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☆ Google backs a startup that aims to bring mixed reality to any car windshield or plane cockpit
▼ + stars: | 2024-09-26 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

Distance TechnologiesDistance Technologies, a Finnish startup that aims to bring mixed-reality technology to any car windshield or plane cockpit, has raised 10 million euros ($11.1 million) of funding from GV, the venture capital arm of Alphabet and other investors. Distance raised the cash injection in a seed round led by GV, with existing investors FOV Ventures and Maki.vc also stumping up more cash for the startup, the company told CNBC on Thursday. Konttori was formerly chief technology officer of Varjo, another Helsinki-based mixed-reality firm. "The main difference here is that we are driven by the software," Mäkinen told CNBC. For now, Distance has had to use simple optics and normal LCD displays to demonstrate its technology to prospective partners and investors.

Persons: Maki.vc, Konttori, Roni Hiranand, Meta, Jussi Mäkinen, Mäkinen, he's Organizations: Technologies, GV, FOV Ventures, CNBC, Helsinki, Google Ventures, Companies, Huawei, Bosch, Continental, Panasonic, Distance Technologies Locations: Finnish, Helsinki, China

☆ Google files EU antitrust complaint accusing Microsoft of stifling cloud competition
▼ + stars: | 2024-09-25 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Google filed an antitrust complaint with the European Commission Wednesday accusing Microsoft of using unfair licensing contracts to stifle competition in the multibillion-dollar cloud computing industry. At the heart of Google's complaint is the allegation that Microsoft uses unfair licensing terms to "lock in" clients and exert control over the cloud market. Referring to the CISPE settlement, Microsoft said in a statement Wednesday that it expects the European Commission to dismiss Google's complaint. "Microsoft settled amicably similar concerns raised by European cloud providers, even after Google hoped they would keep litigating," a Microsoft spokesperson told CNBC via email. "Having failed to persuade European companies, we expect Google similarly will fail to persuade the European Commission."

Persons: CISPE Organizations: Google, European, Wednesday, Microsoft, Microsoft Office, Commission, CNBC, European Commission

☆ Warner Bros. Discovery partners with Google for AI-generated captions on 'Max' streaming service
▼ + stars: | 2024-09-24 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Warner Bros. Discovery is partnering with Google to integrate the internet giant's AI technology into its Max video streaming platform to automatically generate captions. Avi Saxena, chief technology officer of Warner Bros. "Working with Google Cloud to utilize Vertex AI within Warner Bros. Thomas Kurian, CEO of Google Cloud, the tech giant's cloud computing division, said that the partnership with Warner Bros.

Persons: Avi Saxena, Saxena, Thomas Kurian Organizations: Warner Bros, Discovery, Google, Max, Warner Bros . Discovery

☆ Microsoft's GitHub gives clients option to keep sensitive code in EU only, in data sovereignty push
▼ + stars: | 2024-09-24 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

Firms will be able to control the "data residency" of software code stored on GitHub — effectively meaning they can decide which regions the data is kept in. GitHub Enterprise Cloud is a paid product the firm only offers to businesses. "The EU has been in the center of this [data residency] movement since the beginning of the cloud days." Going forward, GitHub plans to roll out data residency within its GitHub Enterprise Cloud across other regions, including Australia, Asia, and Latin America. EU push for digital 'sovereignty'GitHub's data residency push ties into a broader political and regulatory theme within the EU around so-called digital "sovereignty."

Persons: GitHub, Jonathan Raa, —, Thomas Dohmke, Dohmke, Shelley McKinley, Mario Draghi, Draghi, GitHub's Dohmke, it'll Organizations: Microsoft, Nurphoto, Getty Images Microsoft, European Union, EU, Companies, CNBC, European Central Bank Locations: Europe, Australia, Asia, America, EU, China, France, Finland

☆ Battery giant Northvolt to cut 25% of workforce in Sweden as part of a major cost-cutting drive
▼ + stars: | 2024-09-23 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Battery maker Northvolt on Monday announced plans to cut a total of 1,600 jobs in Sweden as part of a major cost-cutting drive. The strategic action requires Northvolt to reduce its global workforce by around 20% and a 25% reduction in Sweden, the firm said. Northvolt, which currently delivers batteries from its first gigafactory Northvolt Ett in Skellefteå, said in March that it had over 6,000 employees. The announced measures come as part of a broader strategic review and in response to what Northvolt described as "a challenging macroeconomic climate." Based in Stockholm, Sweden, Northvolt is one of Europe's most valuable privately-held tech firms that builds lithium-ion batteries for the electric vehicle industry.

Persons: Northvolt, Peter Carlsson, Carlsson, — CNBC's Ryan Browne Organizations: Office, Monday, Volkswagen, Volvo Locations: Northvolt, Sweden, Skellefteå, Stockholm

☆ Companies face risk of huge fines and suspensions under tough new cyber rules in the EU
▼ + stars: | 2024-09-20 | by ( Ryan Browne | ) www.cnbc.com time to read: +7 min

The rules impose tougher requirements on companies around their internal cyber resilience strategy and internal practices. CNBC runs through all you need to know about NIS 2 — from what the law requires to the potential penalties businesses could face for violations. Under NIS 2, firms will also have to vet their digital supply chains for cyber threats and vulnerabilities. Companies that fail to comply with the new law could face massive potential fines, along with other punitive actions. Still, even with cyber security a much more prominent focus in board rooms, this hasn't stopped cyberattacks from taking place.

Persons: Oscar Wong, Geert van der Linden, Van der Linden, It's, Chris Gow, Carl Leonard, Leonard, Cisco's Gow, CISO, cyberattacks, Gow Organizations: European Union, NIS, CNBC, Information, EU, Companies, noncompliance, Data, Union Locations: EU, Capgemini, Russian

☆ Billionaire tech CEO says bosses shouldn't 'BS' employees about the impact AI will have on jobs
▼ + stars: | 2024-09-19 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Corporate leaders can't "bulls---" their employees about the impact of artificial intelligence on the workforce and the ways in which the technology will affect jobs more broadly, according to one tech billionaire. "If I could give any advice, it's that everybody should be a student of AI and tech and not be afraid of it." Even though it's a given AI will impact the workforce, "none of us have it all completely figured out," he said. "If anybody comes in and tells you, 'I can tell you exactly how this is going to impact jobs and how it's going to impact everything we're doing,' they're lying. Kavanaugh co-founded WWT in 1990 with fellow St. Louis, Missouri-based entrepreneur David Steward as a reseller of technology equipment.

Persons: Jim Kavanaugh, Kavanaugh, David Steward Organizations: CNBC, Forbes, U.S, team Locations: Louis , Missouri, Los Angeles

☆ British e-commerce firm THG to spin off technology platform Ingenuity
▼ + stars: | 2024-09-17 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

If and when the demerger is approved, THG's group company will consist of only its THG Beauty and THG Nutrition divisions. THG formed THG Ingenuity in 2021 as a separate venture selling e-commerce solutions for retailers. THG's Moulding has previously described THG Ingenuity as a "social media influencer platform" to promote products, including brands sold by THG as well as those sold by other companies, too. The deal at the time gave SoftBank the option to invest an additional $1.6 billion in THG Ingenuity. However, in October 2022, SoftBank ended its investment deal with THG and sold its entire stake in the company to Moulding.

Persons: THG, Matthew Moulding's, SoftBank Organizations: U.K, HMRC, THG Locations: British, THG

☆ British government had 'constructive' talks with Musk's X over disinformation, minister says
▼ + stars: | 2024-09-13 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

Musk is the owner of X, the social media platform formerly known as X. Aytug Can Sencar | Anadolu | Getty ImagesLONDON — The U.K. government has had "constructive" talks with Elon Musk's social media site X over the spread of misinformation and other harmful content, technology minister Peter Kyle told CNBC Friday. Multiple social media users at the time spread false information about the alleged perpetrator, who has since been charged with murder and attempted murder, claiming he was an asylum seeker. The minister also told CNBC he is assessing whether he needs additional powers to regulate social media companies over the dissemination of harmful content online. A government spokesperson told CNBC earlier this year that its "immediate focus is getting the Online Safety Act implemented quickly and effectively." However, this spokesperson added, "our message to social media companies remains clear: There is no need to wait — you can and should take immediate action to protect your users."

Persons: Elon Musk, Peter Kyle, Kyle, CNBC's, hasn't, Musk, Taylor Swift, Keir Starmer, Keir, Dawn Butler, Chi Onwurah, Labour's Kyle Organizations: Anadolu, Getty, Elon, CNBC, Citizens, Financial Times, Labour, SpaceX, Ofcom, OSA Locations: United Kingdom, England

☆ Microsoft to cut 650 jobs at its Xbox gaming unit — read the full memo from top exec Phil Spencer
▼ + stars: | 2024-09-12 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Patrick T. Fallon | Bloomberg | Getty ImagesMicrosoft on Thursday said that it is cutting 650 roles at its Xbox gaming division, in the latest major round of layoffs to hit the video game industry. It marks the third series of redundancies in Microsoft's video game unit since the company's blockbuster acquisition of Activision Blizzard, the publisher behind the Call of Duty franchise, for $69 billion in cash. In a memo obtained by CNBC, Phil Spencer, CEO of Microsoft Gaming, told employees that the firm had taken this "difficult" decision to align its post-acquisition team structure and "organize our business for long term success." Bethesda publishes major gaming titles, such as the Fallout and The Elder Scrolls series. Major gaming studios have cut thousands of jobs around the world, beginning in 2023 and continuing into 2024.

Persons: Phil Spencer, Patrick T, Spencer, Japan's, Playtika Organizations: Microsoft, Fallon, Bloomberg, Getty, Activision Blizzard, Duty, CNBC, Microsoft Gaming, Xbox, Activision, ZeniMax Media, Bethesda Softworks, Bethesda, Japan's Sony, PlayStation, Gaming Locations: Los Angeles, U.S

☆ Dutch neobank Bunq goes on hiring spree, targeting digital nomads, as other fintechs slash jobs
▼ + stars: | 2024-09-12 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

Dutch digital bank Bunq is plotting re-entry into the U.K. to tap into a "large and underserved" market of some 2.8 million British "digital nomads." "Bunq focusses on digital nomads who tend to roam the world," Ali Niknam, Bunq's CEO and co-founder, told CNBC via emailed comments. And in the U.K., Bunq is awaiting a decision from financial regulators on an application to become a licensed e-money institution, or EMI. Many of these positions will be part of a "tailored digital nomad" program that allows staff to work from anywhere in the world, Bunq said. Bunq earlier this year reported its first full year of profitability, generating 53.1 million euros ($58.51 million) in net profit in 2023.

Persons: Pavlo Gonchar, Bunq, Britain's, Ali Niknam, Niknam, Coinbase, Klarna, Bunq's Niknam Organizations: Getty Images, CNBC, European Union, U.S, EMI, PayPal Locations: United States, Amsterdam, Sofia, Istanbul, Munich, Paris, Dublin, Madrid, London, New York City

☆ Britain labels data centers critical infrastructure to boost cyber defenses
▼ + stars: | 2024-09-12 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Data centers today are crucial computing infrastructure that power the modern-day internet. Granting data centers critical infrastructure status will enable the government to coordinate better against hackers and unexpected cyber events, Kyle said. Data center operators will effectively be given a direct line to the government to prepare for and respond to data threats, the government said. Data centers are a key part of the modern internet as it exists today. When they go offline, it can cause massive outages for internet users, with sometimes critical services going down.

Persons: Andrew Aitchison, Peter Kyle, Kyle Organizations: Pictures, Corbis, Getty, British Technology, Amazon, U.S, Security Locations: Hertfordshire, England, Europe

☆ Britain does a bad job at keeping globally relevant tech firms, former Arm CEO says
▼ + stars: | 2024-09-10 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Warren East, former CEO of Rolls Royce and Arm, speaking at a tech event in London on June 13, 2022. "I think we have a lot to offer in terms of U.K.-based innovative technology," East told the audience at Cambridge Tech Week. However, he added: "We tend not to be able to realise as many global businesses as that promise would suggest." East was also previously the CEO of U.K. aviation engineering giant Rolls-Royce . East said that Britain "needs to get commercialization right," adding that too much innovation gets created in the U.K. but is then exported elsewhere around the world.

Persons: Warren East, East Organizations: Royce, Cambridge Tech, Warren, Tokamak Energy Locations: London, CAMBRIDGE, England, Britain, U.S

☆ Sony unveils upgraded PlayStation 5 Pro to boost slowing console business
▼ + stars: | 2024-09-10 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Sony on Tuesday announced the PlayStation 5 Pro, an upgraded version of its gaming console that will launch on Nov. 7 for $700. The arrival of Sony's refreshed PS5 console comes amid a global decline in console sales. The PS5 Pro features "advanced" ray tracing, a technique in computer graphics that simulates how light bounces off reflective surfaces. Sony said the PS5 Pro features a 2-terabyte solid-state drive, larger than the custom-built 825 GB solid-state drive featured in the PS5. Sony said several games will have "PS5 Pro Enhanced" designation with features that work on the new console.

Persons: Alan Wake Organizations: Sony, Tuesday, PlayStation, Wireless, Turismo

☆ A Porsche-backed startup is building a massive battery recycling plant to boost Europe's EV industry
▼ + stars: | 2024-09-09 | by ( Ryan Browne | ) www.nbcnews.com time to read: +3 min

A massive battery recycling plant is being built in Germany by Cylib, a startup looking to reduce waste from EV batteries that have reached the end of their life. Cylib says its facility will be the largest end-to-end lithium-ion battery recycling facility in Europe. Cylib said the new plant would primarily serve automotive, battery manufacturing and chemicals clients. “Cylib reaching industrial scale production will be a key driver in building a robust European battery infrastructure,” Schwich said in a press statement. “Battery recycling is pioneering the circular economy, proving that economic success is compatible with reduced environmental impact,” she added.

Persons: Cylib, Lilian Schwich, Gideon Schwich, Paul Sabarny, “, ” Schwich Organizations: Cylib, EV, Porsche, Bosch, Hydro, CNBC, European Union, World Fund, Porsche Ventures, Climate Fonds Locations: Germany, Dormagen, North Rhine, Westphalia, Europe, Norway, Hydrovolt, Chempark

☆ Wall Street is turning less bullish on tech darling ASML for several key reasons
▼ + stars: | 2024-09-09 | by ( Ryan Browne | ) www.cnbc.com time to read: +7 min

Analysts at major Wall Street banks are getting more cautious on chip darling ASML , raising concerns about the critical chip equipment maker's demand outlook. Earlier this week, investment bank UBS downgraded ASML to "neutral" and cut its price target on the stock to 900 euros ($1,000.78) from 1,050 euros previously. Other Wall Street banks have subsequently come out with their own respective analyses on ASML — and they're more downbeat than they were before. The bank remains bullish on the stock, though, keeping ASML in its top pick for EU semiconductor equipment stocks. UBS cautioned ASML's machines could face a slowdown in demand due to an "architecture shift" to gate all around architecture, or GAA.

Persons: Morgan Stanley, ASML, ASML's, Morgan Stanley's, EUV, Biden, Christophe Fouquet, Jefferies Organizations: UBS, Intel, Bank of America, ASML's, Samsung, Nvidia, SK Hynix, Base Management, Dutch, Citi, Investment Locations: ASML, U.S, China, New York

☆ Battery giant Northvolt to lay off staff in huge cost-cutting drive amid EV market slowdown
▼ + stars: | 2024-09-09 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Northvolt, a key battery producer for Europe's electric vehicle industry, announced Monday that it plans to cut jobs, shut down one of its sites, and enter into discussions with partners and investors to secure the future of a facility in Poland. Based in Stockholm, Sweden, Northvolt is one of Europe's most valuable privately-held tech firms that builds lithium-ion batteries for the electric vehicle industry. The battery maker cited a "challenging macroeconomic environment and our subsequent reassessment of Northvolt's near-term priorities" as the key reasons behind its decision to embark on the cost-cutting drive. Northvolt has faced a litany of pressures in recent months — not least the demand challenges facing the broader electric vehicle industry. BMW said at the time that the deal had been cancelled due to Northvolt being unable to deliver on time.

Persons: Northvolt, Peter Carlsson Organizations: Volkswagen, Volvo, Alternative Fuels, BMW, EV Locations: Poland, Stockholm, Sweden, Europe

☆ Skype founder's VC firm raises $1.24 billion to back European tech startups
▼ + stars: | 2024-09-09 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

LONDON — Atomico, an early investor in top European technology firms from Stripe to Klarna, announced Monday the launch of two new funds worth $1.24 billion to back emerging and growth-stage startups in the sector. Venture funding for European tech startups nearly halved to $45 billion in 2023, compared to $82 billion in the previous year, according to a report penned last year by Atomico. This decline was a reversal to pre-pandemic years which saw a wild rise in tech valuations, Atomico said at the time. In 2022, Europe's tech sector saw $400 billion wiped off its overall market capitalization amid a sharp slide in tech valuations. The size of Atomico's new funds marks more than a 50% increase on the $820 million it raised for its last round of funds, Fund V, in 2020.

Persons: Atomico, Niklas Zennström Organizations: Venture, Atomico, Microsoft Locations: Europe, Europe's

☆ Telegram CEO says French charges against him are 'misguided' — read his full statement
▼ + stars: | 2024-09-06 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Pavel Durov, chief executive officer of Telegram, at the Mobile World Congress in Barcelona, Spain, on Tuesday, Feb. 23, 2016. The boss of messaging platform Telegram said late Thursday that charges against him by France are "misguided," in his first public comments since being detained in the country nearly two weeks ago. He cannot leave French territory and has to report twice weekly to a police station, prosecutors said last week. In his first public comments on the situation, Durov said Thursday that France's decision to detain and charge him was based on a "misguided approach. "Using laws from the pre-smartphone era to charge a CEO with crimes committed by third parties on the platform he manages is a misguided approach."

Persons: Pavel Durov, —, Durov Organizations: Mobile Locations: Barcelona, Spain, France

☆ British competition regulator objects to Google's ad tech practices
▼ + stars: | 2024-09-06 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

LONDON — Britain's competition watchdog on Friday issued a statement of objections over Google's ad tech practices, which the regulator provisionally found are impacting competition in the U.K. In a statement, the Competition and Markets Authority alleged that the U.S. internet search titan "has harmed competition by using its dominance in online display advertising to favour its own ad tech services." The CMA further noted that Google disadvantages ad technology competitors, preventing them from competing on a "level playing field." "Many businesses are able to keep their digital content free or cheaper by using online advertising to generate revenue. The core of this case rests on flawed interpretations of the ad tech sector."

Persons: Juliette Enser, —, Enser, Dan Taylor, Taylor Organizations: Markets Authority, CMA, Google Locations: U.S

☆ Director of Disney's Lion King says AI is a 'Wild West,' echoes how animation changed film
▼ + stars: | 2024-09-06 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

Kevin Winter | Getty ImagesArtificial intelligence is a "Wild West" with "very few rules" — but it has the potential to democratize the film industry in the long term, according to the director of "The Lion King." Minkoff was speaking with CNBC ahead of the Reply AI Film Festival. 'Hyperbole' versus 'legitimate concerns'The arrival of new technology has for decades been a fear among people working in the film industry, Minkoff noted. Alexander de Lukowicz, co-director of "Gia Pham," told CNBC that humans are essential to how he and his team work to generate short films. We wanted to produce something like a film to really check the boundaries of what's possible," de Lukowicz told CNBC.

Persons: Lion, Roger Allers, Rob Minkoff, Kevin Winter, it'll, Minkoff, Stuart Little, Simba, Filippo Rizzante, Rizzante, Gia Pham, Alexander de Lukowicz, It's, de Lukowicz Organizations: CNBC, American Society for Composers, Publishers, Broadcast, Inc Locations: Venice

☆ Tesla says it will launch Full Self Driving product in Europe and China early next year
▼ + stars: | 2024-09-05 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Tesla said it will launch its "Full Self Driving" driver assistance product in Europe and China early next year. Tesla is yet to receive regulatory permission to launch its FSD product in Europe and China, but Musk in July said that he expects to get this clearance by the end of 2024. So-called Full Self Driving, or FSD, has been a key pillar of Musk's strategy to make Tesla a more AI-centric company and push toward self-driving technology. Despite the label on its product, FSD is not actually capable of making its vehicles fully autonomous. FSD is an upgrade to Tesla's Autopilot driver assistant, which is already available in Europe and China.

Persons: Tesla, Musk Organizations: Elon, Drivers Locations: Europe, China, U.S

☆ Visa debuts a new product designed to make it safer to pay directly from your bank account
▼ + stars: | 2024-09-05 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Visa said it plans to launch a dedicated service for bank transfers, skipping credit cards and the traditional direct debit process. Visa, which alongside Mastercard is one of the world's largest card networks, said Thursday it plans to launch a dedicated service for account-to-account (A2A) payments in Europe next year. Users will be able set up direct debits — transactions that take funds directly from your bank account — on merchants' e-commerce stores with just a few clicks. It won't initially apply its A2A service to things like TV streaming services, gym memberships and food boxes, Visa added, but this is planned for the future. The product will initially launch in the U.K. in early 2025, with subsequent releases in the Nordic region and elsewhere in Europe later in 2025.

Organizations: Visa, Mastercard Locations: Europe, Nordic

☆ UBS just downgraded critical chip firm ASML on expectations of a demand 'normalization'
▼ + stars: | 2024-09-04 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Critical chip equipment supplier ASML is set to face softer demand from buyers of its products in the coming years — and the artificial intelligence boom won't be enough to offset these downside risks, according to analysts at investment bank UBS . Such memory chip makers include Samsung and Nvidia supplier SK Hynix. ASML is behind a key technology involved in chip manufacturing known as EUV, or extreme ultraviolet radiation. DRAM is a type of memory chip that's needed for a computer to function. Shares of the company were down more than 6% Wednesday, alongside a raft of other chip stocks , following a deep slide in Nvidia shares Tuesday .

Persons: ASML Organizations: UBS, Samsung, Nvidia, SK Hynix, U.S, CNBC Locations: ASML, China, Netherlands, U.S

☆ Microsoft dodges in-depth UK probe into hiring of staff from AI firm Inflection
▼ + stars: | 2024-09-04 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

Mustafa Suleyman, co-founder and chief executive officer of Inflection AI UK Ltd., speaks at the World Economic Forum in Davos, Switzerland, on Jan. 18, 2024. In March, Microsoft announced the hiring of Suleyman from Inflection, along with a number of other key employees at the firm. Suleyman was appointed Microsoft's executive vice president and CEO of Microsoft AI. The CMA had not previously spelled out exactly how the hiring of Inflection AI employees could undermine competition. The Inflection arrangement isn't the only pact with a Big Tech company and AI startup that regulators in the U.K. are assessing.

Persons: Mustafa Suleyman, DeepMind, Suleyman, Karen Simonyan, Simonyan Organizations: Ltd, Economic, LONDON, U.K, Markets Authority, Microsoft, Windows, DeepMind, Google, CMA, CNBC Wednesday, Reuters, Street Journal, Big Tech, Amazon, Federal Trade Commission Locations: Davos, Switzerland, U.S, Britain, Redmond, Washington

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