ANTITRUST CHIEF
Nvidia's web of AI bets: smart strategy or bubble risk?
Nvidia's $3 billion investment in Meta's share sale, announced Tuesday, is the latest addition to a portfolio of stakes, loans and guarantees that has made the chip giant what some analysts describe as the central bank of the artificial intelligence boom. Nvidia also has around $36 billion in cloud backstops and a guarantee of up to $105 billion linked to an OpenAI data center, according to US media.
Online festive sales fizzle; Snowflake CEO on AI’s impact on software
Happy Monday! Festive ecommerce sales have slowed down this year, we tell you why. This and more in today’s ETtech Morning Dispatch.
Apple names Meta veteran Scott Tucker as litigation chief in legal team shake-up
Apple has hired former Meta litigation chief Scott Tucker as vice president of global litigation and financial services, strengthening its legal leadership amid mounting antitrust, patent and other lawsuits. The appointment is part of a broader reorganisation under General Counsel Jennifer Newstead, as the iPhone maker faces legal setbacks threatening its services business.
Flash flood sweeps away houses, bridges in Nepal months after deadly disaster
Nepal's Gorkha district experienced a flash flood that swept away several houses and bridges. Nearly 50 people were rescued by authorities, while around 10 individuals remain missing. Residents were urged to evacuate to safer locations as the floodwaters rose unexpectedly. The sudden surge in the Budhi Gandaki River caused damage to hydropower projects and infrastructure. Efforts continue to locate the missing individuals and ensure the safety of stranded tourists.
Alaska Airlines takes its battle for Seattle with Delta overseas
Alaska Airlines is expanding aggressively into long-haul international travel from Seattle, using widebody aircraft acquired through Hawaiian Airlines to challenge Delta for premium passengers. The airline plans at least 15 intercontinental destinations by 2030, betting that higher-margin international, premium-cabin and loyalty revenue can offset fuel pressures and narrow the profitability gap with larger US rivals.
Paramount CEO Ellison asks CNN chief Thompson to stay after Warner Bros deal, source says
Paramount CEO David Ellison is negotiating with CNN CEO Mark Thompson to extend his contract and ensure editorial independence. Discussions have not yet finalized on the terms of Thompson's continued leadership. A new acquisition will merge CNN and CBS News under one ownership structure. Furthermore, Paramount must establish an independent board for maintaining editorial autonomy post-merger.
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AI leaders called for a slowdown; now they're being sued over it
AI leaders’ calls for slowing the pace of artificial intelligence development have triggered a fresh debate over safety, competition and regulation. Now, a lawsuit accusing major AI companies of antitrust violations has added another twist to the debate.
Anthropic, OpenAI, SpaceXAI, Google face federal antitrust lawsuit over calls to slowdown AI development
According to a news report by Politico, the complaint filed in the Northern District Court of California, claims that public statements made earlier this month amounted to an illegal business agreement between competitors under US antitrust law. The matter began with Anthropic Chief Executive Officer Dario Amodei issuing a public plea for "industry-wide coordination" to "pace the frontier" of artificial intelligence advancement.
Europe's AI firms, playing catch-up, challenge US calls for slowdown
Anthropic's CEO Dario Amodei in an online essay urged firms to slow the pace at which they improve AI model capabilities and called for an antitrust waiver allowing leading developers to jointly develop safety measures after researchers warned about the dangers of AI, including that it could wipe out humanity.
Meta's Mark Zuckerberg says AI labs have enough incentive to build safely
Meta Platforms CEO Mark Zuckerberg said on Tuesday that competition and liability give AI companies enough reason to act individually on safety, appearing to break from calls by leaders of top AI firms for a coordinated slowdown in AI development.
OpenAI is working with Anthropic, Google on AI safety: Bloomberg News
Global concerns about AI's existential risks have risen after the heads of America's leading AI labs came together in a show of unity over the weekend to call for a pause in the development of the technology.
Stocks in news: Tata Group stocks, HDFC Bank, Coforge, HFCL, Sun Pharma and Varun Beverages
On September 11, Indian stock markets experienced a remarkable bounce back after an initial dip at opening. Key index heavyweights attracted selective buying, which limited the day’s overall losses. Major players like HDFC Bank and IT sectors remained in focus amid relevant corporate announcements. Additionally, SEBI's discussion paper regarding the Closing Auction Session received input on five critical areas.
Global Market: Euronext, Deutsche Boerse shares rise on renewed merger talks
Euronext and Deutsche Boerse shares rose around 2% after Euronext CEO Stephane Boujnah said a potential combination could make strategic sense. His comments revived merger speculation between Europe’s two largest exchange groups, though no talks are currently underway.
Delhi HC allows builders' body BAI to be party in CCI cement cartelisation case, dismisses UltraTech appeal
The Delhi High Court dismissed UltraTech Cement's appeal regarding the Builders Association of India's involvement. The court affirmed the association's impleadment to aid the antitrust regulator's assessment. This impleadment helps the Competition Commission of India reach a correct conclusion on allegations. The Builders Association of India had also alleged cartelization by grey cement manufacturers. The Competition Commission of India initiated an investigation after receiving market participant complaints.
Coinbase CEO Brian Armstrong, one of crypto’s richest leaders, has a $9 billion net worth, but he says he won’t create a charity foundation: "I'm not going to do that"
Coinbase CEO Brian Armstrong, one of crypto’s richest leaders, has a massive net worth of $9 billion but he has taken a different approach on philanthrophy. He said in an appearance on the Katie Miller Podcast that he sees much of philanthropy as counterproductive. Brian Armstrong also said charitable institutions can become driven by politics rather than service.
US Justice Department pauses cooperation with Canadian government: Report
The US Justice Department denied reports of pausing work with Canada. This denial came amid ongoing trade disputes between the two nations. The department stated a scheduled meeting was temporarily held for preparation. Reports indicated a directive to stop cooperation on cases and policy issues. The White House and Canadian government did not immediately comment on the matter.
Meta defeats Instagram shopping monopoly lawsuit for now
US Magistrate Judge Virginia DeMarchi in San Jose, California, on Friday dismissed claims brought by London-based Ollywan, which had alleged last year that Meta copied its concept for a "tag-based" shopping platform before launching Instagram Shopping in 2016.
EU order against Meta may last until June 2029, EU antitrust chief says
A key EU order for Meta Platforms to allow rival AI chatbots access to its WhatsApp messaging app will continue. This decision stands as the European Union investigates competition concerns. The order could remain effective for several years, potentially until 2029. EU antitrust chief Teresa Ribera stated Meta's proposals to resolve these issues were unconvincing.
Airbus, Thales, Leonardo CEOs to discuss satellite merger with EU antitrust chief
Airbus, Thales, and Leonardo are exploring a potential merger of their satellite businesses to better compete with companies like Elon Musk's Starlink. Executives from the three European aerospace companies are scheduled to meet with EU antitrust chief Teresa Ribera on Wednesday to discuss the tentative plans.
EU denies picking on US tech giants, says US also tackling monopolisation
The EU reassured US lawmakers that the Digital Markets Act (DMA) isn’t targeting American tech giants but aims to ensure fair competition. EU officials highlighted similar US antitrust actions and dismissed concerns about innovation and fines.
Big Tech, calls for looser rules await new EU antitrust chief
Nominated by European Commission President Ursula von der Leyen for the high-profile antitrust post on Tuesday, Ribera has been Spain's minister for ecological transition since 2018.
EU antitrust chief Vestager to hold press conference, big tech likely in focus
Sources said they will likely announce investigations into potential breaches of the Digital Markets Act (DMA) targeting Big Tech companies.
Apple, Meta, Google set to face EU Digital Markets Act probes
The European Commission will likely announce the investigations in coming days and issue decisions before EU antitrust chief Margrethe Vestager's term ends in November, they said.
EU antitrust chief Margrethe Vestager to hold news conference, Apple in focus
Margrethe Vestager is likely to announce a fine and an order to iPhone maker Apple to allow Spotify and other music streaming services inform users of options outside Apple's App Store.
EU antitrust chief Vestager to hold news conference, Apple in focus
She is likely to announce a fine and an order to iPhone maker Apple to allow Spotify and other music streaming services inform users of options outside Apple's App Store, sources close to the matter said.
EU antitrust chief Margrethe Vestager meets Apple, Alphabet, and Qualcomm chiefs
Last week, Vestager's communications adviser said she would speak to chief executives of Apple, Alphabet, Broadcom and Nvidia in the United States, focusing on European digital regulation including the Digital Markets Act (DMA) and competition policy.
EU's Vestager to meet Big Tech CEOs in the US next week
The meetings come a month after Vestager resumed her job following her failed bid to head the Luxembourg-based European Investment Bank, with antitrust experts expecting her to show a tougher line towards companies in both merger and competition investigations.
EU top court rejects 250 million EU tax order to Amazon
Europe's top court on Thursday scrapped an EU order to Amazon to pay 250 million euros ($270 million) in back taxes to Luxembourg, part of EU antitrust chief Margrethe Vestager's crackdown against sweetheart deals between multinationals and EU countries.
Apple prefers fines to obeying antitrust order, says Vestager
"Apple's conduct in the Netherlands these days may be an example," she said. The iPhone maker "essentially prefers paying periodic fines rather than comply" with a Dutch antitrust order to offer alternative app payments. A new EU law imposing curbs on big tech behaviour should help tackle the problem, she added in the speech, delivered Tuesday.
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