Top tech news stories today: August 6, 2024

Headline

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…

Context

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 ) 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 )

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Analysis

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

Key Points

• Fintech
• 1. Crypto sell-off deepens as weak economic data dampens risk-taking
• IT infrastructure
• 2. China launches first satellites of constellation to rival Starlink, newspaper reports
• 3. CtrlS Datacenters to invest $47m in new Patna facility

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Tuna Tu