Ripple is optimistic about the crypto industry’s lobbying efforts for the 2024 U.S. elections, having raised $102 million. Google restructures its privacy team amidst layoffs.
Fintech
1. Crypto industry’s lobbying drive will pay off in US elections, Ripple president says
Ripple’s president is optimistic about the crypto industry’s lobbying efforts in the 2024 U.S. elections. Ripple, the second-largest donor to the super PAC Fairshake, has contributed to a record $102 million raised by crypto-backed super PACs. (Yahoo!Finance)
2. FTX seeks to stop outside litigation against insiders, VC firms
FTX requested a U.S. judge to halt external lawsuits against its insiders and venture capital firms, arguing these cases hinder its $16 billion repayment plan to customers. (Market Screener)
Internet governance
3. ARIN community grant program application deadline extended
The ARIN Community Grant Program deadline has been extended to Sunday, 23 June, offering a final chance for noncommercial projects to secure funding. The program supports initiatives that enhance Internet technical improvements, registry processes, informational outreach, and research. (ARIN)
IT infrastructure
4. Apollo Global to provide $11 bln to Intel for Ireland facility
Intel and Apollo have announced an $11 billion investment deal, with Apollo acquiring a 49% equity interest in Intel’s Fab 34 joint venture. This second SCIP arrangement under Intel’s Smart Capital strategy aims to enhance financial flexibility. (Intel Newsroom)
5. Tesla likely to spend $3 bln-$4 bln on Nvidia hardware this year
Tesla is expected to spend $3-$4 billion on Nvidia hardware this year, according to CEO Elon Musk. Out of Tesla’s $10 billion AI-related capital expenditure, around half is internal. (Channel News Asia)
6. Databricks to buy data management firm Tabular for over $1 bln
Tabular co-founders Ryan Blue, Daniel Weeks, and Jason Reid will join Databricks to unify their customer bases. Founded in 2021, Tabular offers data management products built on Apache Iceberg. (Tech Crunch)
Tech trends
7. Google’s privacy chief to exit
Google’s chief privacy officer, Keith Enright, will leave the company after 13 years as Google restructures its privacy and compliance teams, with no plans to replace him. Matthew Bye, head of competition law, is also departing. (Forbes)
8. London hospital services impacted by ransomware incident
A ransomware attack on Synnovis, a lab services provider, has significantly disrupted services at several major London hospitals, including Guy’s and St Thomas’ and King’s College Hospital NHS Foundation Trusts. (CNBC)
9. Google cuts at least 100 jobs across its cloud unit, CNBC reports
Alphabet-owned Google is laying off at least 100 employees from its cloud unit, affecting roles in sales, operations, engineering, consulting, and strategy. This follows earlier layoffs in April and January. (The Straits Times)
Products
10. Meta is fixing three of the Quest 3’s biggest lingering annoyances
The Meta Quest 3’s latest v66 update addresses key issues with passthrough and hand tracking. It introduces wrist buttons for menu access, reducing the need for the often-missed “look at your palm and pinch” gesture. (The Verge)
11. Max raises prices across its ad-free plans
Max has announced a price increase for its ad-free streaming plans. The standard ad-free plan now costs $16.99/month, up from $15.99, and the 4K ad-free plan is $20.99/month, up from $19.99. Existing subscribers will see the increase from their next billing cycle on or after July 4. (The Verge)
Social
12. Australia drops court action against Musk’s X over church stabbing posts
Australia’s cyber safety regulator dropped its legal challenge against Elon Musk-owned X over the removal of videos of a Sydney stabbing, following a court setback. Commissioner Julie Inman Grant expressed concerns about children’s access to violent content and criticised X’s geo-blocking as ineffective. (Reuters)
AI
13. Cisco launches $1 bln AI fund and makes first investments
Cisco Systems launched a $1 billion global AI investment fund at its annual Cisco Live conference in Las Vegas. The fund targets AI startups aligning with Cisco’s strategy and infrastructure. (The Channel Co.)
14. Nvidia and Salesforce double down on AI startup Cohere in $450 million round, source says
Canadian AI startup Cohere raised $450 million from Nvidia, Salesforce Ventures, Cisco, and PSP Investments, increasing its valuation to $5 billion from $2.2 billion last year. (Yahoo!Finance)
15. Musk asks Nvidia to ship AI chips booked for Tesla to X and xAI, CNBC reports
Elon Musk redirected 12,000 Nvidia AI chips from Tesla to his social media platform X and AI startup xAI, delaying Tesla’s receipt of over $500 million in processors. Musk explained the swap was due to Tesla’s lack of space for the chips, which will later be used for Full-Self Driving software training at Giga Texas. (Fox Business)
