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☆ TikTok CEO to tell lawmakers its parent company is ‘not an agent of China’
▼ + stars: | 2023-03-22 | by ( Brian Fung | ) edition.cnn.com time to read: +5 min

CNN —TikTok CEO Shou Chew plans to tell US lawmakers that the app’s parent company, ByteDance, does not work for the Chinese government as he seeks to avert a US ban and reassure policymakers TikTok poses no national security threat. “Let me state this unequivocally,” Chew will say, according to a copy of his remarks released by a key House panel. New TikTok data created by US users is already being stored on cloud-based servers operated by the US tech giant Oracle, a change that took effect last month, according to the testimony. USDS already has nearly 1,500 full-time employees and the company plans to hire more. Chew plans to describe the incident as a “misguided attempt to trace the source of a leak of confidential TikTok information.” TikTok informed the Energy and Commerce Committee about the spying “within moments of informing our employees,” Chew will add.

☆ Lawmakers say TikTok is a national security threat, but evidence remains unclear
▼ + stars: | 2023-03-21 | by ( Brian Fung | ) edition.cnn.com time to read: +13 min

If there’s a risk, it’s primarily concentrated in the relationship between TikTok’s Chinese parent, ByteDance, and Beijing. TikTok has been erecting technical and organizational barriers that it says will keep US user data safe from unauthorized access. “Regarding privacy, we also did not see the TikTok app exhibiting any behaviors similar to malware.”Are there other security concerns? TikTok later confirmed the incident and ByteDance fired several employees who had improperly accessed the TikTok data of two journalists. “And governments around the world are ignoring their duty to protect citizens’ private information, allowing big tech companies to exploit user information for gain.

☆ Barclays bets the tech rally will falter, lays out an options strategy to play it
▼ + stars: | 2023-03-21 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

With the comeback in technology stocks likely to fade, Barclays says it's time for investors to consider an options strategy that would capitalize on their decline. Investors in recent weeks have flocked to tech stocks — particularly megacaps — as a safe haven amid the banking turmoil rattling markets. Given this backdrop, Barclays recommends fading this rally and betting that tech stocks will go down, using the Invesco QQQ Trust — which tracks the Nasdaq-100 index. The put spread, however, caps the upside of the trade, because if tech stocks fall substantially, the second put will get exercised. "Specifically, we suggest buying QQQ May23 305/260 put spreads ... with a max payout ratio of 4.9:1," Gupta said.

[1/4] The Amazon.com logo and stock price information is seen on screens at the Nasdaq Market Site in New York City, New York, U.S., September 4, 2018. REUTERS/Mike Segar/File PhotoMarch 20 (Reuters) - Amazon.com Inc (AMZN.O) on Monday said it would axe another 9,000 roles, piling on to a wave of layoffs that has swept the technology sector as an uncertain economy forces companies to get leaner. The layoffs will affect Amazon's streaming unit Twitch as well, following cuts that began in November focused on the company's devices, e-commerce and human-resources organizations. Amazon's stock fell 2%. The company has scaled back or shut down entire services like its virtual primary care offering for employers in recent months.

☆ Amazon to cut 9,000 jobs in second round of layoffs
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +2 min

[1/3] The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France, November 15, 2022. Whereas prior cuts had focused on the company's e-commerce and devices business as well as human-resources staff, now the company would eliminate roles from Amazon Web Services, its advertising and Twitch streaming units. Amazon follows Facebook-parent Meta in becoming the second bellwether to announce a second round of cuts. Amazon has scaled back or shut down entire services like its virtual primary care offering for employers. Facebook-parent Meta Platforms said it would cut 10,000 jobs this year, following the first mass layoff in the fall, which eliminated more than 11,000 jobs.

☆ Premarket stocks: Silicon Valley Bank left a void that won't easily be filled
▼ + stars: | 2023-03-20 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

There’s no doubt that the failure of Silicon Valley Bank left a large void in tech. To find out, Before the Bell spoke with Ahmad Thomas, president and CEO of the Silicon Valley Leadership Group. Before the Bell: What’s the feeling on the ground with tech and VC leadership in Silicon Valley? Ahmad Thomas: Silicon Valley Bank has been a key part of our fabric here for four decades. FDIC sells most of failed Signature Bank to FlagstarFrom CNN’s David GoldmanA week after Signature Bank failed, the Federal Deposit Insurance Corporation said it has sold most of its deposits to Flagstar Bank, a subsidiary of New York Community Bank.

☆ Google Glass was just discontinued — again — raising questions about whether anyone still cares about AR devices
▼ + stars: | 2023-03-17 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +5 min

The original Google Glass was axed in 2015, and reintroduced as a business-focused product in 2017. Sign up for our newsletter for the latest tech news and scoops — delivered daily to your inbox. An older version of Google Glass, the latest business-focused version of which was discontinued Wednesday. Ultimately, the lofty price point of Google Glass, as well as privacy concerns tied to the camera, led to its lack in mainstream acceptance and subsequent discontinuation in 2015. The latest version is "built for creators looking to push the limits of immersive AR experiences," according to the product's website.

☆ Artificial intelligence will replace work jerks. People skills will become more important.
▼ + stars: | 2023-03-16 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +4 min

She turned into a hologram to see what the future of work might look like. When dealing with a difficult manager, it's important to identify what they hold true or what speaks to their values. That coworker who's brilliant — but a horrible person — better watch out. Employees will find out within the next 30 days whether they need to return to the office, per a leaked email. A leaked email shows Amazon has been working behind the scenes on AI.

☆ Salesforce salaries revealed: See how much the company paid before changing course and conducting layoffs
▼ + stars: | 2023-03-16 | by ( Thomas Maxwell | Ellen Thomas | ) www.businessinsider.com time to read: +2 min

Salesforce grew exponentially during the coronavirus pandemic, and it paid top dollar for talent. The company discloses salary data in visa applications, and Insider analyzed the data. See how much money Salesforce has paid engineers, managers, and other employees. Under pressure from a swarm of activist investors, Salesforce is shedding workers after rampant hiring during the early years of the coronavirus pandemic. Because Salesforce began its cuts in January, the following data provides a snapshot of how the company paid lavish salaries to compete for talent before the tech sector entered a historic downturn.

☆ A TikTok ban or forced sale could lead to major collateral damage for US tech companies like Apple and Chinese apps like Shein
▼ + stars: | 2023-03-15 | by ( Dan Whateley | ) www.businessinsider.com time to read: +9 min

"A big Chinese balloon in the sky and millions of Chinese TikTok balloons on our phones. But US tech companies that rely on data collection for advertising sales or other business practices have fought to curb such regulations. Still, efforts by members of Congress to pass federal legislation around data privacy, such as the American Data Privacy and Protection Act, have faced an uphill battle. Apple's 2021 user privacy changes stunted ad revenue at Facebook and Snapchat-maker Snap, for example. But blocking companies from gathering private information from users could also be a more effective path to protecting Americans while maintaining an avenue for Chinese companies to participate in the global economy.

☆ Morning Bid: Deep breaths as banks calm, but only a bit
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +5 min

The Federal Reserve is considering tougher rules and oversight for midsize banks similar in size to Silicon Valley Bank, which collapsed suddenly last week. Strengthened rules on banks in the $100 billion to $250 billion range could ape those for larger more systemic banks and involve stringent capital and liquidity requirements or beefed up annual "stress tests". Even though reports abounded of depositor flight from the smaller weaker banks to the larger financial firms, stock prices in the sector at large caught a breath. The VIX equity volatility gauge (.VIX) hugged Tuesday's close at 23. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

In the short-term, regulators have found a solution for Silicon Valley Bank depositors and, we hope, calmed the fears of a wider run on regional banks. The much admired U.S. system for producing innovation has just received a body blow, and the turmoil that led to the death of Silicon Valley Bank isn't over. Silicon Valley Bank, founded in 1983, was born in a time when Silicon Valley was a synonym for "tech" and "innovation." SVB was the crown jewel of banks and the venture capital industry, not just in Silicon Valley, but globally. It's easy to picture these as large firms, and a tiny handful of famous venture firms have hundreds of employees.

☆ The unintended consequences of remote work
▼ + stars: | 2023-03-14 | by ( Paayal Zaveri | ) www.businessinsider.com time to read: +5 min

While remote work offers flexibility, it often comes at the cost of maintaining a work-life balance. Remote work has also made it possible to hire anyone anywhere, which CEOs and hiring managers are starting to realize. Tech companies are offshoring jobs, due to America's broken immigration system, and remote work is making it easier. American tech companies are offshoring jobs, but it isn't all because of remote work. He says remote work led to all of this in the first place.

☆ The winners and losers of the Silicon Valley Bank failure
▼ + stars: | 2023-03-13 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

Silicon Valley Bank was taken over by regulators on Friday. These are the biggest winners, and losers, in the wake of the bank failure. Which brings us to the downfall of Silicon Valley Bank. Here's a rundown of who stands to gain, and lose, the most as a result of the fall of Silicon Valley Bank. Silicon Valley Bank's obituary had barely been written before firms were offering to buy up customers' uninsured deposits for as little as 55 cents on the dollar.

☆ Silicon Valley Bank's collapse sent this tech founder into a 3-day panic, leading him to question: 'Am I good enough to do what I do?'
▼ + stars: | 2023-03-13 | by ( Grace Kay | ) www.businessinsider.com time to read: +5 min

Tech CEO Alexander Torrenegra detailed his experience as he watched Silicon Valley Bank collapse. Ask my wife, Tania, to wire all of our personal money out to other banks. By Friday morning, SVB stock had fallen 60%, and US regulators assumed control of the bank. Meanwhile, he said only a "portion" of his personal savings was safe as the transaction was still in a bank queue. "We may recover most of the money," Torrenegra wrote regarding his personal savings.

New York CNN —This week, the go-to bank for US tech startups came rapidly unglued, leaving its high-powered customers and investors in limbo. Silicon Valley Bank, facing a sudden bank run and capital crisis, collapsed Friday morning and was taken over by federal regulators. Founded in 1983, SVB specialized in banking for tech startups. At the same time, venture capital began drying up, forcing startups to draw down funds held by SVB. By Friday morning, trading in SVB shares was halted and it had abandoned efforts to quickly raise capital or find a buyer.

London CNN —The failure of Silicon Valley Bank is rattling markets and raising uncomfortable questions: Will it undermine the broader banking system and start a new meltdown? A crucial lender to US technology startups, the bank came under pressure as Silicon Valley funding dried up, the result of an economic slowdown and rapidly rising interest rates. Bank stocks rattledFounded in 1983, SVB provided financing for almost half of US venture-backed technology and health care companies. SVB put the bonds up for sale as customers, facing leaner times, pulled their money from the bank. Silicon Valley Bank had about $209 billion in total assets and $175 billion in total deposits as of the end of last year, according to the FDIC.

☆ TikTok could be a valuable tool for China if it invades Taiwan, FBI director says
▼ + stars: | 2023-03-08 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +2 min

New York CNN —The Chinese government could use TikTok to control data on millions of people and harness the short-form video app to shape public opinion should China invade Taiwan, FBI Director Christopher Wray told the Senate Intelligence Committee Wednesday. Wray responded affirmatively to questions from Republican Sen. Marco Rubio of Florida, the panel’s ranking member, on whether TikTok would allow Beijing widespread control over data and a valuable influence tool in the event of war in the Taiwan Strait. Rubio, the top Republican on the Senate panel, argued that TikTok presents “a substantial national security threat for the country of a kind that we didn’t face in the past.”Wray’s comments come a day after Gen. Paul Nakasone, head of the US National Security Agency, told the Senate Armed Services Committee that he worried TikTok could censor videos to shape public opinion in a way that threatens US national security interests. The company is also negotiating a possible agreement with the Biden administration that could allow TikTok to continue operating in the United States under certain conditions. In a statement this week, a TikTok spokesperson said a US government ban would stifle American speech and would be “a ban on the export of American culture and values to the billion-plus people who use our service worldwide.”– CNN’s Brian Fung and Catherine Thorbecke contributed to this report.

☆ CIA future will be defined by US technology race with China, director says
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +3 min

[1/2] The seal of the Central Intelligence Agency is shown at the entrance of the CIA headquarters in McLean, Virginia, U.S., September 24, 2022. REUTERS/Evelyn HocksteinWASHINGTON, March 8 (Reuters) - The U.S. Central Intelligence Agency’s future will be defined by America's ongoing technology race with China, agency director William Burns said on Wednesday during a Senate hearing. Burns’ remarks followed the release of the Annual Threat Assessment of the U.S. Intelligence Community, which pointed to China as the biggest national security threat facing America. “It's also the main determinant of our future as an intelligence service as well.”The CIA director was speaking during Congress’s so-called Worldwide Threats hearing, also featuring other heads of the U.S. intelligence community, including National Security Agency Director Gen. Paul Nakasone, National Intelligence Director Avril Haines, Defense Intelligence Agency director Lt. Gen. Scott Berrier and Federal Bureau of Investigation Director Christopher Wray. Gen. Nakasone, the NSA director, testified China's cyber operations have grown more aggressive recently.

☆ The war against TikTok won't solve the 'national embarrassment' of how poorly the US protects your data
▼ + stars: | 2023-03-08 | by ( Dan Whateley | ) www.businessinsider.com time to read: +8 min

"A big Chinese balloon in the sky and millions of Chinese TikTok balloons on our phones. TikTok has hurt its own cause when it comes to its reputation around data privacy. For example, the company misrepresented how US user data was managed and then its parent company monitored the locations of reporters who exposed its practices. Still, efforts by members of Congress to pass federal legislation around data privacy, such as the American Data Privacy and Protection Act, have faced an uphill battle. Apple's 2021 user privacy changes stunted ad revenue at Facebook and Snapchat-maker Snap, for example.

☆ China's State Council shakeup aims to counter rising US tech restrictions and financial risks
▼ + stars: | 2023-03-08 | by ( Laura He | ) edition.cnn.com time to read: +6 min

“These proposed institutional changes reflect key focus areas of Chinese policymakers in the next few years, namely improving financial regulation coordination to enhance financial stability,” Goldman Sachs analysts said on Wednesday. Among the changes announced Tuesday during the annual gathering of the National People’s Congress, Beijing will set up a new powerful financial regulator: the National Financial Regulatory Administration (NFRA). VCG/Getty ImagesA super regulatorChina’s financial system has traditionally been jointly overseen by the People’s Bank of China, the CBIRC and the China Securities Regulatory Commission (CSRC). The new regulator is meant to “better manage risks” in the financial system and strengthen the supervision of “institutions, behaviors, and functions,” the government proposal said. The move comes as risks to the stability of China’s financial system are rising amid a housing market slump and economic slowdown.

☆ GM's Cruise to focus on cost cuts as it ramps up robotaxis
▼ + stars: | 2023-03-07 | by ( Abhirup Roy | ) www.reuters.com time to read: +2 min

Ford Motor Co (F.N) and Volkswagen AG (VOWG_p.DE) last fall announced they would shutter their Argo AI self-driving unit and focus on driver-assistance technology that provided more immediate returns. Cruise's rival and Alphabet Inc's (GOOGL.O) self-driving technology unit, Waymo, has this year laid off over 8% of its workforce. The company is also developing a fully autonomous vehicle called Origin from scratch without a steering wheel and with subway-like doors for rideshare and deliveries. "This is a really pivotal year for us that will really transform not just Cruise but the whole perception of autonomous vehicles." Reporting by Abhirup Roy in San Francisco; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

☆ US senators unveil bipartisan bill empowering Biden to ban TikTok and other services
▼ + stars: | 2023-03-07 | by ( Brian Fung | ) edition.cnn.com time to read: +5 min

Washington CNN —A dozen US senators unveiled bipartisan legislation Tuesday expanding President Joe Biden’s legal authority to ban TikTok nationwide, marking the latest in a string of congressional proposals threatening the social media platform’s future in the United States. The legislation, called the Restricting the Emergence of Security Threats that Risk Information and Communications Technology (RESTRICT) Act, does not target TikTok specifically for a ban. In the case of TikTok, lawmakers have said China’s national security laws could force TikTok’s Chinese parent, ByteDance, to provide access to TikTok’s US user data. The bill specifically directs the Secretary of Commerce to “identify, deter, disrupt, prevent, prohibit, investigate, or otherwise mitigate” national security risks associated with technology linked to those countries. But those have expanded to include makers of surveillance cameras and, more recently, apps and software makers such as TikTok.

☆ Snap stock surges as Congress renews efforts to ban TikTok
▼ + stars: | 2023-03-07 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +2 min

Virginia Democratic Sen. Mark Warner is expected to unveil bipartisan legislation Tuesday afternoon that expands President Joe Biden’s authority to ban TikTok and other suspected information technology risks from the United States, a person familiar with the matter told CNN. Angelo Zino, senior equity analyst CFRA Research, wrote in a note Monday that the “biggest beneficiaries of a TikTok ban” would be Snapchat, Facebook-parent Meta, and YouTube. “TikTok’s emphasis on short-form videos has increased engagement/time spent by consumers and has upended the entire industry, creating a headwind for META/SNAP,” Zino wrote. Shares of YouTube’s parent company Alphabet were essentially flat on Tuesday. A TikTok ban, or the possibility of it, may just be one more positive for Meta’s stock this year.

☆ Elon Musk says AI is 'dangerous technology' and needs regulating to ensure it's 'operating within the public interest'
▼ + stars: | 2023-03-04 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +2 min

His comments were prompted by an investor asking whether AI could help Musk make cars. "We should need some kind of regulatory authority or something, overseeing AI development and making sure it's operating within the public interest." Musk described AI as "quite a dangerous technology" in his response to the investor, adding he feared he "may have done things to accelerate it." People have been using it for side hustles using the AI tool, while others have used it to write cover letters. Insider's Adam Rogers wrote about how ChatGPT, or other similar AI tools like Microsoft's Bing, are "bullshit engines" and why they shouldn't be trusted.

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