do from here
▼ + stars: | 2024-03-28 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Nvidia stock has soared more than 80% in 2024, as the company continues to benefit from investor excitement over AI. NVDA YTD mountain Nvidia stock. Analysts remain exceedingly bullish on the key AI play, with 88% of those surveyed by FactSet maintaining a buy rating. Moving forward, analysts forecast Micron stock to climb a further 7.3%. MU YTD mountain Micron Technology stock.

Persons: Blackwell, Bob Iger Organizations: Dow Jones Industrial, Nasdaq, Nvidia, Micron Technology, CNBC Pro, Micron, MU, Super, Computer, Disney, Epic Games

☆ Why the $183 billion video game industry can't quit microtransactions
▼ + stars: | 2024-03-24 | by ( Christian Nunley | ) www.cnbc.com time to read: +2 min

The video game industry cannot quit microtransactions. In fact, two of the largest video game companies in the United States — Electronic Arts and Take-Two Interactive — now make the overwhelming majority of their money from live-service games, subscriptions and in-game purchases, according to their recent earnings reports. Game publishers must provide updates throughout certain game life cycles to retain player attention, which is where the term "live service" comes from. Gamer backlash from the early attempts at in-game purchases caused the video game industry to shift its approach to these subscriptions and bundling purchasable content. Watch the video above to learn more about microtransactions, the backlash involved, and where the industry goes from here.

Persons: Mat Piscatella Organizations: Electronic, Gamers, Electronic Arts, Epic, Apple Locations: United States, Europe

☆ How your iPhone could get better if Apple loses its big legal battle
▼ + stars: | 2024-03-23 | by ( Jordan Hart | ) www.businessinsider.com time to read: +9 min

More smartwatch optionsA Google Pixel Watch and the iPhone don't play as nicely together as an Apple Watch and the iPhone. GoogleIf the Apple Watch isn't your cup of tea, a court loss for the company could make using an alternative watch with the iPhone more seamless. Prosecutors said the Apple Watch depends too much on the iPhone while other smartwatches aren't nearly as compatible with the iOS system. iOS users might have been overcharged for music streaming subscriptions due to the fees placed on app developers by Apple, regulators said. "This lawsuit threatens who we are and the principles that set Apple products apart in fiercely competitive markets," Apple told BI in a statement.

Persons: —, Apple's, you'll, Apple, Jonathan Kanter, Kanter, Riley Testut, Jamie Court, you've, they've, Testut Organizations: Apple, DOJ, Service, US Department of Justice, CNBC, EU's, EU, Epic, Consumer, LA Times, Watch, Apple Watch, Google, Prosecutors, European Commission Locations: EU

☆ Apple will allow iPhone app downloads from websites in Europe
▼ + stars: | 2024-03-12 | by ( Kif Leswing | ) www.cnbc.com time to read: +3 min

IPhone users in the European Union will be able to download apps from websites, instead of through the App Store or a competing app store app, Apple said, in the the latest change forced by the European Commission's Digital Markets Act. Tuesday's announcement is the latest example of the Digital Markets Act forcing Apple to make long-resisted changes to its App Store business processes. Under the DMA, Apple has been forced to allow third-party app stores in Europe, has reinstated antitrust adversary Epic Games' developer account amid a legal dispute, and has backtracked on banning web app shortcuts on the main iPhone screen. Apple still plans to charge a fee of fifty Euro cents for app downloads outside of its App Store, including web app downloads. The company has said Europe represents about 7% of Apple's App Store revenue.

Persons: Tim Cook, Apple, Margrethe Vestager, Vestager Organizations: Apple Inc, Apple Worldwide Developers, European Union, Commission's, Apple, Digital, Epic Games, Commission, European Commission, Spotify, EU, CNBC Locations: San Jose , California, U.S, European, Europe, iPhones

☆ Lego revenue ticks higher in 2023, despite trade-downs and China pullback
▼ + stars: | 2024-03-12 | by ( Sarah Whitten | ) www.cnbc.com time to read: +3 min

The Lego company grew sales 2% last year, even as the global toy industry saw sales slip 7%, according to data from Circana. The pandemic-era gains that fueled exponential toy industry sales growth waned in 2023 as consumers cut discretionary spending amid rising inflationary costs and increased credit card debt. Meanwhile Denmark-based Lego posted resilient sales, with revenue reaching 65.9 billion Danish krone, or about $9.65 billion, it said Tuesday. The company saw sales jump 27% in 2021 and 17% in 2022. The toymaker's top-performing brands last year included Lego Icons, Lego Technic, Lego City, Lego Harry Potter and Lego Star Wars.

Persons: Niels Christiansen, Harry Potter, Christiansen, Lego, We're Organizations: CNBC, Lego, Lego Star, Epic Games Locations: Denmark, Lego City, China

☆ Apple reverses decision to ban Epic Games from having its own app store
▼ + stars: | 2024-03-09 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +1 min

Epic Games will be allowed to have its own app store on IOS in Europe. Apple reversed its decision not to allow the Epic Games Store following the passage of the Digital Markets Act in the EU. Epic, which makes Fortnite, has been battling Apple and Google over in-app purchases for years. AdvertisementApple is backing down after saying it would not allow Epic Games to have its own app store on IOS in Europe. Epic Games, which makes Fortnite, has been battling Google and Apple to get around their hold on in-app purchases on their platforms in recent years.

Persons: —, Apple Organizations: IOS, Apple, Digital, Google, Service, Epic Games, European Union, CNN, Epic, Business Locations: Europe

☆ Apple backs down against ‘Fortnite"-maker Epic Games amid EU investigation threat
▼ + stars: | 2024-03-08 | by ( Brian Fung | ) edition.cnn.com time to read: +3 min

Apple relenting means Epic will be able to bring “Fortnite” back to iPhones in Europe, Epic said in a blog post. “Apple has told us and committed to the European Commission that they will reinstate our developer account. Apple said it reached the decision “following conversations with Epic” in which Epic committed to following Apple’s new EU-focused policies. “Epic Sweden AB has been permitted to re-sign the developer agreement and accepted into the Apple Developer Program,” Apple said in a statement. Epic CEO Tim Sweeney wrote back to Apple promising to abide by its terms, but Apple rescinded the developer account anyway.

Persons: “, Fortnite, Fortnite ”, Apple, ” Apple, Thierry Breton, Tim Sweeney, ” Organizations: CNN, Apple, European Union, European Commission, Markets, Apple Developer, EU Locations: Europe, iPhones, pushback

☆ Apple reverses course, approves Epic Games for app store in Europe
▼ + stars: | 2024-03-08 | by ( Kif Leswing | ) www.cnbc.com time to read: +3 min

Apple has approved Epic Games' developer account in Sweden, which will allow the company to offer a competing app store on iPhones in Europe under a new antitrust regulation, the Digital Markets Act. Still, according to emails provided by Epic Games, a lawyer for Apple rejected Sweeney's statement and blocked Epic's European account. An Apple spokesperson confirmed that Epic Games' account had been restored after Epic told Apple it will follow its platform policies. Epic Games said it would use the account to publish Fortnite for iPhones in Europe as well as its own Epic Games store. The conflict between Epic Games and Apple goes back to 2020, when Epic Games updated the shooter game Fortnite to bypass Apple's 30% cut of App Store sales.

Persons: Tim Sweeney, Apple, Phil Schiller, Sweeney, Schiller, — Organizations: Epic Games, Apple, Games, Digital, Epic, Apple App, European Commission, Markets, Apple Developer, CNBC Locations: Seoul, South Korea, Sweden, iPhones, Europe, U.S, California

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