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12-07-2023

TECH

• AMD unveils Ryzen 8040 Series laptop processors with AI capabilities, outperforming Intel chips. AMD also releases Instinct MI300X accelerators, challenging Nvidia’s AI data center chips.

• Meta Platforms has introduced default end-to-end encryption for personal messages and calls on Facebook, Messenger, and soon Instagram, raising concerns about privacy and child safety.

• Apple and Google have been accused by US Senator Ron Wyden of secretly sharing push notification data with foreign governments for surveillance purposes.

• EU lawmakers and governments are in discussions to finalize landmark rules on AI, including exemptions for open-source models and debates on regulation.

• New Mexico sues Meta Platforms, claiming Facebook and Instagram enable child predators and fail to protect minors.

• Elon Musk’s AI startup xAI plans to raise $1 billion through an equity offering, according to a recent filing.

• Apple plans to release larger iPad Air and OLED iPad Pro models, along with new Apple Pencil and iPad Magic Keyboards. New MacBook Air laptops with M3 chipset also rumored.

• Apple Inc. has regained its status as a $3 trillion company, driven by strong sales, investor confidence, and belief in its innovation and market strategy.

• The FTC is appealing a federal court’s ruling to block Microsoft’s acquisition of Activision Blizzard due to antitrust concerns.

• Meta Platforms is testing over 20 generative AI features across Facebook, Instagram, Messenger, and WhatsApp to improve user experience and increase engagement. They have also unveiled “Imagine,” a new AI-based text-to-image tool, and will introduce invisible watermarking to enhance transparency. Additionally, Meta AI now supports Reels and introduces “reimagine” for generating new AI images in group chats.

• Apple executive Steve Hotelling, responsible for iPhone touch-screen technology, Face ID, and health sensors, is retiring from the company.

• Former Twitter head of security, Alan Rosa, has sued Elon Musk and Steve Davis for ordering budget cuts that compromised security.

• The EU may exempt Apple’s iMessage from interoperability regulations under the Digital Markets Act due to its low popularity with business users.

• The Bank of England warns of AI risks to the UK’s financial system, proposes stronger oversight of banks’ reliance on external technology providers.

• Russian propagandists deceived Western celebrities like Elijah Wood and Priscilla Presley into recording manipulated videos used for online attacks on Ukraine’s president.

• Advertisers are boycotting Elon Musk’s social network X (formerly Twitter) due to concerns about controversial content and declining ad revenue.

MEDIA

• Norman Lear, the iconic TV producer and writer behind shows like ”All in the Family,” has died at the age of 101.

• Taylor Swift has been named Time magazine’s Person of the Year for 2023, recognizing her global tour and music success.

• A shooting at the University of Nevada, Las Vegas left three dead and one critically injured. The suspect was found dead.

• Billionaire Bill Ackman and Elon Musk call for resignations of Harvard, MIT, and UPenn presidents over their responses to antisemitism.

• Washington Post journalists are going on a 24-hour strike over job cuts, contract negotiations, and concerns about layoffs.

• Disney+ has integrated Hulu content into its app, offering a combined streaming experience known as “Hulu on Disney+.”

• A24 has signed an exclusive multiyear deal with Warner Bros. Discovery to bring over 100 of its films to HBO, Max, and Cinemax.

• Christopher Nolan’s film ’Oppenheimer’ will be released in Japanese theaters in 2024, despite controversy over its portrayal of the Hiroshima and Nagasaki bombings.

• Netflix renews ”Squid Game: The Challenge” for a second season despite controversy, opens auditions for $4.56 million prize pool.

• Sean Combs, also known as Diddy, is facing his fourth sexual assault lawsuit, with a woman accusing him of rape and sex trafficking in 2003.

• Governor DeSantis’ appointees accuse Disney of corporate cronyism and takeover, while Disney denies the allegations as “revisionist history.”

CONSUMER

• Chewy’s Q3 2023 net sales were $2.74 billion, up 8% YoY, but the company lowered its sales forecast and appointed a new CFO.

• Chinese e-commerce platform Temu is challenging Dollar General and Dollar Tree with its low prices and social media marketing.

• Walmart executives express concern and uncertainty about predicting consumer behavior next year due to financial strain and cautious spending.

• Amazon leaked internal memo outlines plans to expand influence in Southern California through charity work, countering labor agitation, and engaging with activists.

REAL ESTATE

• Muddy Waters, a prominent short seller, warns that Blackstone Mortgage Trust could face losses and potential liquidity crisis due to commercial real estate issues.

• Chinese authorities are facing challenges in their efforts to loosen the Mao-era residence rules, known as hukou, due to concerns over social stability and limited resources in larger cities. The hukou system ties a person’s access to services to their place of birth.

• UK house prices rose by 0.5% in November, the second consecutive monthly increase, due to a shortage of homes and lower mortgage rates.

ECONOMIC

• Traders are speculating on the Bank of Japan (BOJ) ending its negative interest rate policy, causing the yen to surge. The euro is also falling. The BOJ is considering targeting the overnight call rate and there are expectations of a rate hike in December.

• Vivek Ramaswamy insults Chris Christie’s foreign policy experience and weight during a heated exchange about Ukraine policy. Nikki Haley faces criticism from GOP rivals in the fourth debate, while Chris Christie defends her. Ron DeSantis accuses Nikki Haley of killing a bill concerning bathrooms in South Carolina. The Republican candidates attack each other instead of Donald Trump. The debate focuses on Nikki Haley’s upward momentum and her ties to corporate America and wealthy Democratic donors.

• The Democratic-led US Senate plans to hold a test vote on a bill for security assistance to Ukraine and Israel despite Republican opposition. President Biden emphasizes the urgency of the situation and calls on Congress to approve additional aid for Ukraine. Senate Republicans block the vote due to demands for stricter immigration measures.

• President Biden has forgiven $4.8 billion in student loans for over 80,000 borrowers and plans to forgive an additional $5 billion. The total amount forgiven under his administration is $132 billion. The forgiveness includes borrowers in the public sector and those on income-driven repayment plans. The administration aims to address the student loan system through various programs and reforms.

CRYPTO

• CEOs and Senator Elizabeth Warren agree on the need for cryptocurrency regulation, while Jamie Dimon calls for shutting it down.

• Robinhood has launched a commission-free crypto trading app in the European Union, offering over 25 cryptocurrencies and cashback rewards.

• Bitzlato co-founder Anatoly Legkodymov pleads guilty to operating an unlicensed money transmitting business, processing $700 million in illicit funds.

• Bitcoin’s recent surge in price is due to a short squeeze and optimism surrounding a proposed Bitcoin ETF. It outperformed the S&P 500 in November and remains steady near 20-month highs.