Top tech news stories today: August 6, 2024

Top tech news stories today: August 6, 2024 is profiled by BTW Media because public-source evidence links it to internet infrastructure, governance, operational dependencies, or market visibility.

Fintech

1. Crypto sell-off deepens as weak economic data dampens risk-taking

U.S.-listed shares of crypto-linked companies slumped as bitcoin fell more than 15% on Monday, after weak economic data last week triggered fears of a recession and set off a frenzied selling of risky assets. (Reuters)

IT infrastructure

2. China launches first satellites of constellation to rival Starlink, newspaper reports

A Chinese state-owned enterprise on Monday launched the first batch of satellites for a megaconstellation designed to rival U.S. company Space X’s Starlink’s near-global internet network, a state-backed newspaper reported. (MSN)

3. CtrlS Datacenters to invest $47m in new Patna facility

CtrlS Datacenters has unveiled plans to invest about Rs 400 crore (US$47 million) into the new data centre in Patna. (Capacity.)

4. Cisco UK&I appoints ex-BT director Sarah Walker as CEO

Cisco today announced a new leader for its UK and Ireland business. Sarah Walker will succeed David Meads as he transitions to lead the company’s operations in the Middle East and Africa. (CISCO)

Tech trends

5. Google has an illegal monopoly on search, US judge finds

A U.S. judge ruled on Monday that Google violated antitrust law, spending billions of dollars to create an illegal monopoly and become the world’s default search engine, the first big win for federal authorities taking on Big Tech’s market dominance. (Reuters)

6. Indian e-scooter maker Ola Electric’s $734 mln IPO fully subscribed

Ola Electric’s $734 million initial public offering (IPO) was fully subscribed on the second day of bidding, reaching the target amid a sharp sell-off in global equity markets. (Yahoo Finance)

7. Logitech founder urges company to replace board chair immediately

Logitech International co-founder Daniel Borel on Monday urged shareholders at the Swiss-American company to find a new board chairperson this year to replace Wendy Becker, who recently announced she would not stand for reelection in 2025. (Aol.)

8. Neuralink implanted second trial patient with brain chip, Musk says

The startup aims to perform another eight trials in 2024, pending regulatory approval. (QUARTZ)

AI

9. Nvidia’s AI chip demand to face limited impact from potential production delay, analysts say

Worries over a delay in the launch of Nvidia’s upcoming artificial-intelligence chips may be exaggerated, analysts said, as they do not expect the setback to have a big impact on the chip giant’s revenue or demand. (Reuters)

10. Five US states push Musk to fix AI chatbot over election misinformation

Secretaries of state from five U.S. states urged billionaire Elon Musk on Monday to fix social media platform X’s AI chatbot, saying it had spread misinformation related to the Nov. 5 election. (CNA)

11. Lumen secures deals worth $5 billion on AI driven demand for connectivity

Telecommunications firm Lumen Technologies has secured new deals worth $5 billion from cloud and tech companies for its networking and cyber-security solutions as more businesses rush to adapt AI driven technologies.(Yahoo Finance)

12. AI Chip Startup Groq Gets $2.8 Billion Valuation in New Funding Round

Artificial intelligence startup Groq Inc. has raised $640 million in new funding, underscoring investor enthusiasm for innovation in chips for AI systems. (Bloomberg)

13. AI chip startup Groq lands $640M to challenge Nvidia

Groq, a startup developing chips to run generative AI models faster than conventional processors, said on Monday that it has raised $640 million in a new funding round led by Blackrock. Neuberger Berman, Type One Ventures, Cisco, KDDI and Samsung Catalyst Fund also participated. (Tech Crunch)