According to investors and recent financial reports, the technology sector is experiencing broad weakness despite the buzz around artificial intelligence (AI). Many companies are still struggling with the recession that started in 2022.
Gaming, Streaming Platform & TV
Seven of the gaming industry’s biggest names—Epic Games, Electronic Arts Inc. (NASDAQ:EA), Roblox Corporation (NYSE:RBLX), Microsoft Corp.‘s (NASDAQ:MSFT) Activision Blizzard, Mojang Studios, Tencent Holding Ltd. (OTC:TCEHY) Supercell, and UbiSoft Entertainment Inc. (OTC:UBSFF) —are facing new accusations from the European Consumer Organisation (BEUC) of deceiving players into overspending on in-game purchases.
UbiSoft faces pressure from a minority shareholder to go private following the release of Star Wars Outlaws.
Martyn Ware, co-founder of the synth-pop band Heaven 17, has publicly rejected an offer from Take-Two Interactive Software, Inc.’s (NASDAQ:TTWO) Rockstar Games to license the group’s hit song “Temptation” in the upcoming Grand Theft Auto 6 (GTA 6).
Netflix Inc’s (NASDAQ:NFLX) mobile gaming catalog has surpassed 210 million downloads, marking a notable milestone in the streaming company’s expansion into the gaming industry.
Microsoft recent overhaul of Xbox Game Pass has brought significant changes to the subscription service, impacting how gamers access some of the industry’s anticipated titles.
Pay-TV provider DirecTV lodged a complaint against Walt Disney Co. (NYSE:DIS) with the Federal Communications Commission, accusing the mouse house of “bad faith” negotiations.
Read: DirecTV And Disney’s Couldn’t Even Agree On Bringing ABC Temporarily Back For The Trump-Harris Debate
Smartphones
Apple Inc. (NASDAQ:AAPL) introduced the iPhone 16 series, which is “designed for Apple Intelligence from the ground up,”
The iPhone 16 series will be powered by ARM Holdings’ (NASDAQ:ARM) latest chip technology, designed to improve AI capabilities.
Related: iPhone 16 Series Production Data Unveiled By Top Apple Analyst: 9M To 16M Units Shipments For August And September Expected
Apple has commenced the production of its newly launched iPhone 16 series in India, reflecting a broader trend among tech giants.
Apple unveiled the Apple Watch Series 10, featuring a larger display and thinner design. The company also announced the AirPods 4, with the price starting at $129, while the AirPods 4 ANC is priced at $179.
Apple is reportedly in discussions with Micron, Tata Group and other Indian chip manufacturers to procure semiconductors for its locally-produced iPhones.
Chinese tech heavyweight Huawei Technologies’ newest tri-fold smartphone, the Mate XT, attracted 1.3 million orders within seven hours of opening reservations.
Read: Apple Watch Ultra 3 Announcement Unlikely At Monday’s ‘Glowtime’ Event, Says Top Analyst: ‘I Also Wouldn’t Rule Out…’
Apple seems to have silently phased out its controversial FineWoven iPhone cases, as they are no longer available on the company's website.
Technology
Meta Platforms, Inc. (NASDAQ:META), Snap Inc. (NYSE:SNAP), and ByteDance-owned TikTok have announced a joint initiative to combat the spread of suicide and self-harm content online.
In a strategic move to enhance its product offerings, Qualcomm Inc. (NASDAQ:QCOM) is reportedly contemplating the acquisition of certain segments of Intel Corp. (NASDAQ:INTC).
Nvidia Corp. (NASDAQ:NVDA) rival Groq announced on Tuesday that it will deploy AI in Saudi Arabia in 2024, in partnership with Aramco Digital, at the ongoing Global AI Summit (GAIN) in Riyadh, Saudi Arabia.
Alphabet Inc. (NASDAQ:GOOG) subsidiary Google underscored the importance of empowering users with fact-check tools amid the rising use of AI, at the third edition of the Global AI Summit (GAIN) in Riyadh, Saudi Arabia.
In response to a global IT outage triggered by a faulty software update, Microsoft has announced plans to host a cybersecurity summit.
Microsoft has reportedly laid off 650 employees in its gaming division, months after the company laid off 1,900 employees following its $68.7 billion acquisition of Activision Blizzard.
Samsung Electronics (OTC:SSNLF) instructed its global subsidiaries to decrease sales and marketing staff by around 15% and administrative staff by up to 30%.
Also Read: Mark Zuckerberg Live Event Sold Out Stadium: Meta CEO Attracted Thousands Eager To Hear Him Speak On ‘The Next Decade Of Social, Technology, And AI’
Elon Musk
Tesla and SpaceX CEO Elon Musk has expressed his astonishment at YouTube’s decision to restrict teenagers’ access to certain health and fitness videos.
Read: Elon Musk Liked The Camera On iPhone 15, But iPhone 16 Doesn’t Get Much Love From The Techno King: Here’s What He Said
Musk revealed that Tesla's Dojo 2 supercomputer should be in volume production by the end of 2025. The tech mogul expressed confidence in Dojo's potential but noted that its true capabilities would only be known after the third major iteration, expected in late 2026.
Artificial Intelligence
OpenAI, the AI research lab, has launched a new model, ‘o1', which is the first in a series of "reasoning" models. This model can answer complex questions faster than a human. The company has also introduced a smaller, more affordable version, ‘o1-mini'.
ChatGPT-parent OpenAI is reportedly in discussion to raise $6.5 billion in equity financing, which could bring its valuation to $150 billion.
OpenAI CEO Sam Altman faced backlash from ChatGPT subscribers after he responded to a user's question about new voice features.
Also Read: Bipartisan Coalition Of 42 State AGs Urges Congress To Mandate Surgeon General Warnings On Social Media Apps Like TikTok, X, And Meta’s Instagram To Address Growing Mental Health Concerns
Google's artificial intelligence model, PaLM2, has come under the radar of Europe's privacy watchdog over concerns related to the handling of personal data.
Mark Cuban, the billionaire entrepreneur and part-owner of the Dallas Mavericks, has publicly praised Elon Musk’s AI chatbot, Grok, to Vice President Kamala Harris’ immigration viewpoint, terming it as “accurate”.
