Author: Elodie Qian

Citing regulatory unpredictability, Meta will not introduce its multimodal AI models in the European Union. The decision reflects broader compliance challenges with EU data protection laws, particularly the General Data Protection Regulation (GDPR).

Wall Street’s semiconductor index lost over $500 billion on Wednesday due to reports of potential U.S. export restrictions on China. Intel, a major beneficiary of the U.S. Chips Act with $52.7 billion in subsidies, may gain from geopolitical tensions but faces concerns over revitalizing its manufacturing business.

Netflix added over 8 million subscribers in Q2, driven by a crackdown on password sharing and the popularity of hit shows. Netflix maintains a conservative stance on the potential for advertising revenue, projecting that it will not become a primary revenue driver until at least 2026.

ASML announced better-than-expected earnings for Q2 of 2024 today on strong sales to China and with an increase in new bookings. Fouquet said 2024 is embarked as a “transition year” where ASML aims to maintain steady performance in preparation for a robust 2025.

New Ray-Ban Meta smart glasses, created by Meta Platforms and EssilorLuxottica, have seen a surge in sales, exceeding their predecessors. The success of Ray-Ban Meta glasses can’t be separated from its pricing, features, and form factor.

Analysts expect TSMC’s profit to rise 30% year-on-year to $7.25 billion in the second quarter due to surging demand for AI chips. TSMC has customers include Apple and NVIDIA and is spending billions of dollars to build new factories overseas.

Google’s parent company Alphabet is reportedly in advanced acquisition talks with Wiz in a deal that could be worth as much as $23 billion. Google is working to strengthen its cybersecurity business with a focus on cloud computing and investing heavily in its cloud computing business and growing rapidly.

Josephine Teo, Singapore minister, says AI governance framework is necessary and Singapore is more excited about AI over fear.
Singapore prefers to embrace AI over fear, but it is necessary to take some specific legal measures to address AI deepfakes during elections.

Intuit announces 1800 job cuts – about 10% of the company’s total headcount, selecting 1050 employees who don’t meet expectations. Intuit stock fell 2.57% to close at $632.84 in early trading Wednesday, up 1.25% year-to-date, compared with a 23.3% gain on the Nasdaq Commodities (Nasdaq COMP).