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| Here's a look at today's tech briefing: - Biden executive order seeks to protect Americans' data from China, Russia.
- Apple cancels self-driving car and shifts to AI.
- Disney and Reliance merge Indian media businesses.
- Top Amazon aggregator Thrasio files for bankruptcy.
- Nintendo sues Yuzu emulator creators.
Beth
p/beth-duckett | |
| 1 | | President Joe Biden on Wednesday signed an executive order to limit the widespread sale of Americans' personal data to countries like Russia, China, and Iran. The order targets data brokers and companies trading sensitive personal information like geolocation, genomic, financial, biometric, and health data. More: - As U.S. companies gather more data, they often sell it legally, risking it falling into the hands of foreign entities, per a White House press release.
- The protections aim to block large-scale transfers of sensitive U.S. data to six countries — China, Russia, North Korea, Iran, Cuba, and Venezuela — that are accused of exploiting that data to surveil activists, academics, political figures, marginalized groups, and others.
- The order directs the DOJ to adopt rules to protect that data and set security standards to block access through commercial channels.
- The DOJ will accept public comments on the draft rules soon.
Zoom out: - It's the first time a U.S. president has moved to restrict third-party data sales while Congress struggles to pass a comprehensive data privacy law.
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| 2 | | Apple has canceled its self-driving car project, redirecting team members to focus on generative AI. Bloomberg last month suggested a 2028 release for the Apple car, but now reports the project has been entirely scrapped. More: - The autonomous electric car project, known as Project Titan, had reportedly been in development for 10 years.
- The company worked on self-driving technology, designs, and powertrains without sharing details publicly.
- Apple was testing the sensor-equipped cars in California, covering over 450,000 miles from December 2022 to November 2023, triple the amount from the year before.
- While Apple was considering a $100,000 price point, executives had concerns about profit margins.
Zoom out: - Apple is now shifting some employees working on the car to its AI division.
- Some may face layoffs, as reported by Bloomberg.
- Meanwhile, Apple plans to launch generative AI features in its software "later this year," according to CEO Tim Cook.
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| 3 | | Walt Disney Co. and Reliance Industries signed a deal to merge their media operations in India, forming an $8.5B sports and entertainment powerhouse. The deal, expected to be finalized by Q1 2025, will grant Reliance control of the joint venture, with a $1.4B investment in its growth strategy. More: - Indian conglomerate Reliance, led by billionaire Mukesh Ambani, will hold a 16.34% stake, while Ambani's Viacom18 will have 46.82%, and Disney will own 36.84%.
- The companies will merge their Star India and Viacom18 units to form the new Star India joint venture.
- The combined entity will have 120 TV channels, two streaming platforms, and broadcasting rights to Indian Premier League cricket matches, reaching more than 750 million viewers in the Indian market.
- The merger values the venture at $8.5B on a post-money basis.
Zoom out: - The deal is expected to elevate Ambani above competitors like Netflix, Sony, and Zee Entertainment Netflix in India's $28B media and entertainment industry.
- In 2019, Disney expanded in India by acquiring most of 21st Century Fox, including the vast Star India network.
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| 4 | | Thrasio Holdings, the largest Amazon aggregator, filed for Chapter 11 bankruptcy protection on Wednesday. The company, which acquires brands on Amazon, plans to operate as usual during the bankruptcy to shed $495M in debt, with up to $90M in commitments for new fresh capital from lenders. More: - In its New Jersey bankruptcy filing, Thrasio reported assets of $1B to $10B and liabilities of $500M to $1B.
- The company, one of Amazon's largest third-party sellers, will be able to better support its brands with new capital and a stronger balance sheet, CEO Greg Greeley said.
- The company raised a total of $3.4B from investors and had at one point eyed a $10B SPAC public listing.
- In 2022, Thrasio laid off 20% of its staff and appointed Greeley as CEO following several high-level executive departures.
Zoom out: - During the pandemic's e-commerce surge, investors funneled billions into startups like Thrasio that were buying up and consolidating third-party Amazon sellers.
- However, the aggregators have faced challenges as online sales dipped and interest rates on their debt increased.
- Global funding to Amazon brand aggregators peaked at $6.2B in 2021 but fell sharply to $68M only two years later.
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| 5 | Nintendo is suing the developers of the Switch emulator Yuzu, alleging large-scale piracy and seeking a court order to shut down the emulator. Nintendo accused Yuzu of turning computing devices into tools for massive copyright infringement. More: - Yuzu, launched in 2018 and owned by Tropic Haze, allows users to play Switch titles on Windows, Linux, and Android consoles.
- Nintendo argues that Yuzu illegally bypasses Switch encryption. It claims that "The Legend of Zelda: Tears of the Kingdom" was illegally playable on the emulator over a week before its release, resulting in over a million downloads from pirate websites.
- The lawsuit asks to seize and destroy all copies of the Yuzu emulator, along with any infringing software and hardware.
- Nintendo is also seeking $2,500 for each violation of the Digital Millennium Copyright Act's anti-circumvention and anti-trafficking provisions, along with $150,000 for each copyright infringement.
- Tropic Haze has yet to comment.
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| 6 | | The U.S., Japan, and eight other nations endorsed new principles for the global development of 6G networks. Sixth-generation wireless technology is expected to offer data speeds up to 50 times faster than 5G, with public availability expected around 2030. More: - The U.S., Australia, Canada, the Czech Republic, Finland, France, Japan, South Korea, Sweden, and the U.K. jointly endorsed the statement supporting principles for 6G communication systems.
- The countries are advocating for "secure and trusted" 6G technology that's both affordable and available to people worldwide.
- They also support national security, privacy, open innovation, efficient spectrum use, and a competitive 6G ecosystem.
- The countries pledged to pass policies and "advance the R&D and standardization of 6G networks" both domestically and internationally.
Zoom out: - The UN's International Telecommunication Union hopes to approve global 6G standards by 2030.
- The next-gen network will reduce latency and incorporate AI and multidimensional-sensing for near real-time connections.
- In addition to mobile, 6G will support tech like self-driving cars, smart-home setups, and virtual reality.
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 | AI and technology writer | | Beth is a contributing editor and writer of Inside's AI and Tech newsletters. She has written for publications including USA Today, the Arizona Business Gazette, and The Arizona Republic, where she received recognition with a Pulitzer Prize nomination and a First Amendment Award for collaborative reporting on state pension cost increases. You can reach her at Beth.Duckett@yahoo.com. | | This newsletter was edited by Eduardo Garcia | |
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