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☆ Former SEC Chair Jay Clayton on market sell-off, Fed's inflation fight and Google's antitrust ruling
▼ + stars: | 2024-08-06 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFormer SEC Chair Jay Clayton on market sell-off, Fed's inflation fight and Google's antitrust rulingFormer SEC Chair Jay Clayton joins 'Squawk Box' to discuss the recent market sell-off, the Fed's interest rate decision, Google's antitrust ruling, and more.

Persons: Jay Clayton Organizations: SEC

The federal court ruling that Google had abused its monopoly in online search threatens to disrupt one of the most valuable businesses in modern history, and Big Tech more broadly. Expect Google to fight back, which could drag this out for some time. What happened: Judge Amit Mehta of U.S. District Court for the District of Columbia sided with the Justice Department and several states that had accused Google of illegally cementing its search dominance. In large part that was by paying billions each year to companies including Apple and Samsung to make Google the default search engine on their devices. Those agreements hurt competition, Mehta found, allowing Google to trample competitors.

Persons: Amit Mehta, Mehta Organizations: Google, Big Tech, U.S, District, Columbia, Justice Department, Apple, Samsung

A federal U.S. judge ruled Monday that Google has illegally held a monopoly in two market areas: search and text advertising. The landmark case from the government, filed in 2020, alleged that Google has kept its share of the general search market by creating strong barriers to entry and a feedback loop that sustained its dominance. General search services, according to the court, applies to Google’s core search engine, where it traditionally competed with Yahoo. General search text advertising refers to the text ads that run alongside search results. However, the ruling found that general search advertising is not a market so there can be no monopoly control.

Persons: Sherman, Amit Mehta, Sundar Pichai, Boris Streubel, General Merrick Garland, ”, ” Garland, Kent Walker, ” Walker Organizations: Google, U.S, District of Columbia, DFB The Department of Justice, Colorado and, Department, Yahoo Locations: U.S, Colorado, Colorado and Nebraska

The day's rout was sparked by a massive sell-off in Japanese stocks. The Nikkei fell 12.4%, its worst day since the 1987 "Black Monday" crash rattled investors around the world. Spencer Platt / Getty ImagesThe Japanese drawdown, in turn, was partly in response to the worse-than-expected jobs report published Friday that showed U.S. unemployment rising to 4.3% and just 114,000 jobs added in July. As soon as that report was published, stocks started erasing some of their earlier losses, while bond purchases, which had surged as investors sought safe-haven assets, faded. It’s a much easier decision to say I want to take my chips and go home here.”

Persons: Stocks, Spencer Platt, Apple, Warren Buffett's Berkshire Hathaway, ”, Michael Farr, Farr Organizations: Dow Jones, Nasdaq, Dow, Nikkei, New York Stock Exchange, Getty, Federal, Institute for Supply Management, Bank of Japan, U.S . Federal Reserve, Nvidia, Intel, Microsoft, Buffett, Miller & Washington Locations: New York City, U.S, Berkshire

☆ Google Violated Antitrust Laws in Online Search, Judge Rules
▼ + stars: | 2024-08-05 | by ( David Mccabe | ) www.nytimes.com time to read: +1 min

Google acted illegally to maintain a monopoly in online search, a federal judge ruled on Monday, a decision that strikes at the power of big tech companies and that may fundamentally alter the way they do business. Judge Amit P. Mehta of U.S. District Court for the District of Columbia said Google had abused a monopoly over the search business. “Google is a monopolist, and it has acted as one to maintain its monopoly,” Judge Mehta said in his ruling. The ruling is the most significant victory to date for American regulators who are trying to rein in the power of tech giants in the internet era. It is likely to influence other government antitrust lawsuits against Google, Apple, Amazon and Meta, the owner of Facebook, Instagram and WhatsApp.

Persons: Judge Amit P, Mehta, Judge Mehta Organizations: Google, U.S, District of Columbia, Justice Department, Apple, Samsung, Facebook

☆ Google loses massive antitrust lawsuit over its search dominance
▼ + stars: | 2024-08-05 | by ( Brian Fung | ) edition.cnn.com time to read: +1 min

New York CNN —Google has violated US antitrust law with its search business, a federal judge ruled Monday, handing the tech giant a staggering court defeat with the potential to reshape how millions of Americans get information online and to upend decades of dominance. The decision by the US District Court for the District of Columbia is a stunning rebuke of Google’s oldest and most important business. The company has spent tens of billions of dollars on exclusive contracts to secure a dominant position as the world’s default search provider on smartphones and web browsers. Now, said US District Judge Amit Mehta, that powerful position has led to anticompetitive behavior that must be stopped. “It has violated Section 2 of the Sherman Act.”This is a developing story and will be updated.

Persons: Microsoft’s Bing, Trump, Amit Mehta, “, ” Mehta, Sherman Organizations: New, New York CNN, Google, US, Court, District of Columbia Locations: New York

☆ After Google Antitrust Ruling, Here’s Where Other Big Tech Cases Stand
▼ + stars: | 2024-08-05 | by ( Cecilia Kang | David Mccabe | ) www.nytimes.com time to read: +1 min

The U.S. government’s landmark antitrust trial against Google’s search business concluded on Monday with a federal judge’s ruling that the company acted illegally to maintain a monopoly. But the parade of major federal cases challenging the power of the tech giants is just getting going. Under the Trump administration, the Justice Department and the Federal Trade Commission started investigating Amazon, Apple, Google and Meta, the parent company of Instagram and WhatsApp, for monopolistic behavior. and 17 states sued Amazon, accusing it of protecting a monopoly by squeezing sellers on its vast marketplace and favoring its own services. A judge in U.S. District Court for the Western District of Washington set the trial for October 2026.

Persons: Trump, Here’s what’s Organizations: U.S, Justice Department, Federal Trade Commission, Apple, Google, Big Tech, Amazon, Western, of Washington Locations: U.S

☆ Why Apple could be a loser in Google's antitrust defeat
▼ + stars: | 2024-08-05 | by ( Peter Kafka | ) www.businessinsider.com time to read: +1 min

A federal judge ruled against Google in a major antitrust case. That's because a big part of the case was about exclusive search deals Google does with Apple and other platform owners. Google's Apple deal is worth a lot of money — $20 billion in 2022 alone. AdvertisementA federal judge just ruled against Google in a major antitrust case. And the biggest one of those is the one Apple has with Google, where Google pays Apple tens of billions of dollars a year — $20 billion in 2022 alone — to have pole position on the iPhone.

Persons: — Organizations: Google, Apple, Service, Business

☆ Road tripping through Russia: American woman shares challenges of solo trip from Georgia to Mongolia
▼ + stars: | 2024-08-05 | by ( Essay Breanna Wilson | ) edition.cnn.com time to read: +13 min

And I’d be doing it solo, an American female, in a vintage Land Cruiser that was anything but inconspicuous. Planning a 7,000-kilometer road tripRussian visa in hand, it was time to start route planning, make my final vehicle preparations, and pack. With a car my size, bearing Georgian plates, driven by an American who doesn’t speak any Russian, I was increasingly nervous. An American girl, traveling alone, saying she’s moving to Mongolia, driving a car with Georgian plates. I had a summer of overlanding and adventuring across Mongolia, and a new life in Ulaanbaatar, to get underway.

Persons: Breanna Wilson, Andrey Orekhov, Evan Gershkovich, Russia – Organizations: Mongolia CNN, Cruiser, US State Department, Google, Astana, Russia, Toyota Top Motors Locations: Ulaanbaatar, Mongolia, Tbilisi , Georgia, Azerbaijan, Kazakhstan, Russia, Ukraine, American, Russian, Tbilisi, Tbllisi, Georgia, Georgian, Kazbegi, Chechnya, Dagestan, Mariupol, Donetsk, Baku, Alat, Europe, Japan, Kuryk, Altai, Bayan, Ölgii, Astana, Semey, Soviet Union, Russia's, Siberia, –, Tsagaannuur, Mongolia’s, @breannajwilson

☆ Meta's AI keeps pretending to be me and giving my phone number out to strangers
▼ + stars: | 2024-08-05 | by ( Rob Price | ) www.businessinsider.com time to read: +10 min

You only need to save my phone number," the AI responded in Spanish — before sharing my phone number. Someone in this WhatsApp group had asked Meta AI for its phone number — and again it shared my number. It had replied that it did, and Maxi simply had to message a phone number — my phone number — to access the content. Since I asked Meta's communications team for help, I haven't received any more messages from people looking for Meta AI. Another time, Meta AI said it didn't have a phone number (it actually does, +1 313-555-0002, although it doesn't advertise it publicly).

Persons: Franco, escuadron lobo, Tell Gretel, he'd, Franco chimed, Meta, chatbot, Taylor, Taylor Swift, Maxi, I'm, I've, Pablo Morano, Meta's Emil Vazquez, Mark Zuckerberg, that's, Axel Springer, Cooper Neill, Getty, LLMs, Meta's, haven't, you've Organizations: Meta, alfa buena, Alpha, Business, Tech, LinkedIn, Facebook, Team Alpha, Squadron, Maxi, BSR Agency, Business Insider, CBC News Locations: Peruvian, Spanish, LLMs, scammers, WhatsApp, Memphis , Tennessee

☆ I quit corporate and turned my side hustle into a 6-figure dream career — here's how
▼ + stars: | 2024-08-05 | by ( Perri Ormont Blumberg | ) www.businessinsider.com time to read: +6 min

When I took my side hustle full-time, I started making around $125,000 more than my last salary. AdvertisementI started music as a side hustle in March 2019I've played the piano for 21 years and the alto saxophone for 18. I was fortunate to still have a paycheck and work from home when most full-time event industry professionals were shut down completely. AdvertisementA surge of events started in 2021, and I knew I made the right decision to leave the 9-5 world the previous October. If I had let a few hundred dollars a month of health insurance hold me back from quitting my full-time job, I would never have had all these incredible experiences.

Persons: —, Jason Nelson, It's, I've, Nelson, Teresa Guidice, Luis Ruelas, Teresa Giudice, it's Organizations: Service, Business, DJ, Fox, New York Jets, Real Housewives of, Bravo Locations: Hoboken , New Jersey, Puerto Rico, St, Maarten, Aruba, Dubai, Jersey

☆ I'm an Airbnb Superhost who's had over 400 guests. Here are 5 things I wish visitors knew before checking in.
▼ + stars: | 2024-08-05 | by ( Katie Cline | ) www.businessinsider.com time to read: +4 min

Although not all hosts are like me, here's what I wish people knew before staying at my Airbnbs. AdvertisementIt's really helpful when you tell me why you're comingI like to know why guests are staying at my Airbnbs. Emily ElizabethBooking an Airbnb can feel like going on a first date … but with a house. When I know who's staying at my Airbnb, I'm better able to curate my recommendations. Give me a five-star review or no review at allIt's not great when guests leave Airbnb reviews that are less than five stars.

Persons: —, I've, Gallant Fox, Emily Elizabeth, it's, I'm, Shandi Marie, Emily Elizabeth Think, Merriam Organizations: Service, Business, Saratoga, Webster Locations: New York, Lake George, Saratoga Springs, Bolton

☆ Investors are fleeing Big Tech. Bank of America says to take advantage of these 2 stock trades instead.
▼ + stars: | 2024-08-05 | by ( Christine Ji | ) www.businessinsider.com time to read: +5 min

Read previewBuying and holding Big Tech stocks has led to great performance in recent years, but this might not be the case going forward. As a result, buy-and-hold investors are probably seeing more red than they'd like in their portfolios right now. AdvertisementBig Tech overexposureIf you hold a lot of Big Tech stocks in your portfolio, you're not alone. Related storiesThere's definitely reason to be bullish on tech overall, especially as AI spurs growth, but overexposure to Big Tech isn't without its drawbacks. According to Subramanian, there's more room for Big Tech to fall, especially if investors don't see AI monetization cases soon.

Persons: —, Savita Subramanian, overexposure, Subramanian, That's, there's, They're Organizations: Service, Big Tech, Nasdaq, Down, Dow, Business, Bank of America, Microsoft, Meta, Google, Fund, Vanguard, Energy

☆ Sequoia's Michael Moritz says Trump's Silicon Valley supporters are making a 'big mistake'
▼ + stars: | 2024-08-05 | by ( Sri Muppidi | ) www.businessinsider.com time to read: +4 min

Read previewWhile some Silicon Valley investors and startup leaders are going red hoping for a more "tech-friendly" White House, Michael Moritz, a storied Sequoia Capital investor, believes that does not reflect the Valley overall. "Fortunately, at least in Silicon Valley, Trump will not prevail," Moritz wrote in a Financial Times opinion piece, which was also posted on LinkedIn. Like the rest of the nation, Silicon Valley is deeply divided over whom to support in the upcoming presidential race. In his piece, Moritz chided Trump supporters in Silicon Valley. Moritz added that Trump had historically not performed well among Silicon Valley voters.

Persons: —, Michael Moritz, Trump, Moritz, Kamala Harris, Donald Trump, Doug Leone, Shaun Maguire, Roelof Botha, Andreessen Horowitz, Marc Andreessen, Ben Horowitz, Fund's Peter Thiel, David Sacks, Chamath, Vance, Sen, JD Vance, Palmer Luckey, Elon Musk, VCs, Kamala, Harris, Vinod Khosla, Reid Hoffman, Mark Cuban, Ron Conway Organizations: Service, Sequoia Capital, LinkedIn, Business, Google, PayPal, Democratic, Republican, Tech, Trump, VR, Bloomberg, PAC, Street Journal, Netflix, Harris, Politico Locations: Silicon Valley, Sequoia, Park City , Utah, Silicon, Palo Alto , California, Newport Beach , California, Washington ,, Francisco, San Jose

☆ Nvidia said a new product every year was the key to winning the Gen AI race. Now it's faltering at the first hurdle.
▼ + stars: | 2024-08-05 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +5 min

The rollout of Nvidia's next-generation of AI chips, Blackwell, is going to be delayed according to media and industry analyst reports. Smaller cloud firms that have built their businesses on Nvidia chips could be affected by the delay too. Each new generation of AI chips promises step changes in computing capacity, speed and efficiency, allowing for faster computations and larger models. Taiwan Semiconductor Manufacturing Company, Nvidia's manufacturing partner, is using a relatively new process to manufacture the Blackwell chips. Some Blackwell chips have begun shipping to customers and production will still increase in the second half of the year.

Persons: —, Blackwell, Semianalysis, Hopper, Jensen Huang, Huang, there's, Nvidia's Blackwell, Bernstein Organizations: Service, Blackwell, Business, Nvidia, Meta, Microsoft, Google, AMD, Taiwan Semiconductor Manufacturing Company, Reuters, Bank of America Locations: Semianalysis

☆ Google loses DOJ antitrust lawsuit over search
▼ + stars: | 2024-08-05 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoogle loses DOJ antitrust lawsuit over searchCNBC's Deirdre Bosa joins 'Power Lunch' to discuss Google losing its legal battle with the Department of Justice.

Persons: Deirdre Bosa Organizations: Google, Department of Justice

☆ Google violated antitrust law to keep a monopoly on search, federal judge rules
▼ + stars: | 2024-08-05 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +1 min

"Google is a monopolist, and it has acted as one to maintain its monopoly," the judge wrote. It was accused of spending billions to be the default search engine on Apple devices and beyond. Go to newsletter preferences Thanks for signing up! AdvertisementGoogle violated antitrust law with its online search, a federal judge ruled Monday, striking a major blow against one of the titans of the tech industry. District Judge Amit Mehta said Google's billions in payments to keep its search engine as the default on web browsers violated US law.

Persons: —, Judge Amit Mehta, Mehta Organizations: Google, Service, titans, Business

☆ U.S. et al. v. Google: Read the Ruling
▼ + stars: | 2024-08-05 | by ( ) www.nytimes.com time to read: 1 min

U.S. et al. v. Google: Read the RulingThe ruling, which found that Google acted illegally to maintain a monopoly in online search, is the most significant victory to date for American regulators who are trying to rein in the power of tech giants in the internet era.

Organizations: Google

☆ Tech stock sell-off may herald the long-awaited AI reckoning
▼ + stars: | 2024-08-05 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementThe tech slide follows a dramatic sell-off in Asia, with Japan's main stock market index, the Nikkei 225, ending 12.4% lower and other AI heavyweights such as SoftBank slid hard. By the end of the year, the company expects to spend up to $40 billion on AI research and product development. That's because AI's been touted as a technology as revolutionary as the internet and smartphones by tech luminaries like Bill Gates. If others really start to believe that's the case, it could mark the beginning of the end for the AI rally.

Persons: —, Jensen, Warren Buffett's Berkshire Hathaway, SoftBank, Sundar Pichai, Susan Li, AI's, Bill Gates, Goldman Sachs, Jim Covello, Daron Acemoglu, it's, Blackwell, Elliott, Dan Ives Organizations: Service, Tech, Business, Nvidia, Apple, Microsoft, Nikkei, Google, Big, Investors, Meta, Elliott Management, Financial Times Locations: Asia

As U.S. markets opened for trading on Monday, tech's mega-cap companies lost about $1 trillion in market cap, deepening a downturn that sent the Nasdaq into correction territory last week. Nvidia shed more than $300 billion in market cap at the opening bell, though it quickly recovered about half of its loss. The company surpassed $3 trillion in market cap and briefly passed Microsoft and Apple to become the world's most valuable company. Its market cap now sits below $2.5 trillion. A widely-read Goldman Sachs note from June warned that the biggest-spending companies had little to show for their AI expenditures.

Persons: Bitcoin, It's, Mark Zuckerberg, Sundar Pichai, Goldman Sachs Organizations: New York Stock Exchange, Nasdaq, Nvidia, Apple, Microsoft, Nikkei, Google, Elliott Management Locations: U.S, Meta, cryptocurrency

☆ There's a $30 billion reason the Google antitrust ruling will have the search giant very worried right now
▼ + stars: | 2024-08-05 | by ( Hugh Langley | ) www.businessinsider.com time to read: +1 min

Google projected it could lose $30 billion if it lost its default spot on Apple devices. A federal judge ruled that Google's agreements with Apple and others "have anticompetitive effects." Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementGoogle's agreements with Apple and other companies to be their default search engine have violated antitrust law, a federal judge ruled on Monday.

Persons: —, Amit P, Mehta Organizations: Google, Apple, Service, Samsung, Business

☆ Trump's tech backers are 'making a big mistake,' Sequoia's Mike Moritz says
▼ + stars: | 2024-08-05 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

As leading tech investors continue to vocally take sides ahead of the 2024 presidential election, legendary venture capitalist Michael Moritz is making his preference clear. In a Financial Times opinion piece published Monday, Moritz wrote that those in the industry who are supporting Donald Trump "are making a big mistake." Moritz was referring to Trump's conviction, earlier this year, on 34 felony counts in New York State court. Other Trump backers include venture capitalists David Sacks and Joe Lonsdale as well as Doug Leone, Moritz's longtime partner at Sequoia. Moritz wrote in his op-ed that Trump's tech financiers and supporters were "making the same mistake as all powerful people who back authoritarians."

Persons: Michael Moritz, Moritz, Donald Trump, Moritz —, LinkedIn —, Trump, Andreessen Horowitz, Marc Andreessen, Ben Horowitz, Elon Musk, David Sacks, Joe Lonsdale, Doug Leone, Moritz's, He's, Reid Hoffman, Kamala Harris, Joe Biden, VCs, Harris, Kamala, Arnold Schwarzenegger, Mitt Romney, John Kasich's, OpenSecrets Organizations: Sequoia Capital, Google, PayPal, LinkedIn, Trump, Tesla, Sequoia ., Democratic, Trump Lincoln Project, Republican, Tech Locations: Sequoia, New York, Silicon Valley, California, Ohio

☆ Opinion | The Stock Market Dropped, but Don’t Freak Out
▼ + stars: | 2024-08-05 | by ( Peter Coy | ) www.nytimes.com time to read: 1 min

The secret to making money in the stock market is to buy low and sell high. Not buy high and sell low. So loading up on stocks when the market is breaking records and then dumping them when something bad happens is not the road to riches. Yet that’s exactly what a lot of investors are undoubtedly doing, or contemplating, right now. I typed “Should I” into the Google search bar on Monday and the first autocomplete choice was “Should I sell my stocks now?” The third choice was “Should I sell my stocks?”In between, by the way, was “Should I buy Nvidia stock?” Apparently, there are still some optimists out there.

Organizations: Nvidia

☆ Mark Zuckerberg is in his fashion designer era
▼ + stars: | 2024-08-04 | by ( Jordan Hart | ) www.businessinsider.com time to read: +5 min

Read previewAfter finally ditching his daily navy tees to show off more of his personal style, Mark Zuckerberg is taking his fashion journey a step further. Since then, Mark has made his own gold chain meme (using Meta AI, of course.) In April Zuckerberg said he was working with a jewelry designer to create the perfect gold necklace dedicated to his daughters. Meta CEO Mark Zuckerberg predicted that smart glasses, enabled with AI technology, will become commonplace. AdvertisementAnd with such a positive response to his new "drip," it won't be surprising if Zuckerberg keeps pushing into the fashion industry.

Persons: —, Mark Zuckerberg, he's, Zuckerberg, Adam Mosseri, Ban, Cooper Neill, Mark, hasn't, Augustus, Carlos Barria, Ray Organizations: Service, Business, Ray, Getty, Meta, Google, REUTERS Locations: Instagram, libertatem

☆ 19-year-old friends run a six-figure business cleaning barbecues. How they started with $400 and scaled to 20 employees.
▼ + stars: | 2024-08-04 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +9 min

Buying a car, notching his first five-figure month, and partnering with a friend to bring the business onlineAfter a year of school, Shaidle restarted his cleaning business in June 2022. AdvertisementAran Giffen joined the Shaidle Cleaning team in 2023. He and Giffen spent their second year at university planning for what they expected to be a busy 2024 season for Shaidle Cleaning. Shaidle Cleaning is completely student-operated. Giffen, who's on a full university scholarship for accounting, isn't technically under contract as a Shaidle Cleaning employee.

Persons: Jacob Shaidle, Shaidle, —, that's, Aran Giffen, He'd, didn't, Jake, Giffen, they've, you've, who's, I'd Organizations: Service, Business, Home, University of British, UBC, Hamilton Spectator, Shaidle Locations: Hamilton, Canadian, Ontario, University of British Columbia, Canada

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