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☆ Mark Zuckerberg's Metaverse losses pass $40 billion. Here's why that's suddenly OK.
▼ + stars: | 2023-07-26 | by ( Kali Hays | ) www.businessinsider.com time to read: +3 min

Meta has so far lost more than $40 billion on metaverse projects and expects to lose more. Wall Street is starting to come to terms with the massive amount of money Mark Zuckerberg keeps pouring into the metaverse. With second-quarter results out, collective losses from Reality Labs, the metaverse unit at Meta, has now surpassed $40 billion and more financial pain is on the way. "There are, you know, a billion or 2 billion people who have glasses today. During the second quarter, profit from that family of apps increased by $2 billion, while losses from Reality Labs came in at $3.7 billion.

Persons: Meta, Mark Zuckerberg, Zuckerberg, hassled Zuckerberg, Kali Hays Organizations: Morning, Reality Labs, Meta, Revenue, Facebook, Twitter Locations: khays

☆ US House panel looks to revive stalled self-driving legislation -sources
▼ + stars: | 2023-07-19 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, July 19 (Reuters) - A U.S. House of Representatives panel will hold a July 26 hearing as lawmakers look to jump start long-stalled efforts to pass legislation to speed adoption of self-driving cars. The Energy Commerce subcommittee on Innovation, Data, and Commerce confirmed to Reuters it was holding a hearing titled “Self-Driving Vehicle Legislative Framework: Enhancing Safety, Improving Lives and Mobility, and Beating China." The panel will consider separate draft legislation from Representative Bob Latta, a Republican and Representative Debbie Dingell, a Democrat. In order to ensure Americans can reap the benefits of self-driving vehicles, we must enact a comprehensive national law that establishes a pathway to safe deployment". Last week, the National Highway Traffic Safety Administration said it would soon decide on a petition filed by General Motors' (GM.N) Cruise self-driving technology unit seeking permission to deploy up to 2,500 self-driving vehicles annually without human controls.

Persons: Bob Latta, Debbie Dingell, Cathy McMorris Rodgers, Gus Bilirakis, John Bozzella, Gary Shapiro, Mark Riccobono, Pete Buttigieg, David Shepardson, Chris Reese, Alex Richardson Organizations: U.S . House, Energy, Innovation, Commerce, Reuters, Mobility, Republican, House Energy, Alliance, Automotive Innovation, Consumer Technology, National Federation of, Blind, Traffic Safety Administration, General Motors, Thomson Locations: America, China

☆ Wall Street is bullish on Big Tech heading into earnings — here's what we think
▼ + stars: | 2023-07-18 | by ( Zev Fima | ) www.cnbc.com time to read: +11 min

Wall Street kicked off the week with bullish takes on several high-flying tech stocks in the portfolio — validating our decision to stick with these mega-caps heading into quarterly earnings. It's also important to understand that some price target raises are just chasing a big move, and that the price reaction to an earnings release has less to do with the results and much more to do with expectations. It's also why Citigroup also put AMD on a "negative catalyst watch," meaning it is negative on the stock heading into earnings. In the analysts' view, Apple has an opportunity to grow its revenue by seven times in the U.S. over the next decade to about $40 billion, while adding 170 million new users. Microsoft What the analysts say: Analysts at Mizuho reiterated their buy rating on Microsoft while taking up their price target to $390 from $360.

Persons: bullish, Meta, It's, CUDA, Morgan Stanley, we're, —, Jim Cramer, monetize, Jim Cramer's, Jim, Jensen Huang, Sam Yeh Organizations: Nvidia, Apple, Microsoft, Devices, Citigroup, AMD, Intel, Mizuho, Activision Blizzard, JMP Securities, Jim Cramer's Charitable, CNBC, Afp, Getty Locations: U.S, China, India, Taipei

On Tuesday, the Biden administration announced it’s moving to implement a cybersecurity labeling program aimed at helping consumers pick out trustworthy tech products that are rated as more secure than the competition. Products certified under the new program may come with a QR code that links to a national database affirming its participation, the administration added in a release. “This new labeling program would help provide Americans with greater assurances about the cybersecurity of the products they use and rely on in their everyday lives,” the administration said in a statement. “It would also be beneficial for businesses, as it would help differentiate trustworthy products in the marketplace.”The government proposal comes two years after President Joe Biden signed an executive order calling for an “‘energy star’ type of label” for tech products. “Market forces alone were never going to be sufficient to force manufacturers to step up and deliver more secure devices,” he said.

Persons: Biden, it’s, —, cybersecurity, ”, Joe Biden, Dave DeWalt, “ We’ve Organizations: CNN, National Institute of Standards, Technology, NIST, House, Products, Twitter, PayPal, Federal Communications Commission, FCC, Colonial Pipeline, Companies, Amazon, Cisco, Google, LG, Logitech, Samsung, Consumer Technology Association

☆ Amazon really wants you to shop at an Amazon Fresh store this Prime Day
▼ + stars: | 2023-07-07 | by ( Alex Bitter | ) www.businessinsider.com time to read: +3 min

Amazon is offering Prime members up to 25% off Amazon Fresh purchases for Prime Day this year. The retail giant is beefing up its grocery deals after nearly three years of running Fresh stores. Amazon is also offering 6% back to Prime members who use its Visa credit card at Amazon Fresh. The deals are more substantial than what Amazon offered at Amazon Fresh on Prime Day in the past. The latest deals also come as Amazon tries to find a path forward for its Fresh grocery stores.

Persons: hasn't, Andy Jassy, —, We're, Jassy Organizations: Amazon, Service, Amazon's, Foods, Albertsons

☆ Nike CEO John Donahoe on how he manages sleep health in a hectic life
▼ + stars: | 2023-06-30 | by ( Emily Grill | ) www.cnbc.com time to read: +6 min

Donahoe can't get seven hours of sleep every night, but he said that he tries to hit 70 hours of sleep every 10 days. Hitting this target, rather than exactly how much sleep he gets per night, is a sleep science workaround that the Nike CEO says has been working for him. Sleep science research has consistently shown that the average adult should aim for seven hours of a sleep each night. It's not necessarily always going to be the recommended seven hours of sleep that will ensure a good night's rest, according to sleep experts. In the long term, if you don't get enough sleep, there's health outcomes that can occur."

Persons: I've, Elon Musk, CNBC's David Faber, Bill Gates, John Donahoe, Donahoe, It's, Mark Wu, Wu, Gates, Jagdish Khubchandani, Khubchandani Organizations: Nike, CNBC, Summit, Apple Watch, Google, Johns Hopkins University, National Institute for Occupational Safety, Health, United, Blood Institute, Ball State University, New Mexico State University, Ball Locations: America, U.S, China, Santa Barbara , California, United States

☆ The Big Number: 70 Billion
▼ + stars: | 2023-06-23 | by ( Marie Solis | ) www.nytimes.com time to read: 1 min

Reporting on the Business news of the weekMarie Solis Reporting on the Business news of the weekA federal judge is deciding whether Microsoft’s $70 billion acquisition of the video game giant Activision Blizzard can move forward. If it can, it would be the largest consumer tech deal in decades. If the judge delays it, a Microsoft lawyer says the company may abandon it. Here’s what to know →

Persons: Marie Solis Organizations: Business, Activision

☆ Dyson doubles down on Singapore and ramps up hiring globally
▼ + stars: | 2023-06-20 | by ( Nessa Anwar | ) www.cnbc.com time to read: +3 min

The company is trying to hire another 2,000 engineers globally, according to Dyson's director of upstream robotics, Kashyap Chandrasekar. The Dyson 360 Vis Nav robot vacuum is displayed at the company's headquarters at St. James Power Station in Singapore in May 2023. Lauren Choo | CNBCAnother Dyson device that has garnered attention, due to its futuristic look, is the Dyson Zone — headphones that double as a wearable purifier. Dyson's global investment planSince its inception in 1991, founder Sir James Dyson has been set on pioneering new technology. The company currently has a £2.75 billion investment plan divided across Singapore, the U.K. and the Philippines.

Persons: Dyson, John Churchill, Kashyap Chandrasekar, Lauren Choo, Churchill, We'll, Sir James Dyson, they're Organizations: Robotics, James Power, CNBC, Dyson, St Locations: St, Singapore, United Kingdom, Philippines, Malaysia, Shanghai, Batangas

☆ Tim Cook bets his legacy on augmented reality
▼ + stars: | 2023-06-13 | by ( Clare Duffy | ) edition.cnn.com time to read: +11 min

David Paul Morris/Getty Images Cook speaks in front of an image of an iPhone 4S at Apple headquarters in 2011. Yui Mok/PA Images/Getty Images Tim Cook puts on a Boston Red Sox jersey before a baseball game between the Red Sox and the Detroit Tigers in June 2017. Justin Sullivan/Getty Images Tim Cook signs the box of a new iPhone X at an Apple Store in Palo Alto in November 2017. Andrew Harrer/Bloomberg/Getty Images Cook speaks via video conference at a House Judiciary subcommittee hearing on online platforms and market power in July 2020. In pictures: Apple CEO Tim Cook Prev NextFollowers of the company are divided on what the headset could ultimately mean for Cook.

Persons: Tim Cook, Steve Jobs, Cook, It’s, … it’s, ”, Margaret O’Mara, Andrew Burton, Phil Schiller, Jobs, David Paul Morris, Apple, Tom Williams, Marcio Jose Sanchez, Bono, Justin Sullivan, Tony Avelar, Stephen Lam, George Washington University's, Alex Brandon, Stephen Colbert, Jeffrey R, Pope Francis, Shutterstock Cook, Maddie Ziegler, AirPods, Monica Davey, James Corden, Pharrell, Beck Diefenbach, Reuters Cook, Yui Mok, Billie Weiss, Donald Trump, Jonathan, Oprah Winfrey, Win McNamee, Theresa Goh, Edgar Su, Andrew Harrer, Graeme Jennings, Noah Berger, Sajid Moinuddin, India's, Francis Mascarenhas, Brooks Kraft, it’s, Mike Bailey, “, Tim Bajarin, ’, ” Bajarin, Bajarin, they’ll Organizations: New, New York CNN, Apple, Vision, Apple Watch, University of Washington, Washington Post, Getty, Reuters, Alamy, Homeland Security, Governmental, Flint Center, Performing Arts, Cook, CBS, Serviziofotograficoor, Primary School, Boston Red Sox, Red Sox, Detroit Tigers, American Technology, White House, Steve Jobs Theatre, Carnegie Library, Central Public Library, Bloomberg, Singapore, Apple Worldwide, Conference, Epic Games, Apple Inc, FBB Capital Partners, Jobs Locations: New York, Cupertino , California, Cupertino, Palo Alto , California, Palo Alto, San Francisco, Down, London, Washington , DC, Oakland , California, Mumbai

☆ Inside Amazon's rush to respond to ChatGPT. 'Amazon must be really scared about being late on all of this.'
▼ + stars: | 2023-06-12 | by ( Eugene Kim | ) www.businessinsider.com time to read: +10 min

"Amazon must be really scared about being late on all of this," one Amazon employee said in an interview. The same rules apply to the new Microsoft Bing search engine that uses ChatGPT's technology, an internal document said. "Since generative AI is all the rage right now, it will be included in the themes, and there will be a special award for the project that best demonstrates generative AI," the email said. Mike Blake/ReutersEmployees are still curious about Amazon's response to ChatGPT and generative AI, frequently bringing up the topic in internal town-hall meetings. He also said that Amazon's top leadership team, called the S-team, was "very excited about it" and that generative AI was a "big area of focus for us."

Persons: ChatGPT, Sam Altman, Sven Hoppe, It's, hackathons, Andy Jassy, Mike Blake, Adam Selipsky, Jassy, Eugene Kim Organizations: Amazon, Echo, Microsoft, Employees, Getty, Bloomberg, Burnham, Reuters Employees

☆ F.T.C. Said to Plan to Sue to Stop Microsoft’s Activision Deal From Closing
▼ + stars: | 2023-06-12 | by ( David Mccabe | Kellen Browning | ) www.nytimes.com time to read: +1 min

The planned lawsuit would be the latest blow to Microsoft’s acquisition of Activision, which makes popular video games like Call of Duty and Candy Crush. sued to block the deal through an in-house court, arguing it would damage competition in various parts of the video game market. The agency plans to file the separate lawsuit on Wednesday because unlike the F.T.C.’s in-house court, a federal court can issue a restraining order to block a purchase from being completed. In April, the British Competition and Markets Authority also moved to stop the deal, though regulators in the European Union said in May that it could go forward. Governments around the world have been challenging the power of tech giants like Microsoft.

Persons: Meta Organizations: Federal Trade Commission, Microsoft, Activision Blizzard, Activision, behemoth, British Competition, Markets Authority, European Union, Amazon, of Justice, Google

☆ The rivalry between Meta and Apple is moving to a new playing field: virtual reality
▼ + stars: | 2023-06-07 | by ( Clare Duffy | ) edition.cnn.com time to read: +8 min

New York CNN —Months after Apple unveiled a privacy change that threatened Facebook’s core advertising business, the social networking company rebranded as Meta and shifted its focus to virtual reality. Apple (AAPL) on Monday unveiled its mixed reality headset, the Vision Pro, in one of its most ambitious product launches in years. On Thursday, just days before WWDC, Meta CEO Mark Zuckerberg tried to preempt the expected Apple headset announcement by teasing the Meta Quest 3. Apple on Monday unveiled its first-ever virtual reality headset, challenging Facebook-owner Meta in a market that has yet to gain widespread consumer adoption. Apple chose not to focus on the term “virtual reality,” nor did it show off disembodied avatars without legs inhabiting a virtual world, as Meta did initially.

Persons: Tim Cook, Mark Zuckerberg, Steve Jobs, Meta, Josh Edelson, Morgan Stanley, “ We’re, ” Sheeva, ” Eric Alexander, Apple, ”, Julie, Forrester, Zuckerberg, that’s, Alexander, ’ ”, It’s, D.A, Davidson, Tom Forte, Forte, Blackberry, ” Forte Organizations: New, New York CNN, Apple, Meta, Vision, Microsoft, Google, VR, Facebook, Getty, Street, IDC, ” Sheeva Slovan, Reality Labs, CNN, Apple's, WWDC, Disney Locations: New York, AFP, ’

☆ Samsung is exploring an 'offline' digital currency that works with Galaxy phones
▼ + stars: | 2023-05-16 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

A man walks past an ad for the Samsung Galaxy Z Flip4 smartphone at the company's Seocho building in Seoul on Jan. 31, 2023. Consumer tech giant Samsung is looking into launching a central bank digital currency in a collaboration with the Bank of Korea. The South Korean electronics firm said Monday that it had signed a memorandum of understanding with the country's central bank to conduct technical research on the digital currency. Samsung said such a CBDC, which refers to a digital currency issued by a central bank, would work "offline" and could be sent between owners of its Galaxy smartphone and smartwatches thanks to a secure chip in the devices. "We are very pleased to be the first central bank to develop offline CBDC technology in partnership with Samsung Electronics," Seungheon Lee, senior deputy governor at the Bank of Korea, said in a press release.

☆ Ukrainian troops used 'wedding drones' and Google Maps to batter Russian forces during the war's chaotic early days, commanders say
▼ + stars: | 2023-05-16 | by ( Michael Peck | ) www.businessinsider.com time to read: +6 min

In the days after Russia's invasion last year, Ukrainian forces need help targeting Russian troops. One Ukrainian artillery unit relied on help from Ukrainian civilians to guide their strikes. Ukrainian and Russian drones prowl the skies constantly, looking for enemy positions and movements, as well as for artillery batteries, supply depots, and command posts. SERGEY SHESTAK/AFP via Getty ImagesSometimes Ukrainian forces would get indications that Russian troops were in a village, but not their precise location. Ukrainian troops fire an 2S7 Pion howitzer at Russian positions near Bakhmut in March.

☆ U.K. Blocks Microsoft’s Bid for Activision, a Blow to the Tech Giant
▼ + stars: | 2023-04-26 | by ( David Mccabe | Kellen Browning | ) www.nytimes.com time to read: +1 min

British antitrust regulators on Wednesday blocked Microsoft’s plans to acquire the video game giant Activision Blizzard for $69 billion, a significant hurdle for what would be the largest consumer tech acquisition since AOL bought Time Warner two decades ago. The Competition and Markets Authority in Britain said in a statement that Microsoft’s proposal “failed to effectively address the concerns in the cloud gaming sector.”The decision bolsters an effort by the Federal Trade Commission to block the acquisition and is a red flag for big technology companies trying to make large deals despite increasing government scrutiny over whether they abuse their power to hurt rivals and consumers. “Microsoft already enjoys a powerful position and head start over other competitors in cloud gaming and this deal would strengthen that advantage giving it the ability to undermine new and innovative competitors,” Martin Coleman, the chair of a panel that conducted an investigation for the C.M.A., said in a statement.

Hong Kong/New York CNN —Temu and Shein are taking off in the United States, topping app stores and creating a frenzy with consumers. Shein was started in China, while Temu was launched by a Chinese company that now bills itself as a multinational firm. Both firms have enjoyed major success in the United States, noted Nicholas Kaufman, a policy analyst for the US-China Economic and Security Review Commission. Topping the chartsTemu and Shein have taken the world’s largest retail market — the United States — by storm. It has quickly become the most downloaded app in the United States, and continues to expand its user base.

☆ The creepy secret behind online therapy
▼ + stars: | 2023-04-20 | by ( Tanmoy Goswami | ) www.businessinsider.com time to read: +16 min

Crisis Text Line, now in its 10th year of operations, uses artificial intelligence to respond to people experiencing emotional abuse, self-harm, and suicidal thoughts. 'The vast majority of mental-health apps are exceptionally creepy'BetterHelp, a poster child of online therapy founded in 2013, calls itself "the world's largest therapy platform" and says it has over 2 million users. One of the first popular mental-health apps, PTSD Coach, was launched by the US Department of Veteran Affairs in 2011. But for mental-health companies these practices can undermine the very foundations of mental-health care: dignity, trust, and psychological safety. As Crisis Text Line wrote on its website extolling its deal with Loris: "Why sell T-shirts when you can sell what your organization does best?"

☆ Private equity deals in Asia plunged 44% in 2022. More uncertainty may be ahead
▼ + stars: | 2023-03-28 | by ( Jihye Lee | ) www.cnbc.com time to read: +3 min

watch nowAsia-Pacific's private equity market plummeted last year — as investors' appetite for risk fell in the face of inflation and geopolitical tensions, according to Bain & Company. The total deal value for the region plunged by 44% to $198 billion in 2022, the global management and consulting firm said in a Tuesday report. Lingering macroeconomic uncertainties alongside rising costs and worsening company performance that dampened investor sentiment, Bain said in its Asia Pacific Private Equity Report 2023. "For more than a decade, the Internet and tech sector has attracted the largest share of private equity capital in the Asia-Pacific region. ESG-related investmentsWhile macroeconomic conditions dampened investors' sentiment in private equity deals region-wide, Bain saw a rise in the number of deals related to environmental, social, and corporate governance (ESG).

☆ Microsoft threatens to restrict data from rival AI search tools - Bloomberg News
▼ + stars: | 2023-03-25 | by ( ) www.reuters.com time to read: +1 min

March 24 (Reuters) - Microsoft Corp (MSFT.O) has threatened to cut off access to its internet-search data, which it licenses to rival search engines, if they do not stop using it as the basis for their own artificial intelligence chat products, Bloomberg News reported on Friday. Redmond, Washington-based Microsoft may also terminate licenses providing access to its search index, Bloomberg added. The maker of the Windows operating system had said in February it was revamping its Bing search engine and Edge Web browser with artificial intelligence, signaling its ambition to retake the lead in consumer technology markets where it has fallen behind. The upgraded Bing search engine was rolled out to users late last month. Reporting by Nilutpal Timsina in Bengaluru; Editing by Sandra Maler and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

☆ TikTok's potential U.S. ban presents host of questions for app stores, internet companies and the government
▼ + stars: | 2023-03-17 | by ( Lauren Feiner | ) www.cnbc.com time to read: +7 min

The TikTok logo is displayed outside TikTok social media app company offices in Culver City, California, on March 16, 2023. related investing news What a potential TikTok ban could mean for Club holding Meta Platforms It's not an issue yet, as there are still some ways a TikTok ban could be avoided or accessed legally in the U.S. Should the U.S. ban TikTok, the mechanics on what happens from there get murky. And the app stores controlled by Apple and Google are the primary places for consumers to download the TikTok app. Under Chinese law, companies can be required to hand over internal information to the government for supposed national security purposes.

☆ Apple supplier Foxconn expects decline in consumer electronics demand, prioritizes global growth
▼ + stars: | 2023-03-15 | by ( Rohan Goswami | ) www.cnbc.com time to read: +2 min

Major Apple supplier Foxconn reported a 10% year-over-year decline in profit for 2022 and anticipated a decline in consumer electronics demand for the full year ahead, the company said in its earnings report Wednesday. The negative sentiment reflected Apple's muted expectations for consumer sales. The company added iPhone sales will decline less in the March quarter compared to the Dcember quarter. Taiwan-based Foxconn is a major manufacturer for consumer technology firms, but is best known for its relationship with Apple, which relies on Foxconn to produce and assemble its iPhone, among other products. The Chinese government has since pulled back on the most aggressive of its Covid protocols, but Apple and other major technology companies have emphasized to suppliers a need to diversify beyond China.

☆ Why lithium-ion batteries found in many products keep exploding
▼ + stars: | 2023-03-09 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +7 min

Officials believe the incident stemmed from a lithium-ion battery of a scooter found on the roof of an apartment building. “In all of these fires, these lithium-ion fires, it is not a slow burn; there’s not a small amount of fire, it literally explodes,” FDNY Commissioner Laura Kavanagh told reporters. For starters, lithium-ion batteries are now in numerous consumer tech products, powering laptops, cameras, smartphones and more. Despite the concerns, lithium-ion batteries continue to be prevalent in many of today’s most popular gadgets. For example, LFP (lithium iron phosphate) batteries don’t overheat as much as other types of lithium-ion batteries.

"But after years of dithering, the German 5G network is deeply dependent on Chinese suppliers. Huawei, ZTE and China's government reject these claims, saying that they are motivated by a protectionist desire to support non-Chinese rivals. GERMANY LAGGINGWhile several countries across Europe are still formulating telecom policies, only Britain and Sweden have so far banned Huawei and ZTE from supplying critical 5G network equipment. The German government was last month unable to answer a parliamentary request about how many Huawei components operators were using in their 5G networks, filed in part in response to the report. The deadline to remove all Huawei gear from Britain's 5G networks by the end of 2027 remains unchanged.

☆ Meta planning thousands of more cuts after widespread layoffs, report says
▼ + stars: | 2023-03-07 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +2 min

Mark Zuckerberg, chief executive officer of Meta Platforms Inc., left, arrives at federal court in San Jose, California, US, on Tuesday, Dec. 20, 2022. Meta plans another round of layoffs that could affect thousands of workers, according to a Bloomberg News report published Monday evening. The job cuts could start this week and represent an additional round of layoffs, adding to the 13% of Meta workers who were laid off as part of a major cost-cutting plan announced in November. Zuckerberg has said that he would "take accountability" for the company's previously announced cost-cutting plans, saying that he views layoffs "as a last resort." "We're restructuring teams to increase our efficiency," Zuckerberg said last fall when Meta announced layoffs.

☆ DOJ will hire more data experts to scrutinize digital monopolies, antitrust chief says
▼ + stars: | 2023-03-06 | by ( Brian Fung | ) edition.cnn.com time to read: +2 min

CNN —The Justice Department will expand its stable of data experts charged with analyzing how businesses use and abuse consumer data to violate US antitrust law, the agency’s antitrust chief told CNN in an onstage interview Monday. DOJ’s antitrust division plans to post additional job listings for data scientists and analysts, Assistant Attorney General Jonathan Kanter said at a Washington conference. Under Kanter, the division has already hired technologists and a chief economist with a background in computer science and machine learning. “A lot of the assumptions have been that consumers can discipline bad behavior [of a company] by switching. But if consumers don’t switch as easily as they used to, or if consumers are being nudged in one direction or another, that’s a market reality we need to understand.”

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