Top tech news stories: May 23, 2024

Dive into legislative debates on digital currencies in the US, major investments like Microsoft’s $1 billion data centre in Kenya, and AI innovations, including Amazon’s revamped Alexa.


1. US securities regulator urges against crypto bill adoption

The U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act, aimed at establishing a new legal framework for digital currencies. SEC Chair Gary Gensler criticised the bill for potential regulatory gaps and risks to investors. The Senate’s stance on the bill remains uncertain. (Reuters)

2. FTX’s Bankman-Fried being transferred to new prison, WSJ reports

Federal officials have started transferring Sam Bankman-Fried, founder of FTX, to a new prison, despite his preference to remain in New York for his appeal preparations. Although his exact destination is unconfirmed, sources indicate he is being moved to a federal facility in Mendota, California. (The Wall Street Journal)

3. WisdomTree, 21Shares to list crypto products on London Stock Exchange

WisdomTree and 21Shares are set to launch cryptocurrency-backed exchange-traded products (ETPs) on the London Stock Exchange, having received approval from the UK’s Financial Conduct Authority. (Aol.)

IT infrastructure

4. European Commission official sees $100 bln in private chip investment by 2030

The European Chips Act is poised to stimulate over €100 billion in private investment into the EU semiconductor industry by 2030, according to European Commission official Thomas Skordas. (

5. Saudi woos electric flying taxi company Archer as Gulf rivals vie to be aviation hub

Saudi Arabia is actively pursuing partnerships with Archer Aviation for potential eVTOL projects in Riyadh and Jeddah, following the company’s significant investment pact in the UAE. (933 The Drive)

6. Amazon Web Services to invest $17.02 bln in data centres in Spain

Amazon’s AWS is set to invest €15.7 billion ($17.02 billion) in data centres in Spain’s Aragon region over the next decade, marking the largest tech investment in Spain and southern Europe. (DT Next)

7. Microsoft ties up with UAE-based AI firm to invest $1 bln in Kenya data centre

Microsoft is teaming up with UAE’s G42 to invest $1 billion in a Kenyan data centre, enhancing East Africa’s cloud services. Powered by geothermal energy, the facility will support Microsoft Azure’s new regional cloud service. (Yahoo! Tech)

8. Analog Devices forecasts robust quarterly revenue on chip market recovery

Analog Devices projects third-quarter revenue to surpass Wall Street forecasts, buoyed by rising demand for its industrial chips. Shares surged over 8% following the announcement. (Channel News Asia)

Tech trends

9. Apple challenges $2 bln EU antitrust fine at EU court

Apple has appealed a €1.84 billion fine by EU antitrust regulators at Europe’s second-highest court, contesting charges of stifling competition on its App Store. (Reuters)


10. Tencent and iFlytek enter China’s AI language model price war

Tencent and iFlytek have intensified a price war in China’s tech sector by drastically reducing the costs of their large-language models (LLMs), which power ChatGPT-like chatbots. (Reuters)

11. Summit host South Korea says world must cooperate on AI technology

At the conclusion of the global AI summit in Seoul, co-hosted with Britain, South Korea’s Minister of Science and ICT emphasised the necessity of international cooperation for the successful and safe development of AI. (Reuters)

12. Amazon to launch AI-overhauled Alexa with paid plans, CNBC reports

Amazon plans to release a more conversational AI-powered Alexa later this year, with a new subscription fee model to cover technological costs, as reported by CNBC.  (Yahoo! Finance)

13. Earnings from AI-heavyweight Nvidia to test US stocks’ record run

Nvidia’s upcoming earnings are a critical litmus test for the U.S. stock market’s recent rally, with its significant market influence due to its leading role in the AI sector. (U.S. News)

14. German AI-driven translator DeepL valued at $2 billion

German AI-driven translation startup DeepL has reached a valuation of $2 billion, making it Germany’s most valued AI company. DeepL plans to enhance research, product innovation, and global expansion, while increasing its workforce to support over 100,000 companies. (Reuters)

15. Bank of Italy warns against AI-powered fake videos

The Bank of Italy has issued a warning about deepfakes featuring fabricated representations of financial leaders, including those from the bank itself, to spread false messages and commit fraud. (Banca D’italia)


16. Qqomodo secures $1.6 million in funding to fortify IoT cybersecurity

Qomodo, an IoT cybersecurity startup, has raised $1.6 million in pre-seed funding led by Expeditions Fund with contributions from several prominent investors. (IoT News)


Sylvia Shen

Sylvia Shen is an editorial assistant at Blue Tech Wave specialising in Fintech and Blockchain. She graduated from the University of California, Davis. Send tips to

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