| |
| Here's a look at today's Tech briefing: - Spanish media sues Meta over advertising dominance.
- Spotify announces layoffs affecting 1,500 employees.
- Uber is joining the S&P 500 Index.
Thanks for reading! Beth
p/beth-duckett | |
| 1 | | A coalition of Spanish newspapers has sued Meta for €550M (~$600M), claiming the company has an unfair advantage in the online ad market. The AMI, representing more than 80 media outlets, claims Meta engages in "systematic and massive non-compliance" with the European Union's data protection rules, known as the General Data Protection Regulation (GDPR). More: - The lawsuit claims Meta's use of personal data from Facebook, Instagram, and WhatsApp users gives it an unfair edge in offering personalized ads.
- Meta's ads largely rely on the personal data of its users without their explicit consent, the suit contends, violating GDPR requirements for websites to gain approval for data use.
- The lawsuit covers the period from May 2018, when the GDPR took effect, through the end of July 2022, though it could extend beyond that.
- Meta has yet to respond to the legal action.
Zoom out: - In January, Ireland's Data Protection Commission (DPC) fined Meta $414M. Meta was accused of violating GDPR rules when it asked Facebook and Instagram users to accept service terms that opened up their data to personalized ads.
- According to the DPC, the language in the terms did not sufficiently make it clear to users how their personal data would be processed.
- In May, Meta was fined €1.2B ($1.3B) by EU regulators for transferring user data and information to the U.S., the largest ever for a GDPR violation.
|     | |
| 2 | | Spotify on Monday announced that it is laying off 17% of its workforce, or 1,500 employees, as it seeks to reduce costs in preparation for "challenges ahead." Details: Spotify CEO Daniel Ek attributed the job cuts to slowing economic growth and higher expenses. The layoffs are Spotify's third major round this year, following significant headcount growth during the pandemic. In addition to cost-cutting measures, Spotify has hiked prices on its music-streaming plans in many markets, including the U.S., to boost revenue. The bigger picture: Following massive job cuts earlier this year, some tech companies are now downsizing their workforces further ahead of the holidays. Twilio announced plans to cut 5% of its workforce, or 295 jobs, focused on its Data & Applications business by Q1 2024. ByteDance, Amazon, Cruise, and Snap also announced layoffs last month. Overall, more than 1,140 tech companies have let go of over 253,600 employees this year, compared to the 164,969 job losses in 2022. 
| | | |
| |
|
| 3 | | Uber Technologies Inc. (UBER) is joining the S&P 500 Index after reporting two straight profitable quarters. The ride-sharing company's spot on the benchmark index will be official on Dec. 18. More: - Uber, along with Jabil and Builders FirstSource, will replace Sealed Air Corp., Alaska Air Group, and SolarEdge Technologies on the S&P 500, respectively.
- To be included in the index, companies must show positive earnings for both the latest quarter and the preceding four quarters in total, according to S&P's guidelines.
- In Q3, Uber reported $221M in net income on $9.29B revenue, contributing to over $1B in profit over the last four quarters.
- Uber's market cap of at least $118B far exceeds the S&P's $14.5B minimum requirement. The median market cap of S&P 500 companies is around $31B.
Zoom out: - Uber reported its first-ever quarterly operating profit of $326M in Q2 2023, after facing $31.5B in operating losses since 2014.
- "We plan to be profitable every quarter going forward," CEO Dara Khosrowshahi said at the time.
Note: Inside.com Founder and CEO Jason Calacanis is an investor in Uber. | | | |
| 4 | | The world's largest operational experimental nuclear fusion reactor was inaugurated in Japan on Friday. The joint fusion reactor project between Japan and the EU primarily serves as a research facility to study the operation of future fusion power plants. More: - The reactor, known as JT-60SA, is a tokamak that heats plasma to 360 million degrees Fahrenheit. That temperature is when hydrogen atoms can start to fuse into helium, resulting in the release of sustainable energy.
- The JT-60SA is expected to require two more years to produce long-lasting plasmas for substantial physics experiments
- JT-60SA is a test bed for the energy project known as the ITER, or International Thermonuclear Experimental Reactor.
- For the ITER, 35 nations are working together to construct the world's largest tokamak in France.
Zoom out: - Nuclear fusion is considered the holy grail of energy, harnessing the process that fuels stars.
- If scientists can make it economically efficient on Earth, it could significantly curb or eliminate the world's dependence on fossil fuels.
| | | |
| |
|
| 5 | | A U.S. appeals court has overturned a $2.2B award that VLSI Technology won against Intel, making it one of the largest verdict reversals in U.S. patent law history. The court affirmed one patent infringement but reversed another, sending the case for back to re-determine the damages that Intel owes. More: - In 2021, a Texas jury awarded VLSI $2.18B after concluding that some technology in Intel microprocessors violated two patents that VLSI obtained from NXP Semiconductors.
- On Monday, the U.S. Court of Appeals for the Federal Circuit found insufficient evidence for the jury's finding on one of the patents, reversing that decision.
- The Federal Circuit still affirmed that Intel infringed the other patent but called for a new trial to address issues in the damages assessment.
- Intel plans to argue that the VLSI patent sent back to trial "is also of little value."
| | | |
| 6 | | OpenAI's GPT Store's launch, originally planned for this year, has been postponed to early 2024, as per a company email. The GPT Store will be a marketplace for OpenAI users to publicly share and sell their personalized AI chatbots. More: - In explaining the store's delay, OpenAI said, "While we had expected to release it this month, a few unexpected things have been keeping us busy!" — likely referring to the recent firing and rehiring of CEO Sam Altman.
- When the store does launch, it will let users publicly share their "GPTs" that users can create using OpenAI's personalized chatbot builder.
- Eventually, users should be able to earn revenue from their apps, according to OpenAI.
- GPTs can still be created and shared directly with others.
| | | |
| 7 | | QUICK HITS - The Kubernetes Cookbook is your comprehensive companion equipping you with the knowledge and techniques to harness the full potential of Kubernetes.*
- Zoom has launched an Apple TV app that uses an iPhone or iPad's camera along with Apple's Continuity Camera feature for video calls.
- A report by the U.K. government identified management consultants and business analysts as the jobs most vulnerable to AI.
- Time magazine shared its picks for the 10 best video games of 2023. "Alan Wake II" and "Baldur's Gate 3" topped the list, followed by "Spider-Man 2" and "The Legend of Zelda: Tears of the Kingdom."
- Toast to 2024: Key affiliate marketing trends to help your campaigns start off on the right foot in the new year. Get the free report.*
*This is a sponsored post. | | | |
 | AI and technology writer | | Beth is a contributing editor and writer of Inside's AI and Tech newsletters. She has written for notable publications like USA Today and the Arizona Business Gazette. During her time as a public policy reporter at The Arizona Republic, she received recognition with a Pulitzer Prize nomination and a First Amendment Award for her collaborative reporting on pension cost increases. Beth also authored a book on the solar photovoltaic industry in 2016. You can reach her at Beth.Duckett@yahoo.com. | | This newsletter was edited by Eduardo Garcia | |
| |
| |
|
| |
|
| |
