META WITNESSES
Tech billionaires in Democrats’ crosshairs: Who could face congressional probes? Here’s the hit list
Elon Musk, Mark Zuckerberg, Jeff Bezos and other tech leaders could face congressional investigations as Democrats prepare to take control of Congress in 2027. Their scrutiny could focus on ties to Donald Trump, political influence, AI development, data center expansion and the industry's impact on American jobs and communities.
Nomura silences AI doubters, says Kospi can hit 10,000 mark to double as fundamentals are intact
South Korea's Kospi plunged to a nine-month low amid fears that US political shifts could slow AI infrastructure spending and hurt chip demand. However, Nomura remains bullish, projecting a potential recovery towards 10,000, with a near-term target of 7,500–8,000.
AI meltdown: Kospi crashes 9%, hits 9-month low as Wall Street bloodbath after midterm elections spills to Asia; circuit breaker triggered
The sell-off followed a global market rout on Thursday, which saw the Nasdaq 100 plunge 6.4%, wiping out a record $2.3 trillion in market value. The weakness extended across Asia on Friday, with chip-heavy indices coming under pressure. Japan's Nikkei 225 Stock Average and Taiwan's Taiex were also on course to enter technical bear market territory, having fallen 20% from their respective peaks.
Ahead of Market: 10 things that will decide stock market action on Thursday
Indian markets extended their rally, with Sensex gaining 384 points to 77,301 and Nifty rising 150 points to 23,961, marking two-month highs. Positive sentiment, strong earnings, festive demand and buying across mid- and small-caps supported gains.
AI is driving up memory prices. So why is Sam Altman questioning your PC's RAM?
OpenAI CEO Sam Altman has questioned the need for large amounts of RAM in personal computers, arguing that much of the memory remains unused and could be utilised more efficiently through centralised cloud infrastructure. However, his remarks come at a time when the AI industry's growing demand for computing power is contributing to rising memory prices, making smartphones, PCs and other consumer devices more expensive.
Meta, Snap head to trial in another case about social media's harms
Jury selection is expected to begin on Wednesday in Los Angeles for another landmark trial about the alleged harms of social media on young users, with Meta and, for the first time, Snap as defendants. Meta and YouTube lost the first so-called bellwether case earlier this year, when a jury found them collectively liable for harming a young user known by the initials KGM, and ordered the tech companies to pay a combined $6 million penalty.
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Ahead of Market: 10 things that will decide stock market action on Friday
Indian equities fell sharply as rising crude prices, rupee weakness and global uncertainties pressured sentiment. Sensex lost over 460 points, Nifty declined 124 points, and BSE-listed companies lost Rs 3 lakh crore in market value.
Meta stock price: Why are Meta shares down today? Facebook, Instagram parent may witness USD 50 billion wipe out from company's market value despite strong quarterly revenue
Meta share price: Facebook, Instagram parent is spending heavily to support its AI plans, with an expected annual capital expenditure forecast between $135 billion and $145 billion.
US stocks | US market edges lower amid chip weakness, mixed bank earnings
US stocks experienced a decline as chip stocks faced selling pressure and banks reported mixed earnings. The Dow Jones Industrial Average fell slightly, led by losses in healthcare and financial sectors. Notable stocks include Johnson & Johnson, Wells Fargo, and JPMorgan Chase, which experienced significant movements. Bumble surged after announcing a takeover, while Domino's Pizza lowered its sales outlook.
Delhi Court dismisses Parvesh Verma's defamation case against Saurabh Bharadwaj, says "posts were questions, not defamation"
A Rouse Avenue court dismissed a criminal defamation complaint filed by Parvesh Verma against Saurabh Bharadwaj. The court found that the statements made by Bharadwaj did not constitute defamation due to their questioning nature. Verma claimed that Bharadwaj's social media posts harmed his reputation by linking him to a serious school incident. Additionally, Verma stated that he has no connections to the school or its trust.
Ahead of Market: 10 things that will decide stock market action on Wednesday
Indian equities extended their rebound for a second session, with Sensex rising 685 points and Nifty gaining over 220 points. Falling crude prices, strong Q2 business updates and positive global cues lifted investor sentiment, adding nearly Rs 5 lakh crore to BSE market capitalisation.
Why is France at the centre of a bond market storm?
Recent trends show French government bonds, referred to as OAT, experiencing yields surpassing 5% amidst investor apprehension. The recent sell-off is partly due to Japanese investors transitioning from foreign bonds to focus on domestic assets. With an election looming next year, fiscal stability remains uncertain as candidates have unclear financial plans. France's deficit is at 5.
Ahead of Market: 10 things that will decide stock market action on Tuesday
Indian equities rebounded on Monday after eight consecutive weekly losses, with Sensex rising 473 points and Nifty gaining 134 points. Softer US jobs data and lower crude prices supported sentiment, though analysts flagged bond yields, currency risks, RBI policy and earnings uncertainty.
Meta, TikTok, X challenge UK watchdog over online safety data demands
The challenge is one of the first in relation to the 2023 Online Safety Act, which sets tougher standards for platforms such as TikTok, X and Meta's Facebook and Instagram with the aim to protect children from harmful and illegal content.
IRDAI proposal hits insurance stocks; FSSAI vs ecomm giants
The insurance regulator has proposed new limits on commissions as part of a wider overhaul. This and more in today’s ETtech Top 5.
Global Fintech Fest: How Adyen powers payments for global ambition and expansion
The payments ecosystem in India is moving beyond just digitisation, and towards infrastructure that can operate seamlessly across borders, and connected ecosystems. Adyen, a global fintech company with presence in India is positioned to achieve exactly that for Indian merchants who have the ambition to go global and global enterprises expanding in India.
ETMarkets Management Talk | AI and data centres are powering CleanMax's next growth engine; 42% of portfolio now comes from the segment, says Kuldeep Jain
In an interaction with Kshitij Anand of ETMarkets, Kuldeep Jain, Founder and Managing Director of CleanMax, says the rapid expansion of hyperscalers and data centres is fundamentally changing the scale and nature of renewable energy demand.
Meta’s Sandhya Devanathan to join OpenAI; IT stocks rally
Meta’s India and South East Asia head Sandhya Devanathan is departing after 10 years to join OpenAI. This and more in today’s ETtech Top 5.
Instagram head Adam Mosseri, at children's addiction trial, says few teenagers knew of safety feature
Adam Mosseri, the head of Instagram since 2018, denied any suggestion by U.S. states suing Meta that Instagram stalled by not making the "Take a Break" feature the default setting for teenagers until September 2024, nearly three years after its launch.
Instagram chief admits Meta omitted weak teen safety tool uptake
Adam Mosseri, who oversees Instagram at Meta, admitted in a California court on Tuesday that he touted newly launched safety tools for teens without disclosing low adoption rates from early testing several years ago. When asked if Meta disclosed its low adoption, which only reached 1 or 2 percent of the accounts, Mosseri admitted the company did not but said the safety features were later turned on by default in Teen Accounts, which have parental controls and launched in 2024.
Mark Zuckerberg encouraged growth over child safety, ex-Meta executive testifies at trial
Arturo Bejar, a vocal critic of Meta's safety record, made the allegation during his second day of testimony in a landmark trial over claims brought by a coalition of states that could reshape Facebook and Instagram, some of the most popular apps on the planet.
Former Meta engineer says Instagram took a 'don't ask, don't tell' approach on kids under 13
During his second day of testimony, Arturo Bejar said Meta consistently prioritized profits over safety in designing its products, focusing on how often and for how long people used them, even if it was detrimental to their mental well-being.
Former Meta engineer resumes testimony in landmark trial over social media's harm to young users
Arturo Bejar, who worked at Meta from 2009 to 2015 before returning to the company as an independent contractor from 2019 to 2021, is the first witness in a landmark trial over claims brought by a coalition of states accusing the company of designing its platforms to addict young users. Meta, which denies the states' allegations and says it stands by its efforts to protect teens, has argued that Bejar's opinions are beyond the scope of his work at the company.
Meta rejects claims it sought to hook children to Facebook, Instagram as landmark trial begins
Four lead states - California, Colorado, Kentucky and New Jersey - accused Meta of designing Facebook and Instagram to hook young users, fueling anxiety, depression and even suicide, and misleading consumers about the platforms' safety. All 29 states accused Meta of violating federal law by improperly collecting and using children's personal data.
Major Meta trial begins as lawyers spar over witnesses, damages
Facebook-parent Meta will defend itself in a landmark social media trial that begins Tuesday in California, where attorneys have sparred over witnesses and financial penalties. Dozens of US states sued four major tobacco companies for downplaying the harmful health impacts of their products, and won a 1998 landmark settlement that included financial penalties and changes to product marketing.
US states seek $200 billion penalty in blockbuster Meta lawsuit
A coalition of US states will seek around $200 billion in damages against Meta, which they accuse of intentionally designing Facebook and Instagram to be addictive for children, when a landmark trial kicks off on Tuesday. A coalition of states sued Meta in 2023 for allegedly designing addictive features for kids in its apps and violating state laws.
Facebook approved ads promoting violence in wake of Brazil riots: report
Earlier this month, thousands of supporters of Brazil's far-right former President Jair Bolsonaro stormed the nation's congress, supreme court, and presidential palace in an attack lasting more than three hours.
Instagram down, memes flood Twitter: Everything you need to know
Videos and photo sharing app Instagram is facing a global outage. Twitter jokes about the incident under hashtag #instagramdown. Read more for all details
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