Donald Trump has called for the repeal of the CHIPS and Science Act, a key piece of legislation passed in 2022 to support semiconductor manufacturing in the US.
Trump criticised the law during a speech to Congress, describing it as a waste of hundreds of billions of dollars and suggesting the funds should instead be used to reduce national debt. His remarks mark his most forceful criticism of the act to date.
The CHIPS Act, signed by President Joe Biden, allocated $39 billion in subsidies for US semiconductor production and related industries, along with $75 billion in government-backed loans.
The initiative was part of a broader strategy to reduce reliance on foreign-made chips and address national security concerns.
Trump argued that rather than offering financial incentives, the government could avoid imposing tariffs to encourage semiconductor companies to build factories in the US.
However, the program has garnered support from officials, including Commerce Secretary Gina Raimondo, who played a key role in securing investments from leading global semiconductor firms like Samsung, Intel, and TSMC.
New York Governor Kathy Hochul defended the CHIPS Act, emphasising its role in bringing significant investment and job creation to the state, including Micron’s $100 billion investment in Central New York.
Trump’s comments have raised concerns about the future of these grants and the potential impact on such developments.
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The US Securities and Exchange Commission (SEC) has agreed to dismiss its lawsuit against cryptocurrency exchange Kraken, marking a significant shift in regulatory oversight under the new administration.
Kraken, which was accused of operating as an unregistered securities exchange, announced that the case was dismissed with prejudice, meaning it cannot be refiled. The company maintained that the lawsuit was politically motivated and hindered innovation in the crypto sector.
Kraken stated that the dismissal involved no admission of wrongdoing, no penalties, and no required changes to its business model.
The SEC had sued Kraken in 2023 as part of a broader crackdown on crypto firms under former SEC Chair Gary Gensler. However, the regulator has since scaled back its enforcement efforts, also ending a similar case against Coinbase and considering a resolution in its fraud case against entrepreneur Justin Sun.
The decision follows United States President Donald Trump’s appointment of Paul Atkins, a lawyer with a pro-crypto stance, to lead the SEC. Kraken remains one of the world’s largest cryptocurrency exchanges, ranking 10th globally in trading volume and liquidity.
The outcome signals a shift in the regulatory landscape, with growing support for digital assets under the current administration.
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A court in India has ordered an Amazon unit to pay $39 million in damages for trademark infringement after unauthorised ‘Beverly Hills Polo Club’ garments were sold on its platform.
The ruling marks one of the highest damages awarded against a US company in an Indian trademark case. Lifestyle Equities, the owner of the Beverly Hills Polo Club brand, filed the lawsuit in 2020, alleging that Amazon’s Indian website was selling apparel with nearly identical branding at lower prices.
The Delhi High Court found that the infringing brand was owned by Amazon Technologies and sold directly on the platform. Judges noted that the logos were ‘hardly distinguishable’ and stated that Amazon was aware of the brand’s exclusive rights, citing previous legal disputes in the United Kingdom.
The ruling includes a permanent injunction, barring Amazon from selling counterfeit products with the Beverly Hills Polo Club branding. The company has denied wrongdoing, and its representatives have not commented on the decision.
Amazon has faced similar legal battles before, including a trademark dispute in London, where it lost an appeal last year. Critics have long accused the e-commerce giant of engaging in predatory practices, with a 2021 Reuters investigation alleging that Amazon manipulated search results to promote its own private brands in India.
The recent court decision has reignited calls for stricter enforcement of trademark laws and fair business practices in the country.
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A group of US lawmakers is raising concerns over the potential involvement of SpaceX CEO Elon Musk in a $2.4 billion Federal Aviation Administration (FAA) telecommunications contract originally awarded to Verizon.
Musk, who owns satellite company Starlink, has been critical of the FAA’s existing telecom system and has reportedly sought to replace Verizon’s contract with his own company’s services.
Senator Maria Cantwell and other lawmakers have expressed alarm over what they see as potential interference in a competitive bidding process. The FAA, which awarded the 15-year contract to Verizon in 2023, is now reportedly reviewing the agreement.
Musk recently admitted to making false claims about Verizon’s role in aviation safety, further fuelling concerns about his influence.
The controversy has led to bipartisan scrutiny, with senators and representatives questioning whether the government is prioritising private interests over public safety. The FAA, meanwhile, has stated it has not yet made any decision regarding the contract.
Reports indicate that Starlink terminals are being tested in Alaska, raising further speculation about Musk’s involvement in the project.
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Singapore‘s government is investigating a fraud case involving servers supplied by US companies, potentially containing Nvidia’s advanced chips. Three men, including a Chinese national, were charged last week in connection with the alleged illegal transfer of these AI chips from Singapore to Chinese firm DeepSeek. Singapore’s Home Affairs and Law Minister K Shanmugam confirmed that the servers were provided by Dell Technologies and Super Micro Computer to local firms before being sent to Malaysia.
Authorities are still unsure whether Malaysia was the final destination, but they are working with US officials to determine if the servers contained restricted US export-controlled items. The US is already investigating whether DeepSeek has used banned Nvidia chips, which could lead to violations of export laws. The case forms part of a broader probe into suspected smuggling activities linked to AI chips being moved from countries like Singapore to China.
Singapore, a key market for Nvidia, is also examining allegations that DeepSeek may have acquired thousands of advanced Nvidia chips illegally. However, DeepSeek has denied these claims, stating that it only used legally purchased chips, including the Nvidia H800 model. The investigation is ongoing, with Singapore continuing to cooperate with US authorities.
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Britain’s privacy regulator, the Information Commissioner’s Office (ICO), has launched an investigation into the child privacy practices of TikTok, Reddit, and Imgur. The ICO is scrutinising how these platforms manage personal data and age verification for users, particularly teenagers, to ensure they comply with UK data protection laws.
The investigation focuses on TikTok’s use of data from 13-17-year-olds to recommend content via its algorithm. The ICO is also examining how Reddit and Imgur assess and protect the privacy of child users. If evidence of legal breaches is found, the ICO will take action, as it did in 2023 when TikTok was fined £12.7 million for mishandling data from children under 13.
Both Reddit and Imgur have expressed a commitment to adhering to UK regulations. Reddit, for example, stated that it plans to roll out updates to meet new age-assurance requirements. Meanwhile, TikTok and Imgur have not yet responded to requests for comment.
The investigation comes amid stricter UK legislation aimed at safeguarding children online, including measures requiring social media platforms to limit harmful content and enforce age checks to prevent underage access to inappropriate material.
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The European Commission has approved Nokia’s $2.3 billion acquisition of US-based Infinera, confirming the deal raises no competition concerns.
The approval was granted unconditionally, as the combined company will hold only a moderate share of the optical transport equipment market.
Nokia’s takeover of Infinera, announced last June, will make it the second-largest player in optical networking with a 20% market share, trailing Huawei.
Western firms have struggled to compete in China, giving Huawei a dominant position in the sector.
Australia’s corporate regulator, the Australian Securities and Investments Commission (ASIC), has launched ‘preliminary inquiries’ into WiseTech Global amid a turbulent week for the logistics software company. This comes after a series of executive changes, including the surprise return of founder Richard White as chairman. Four non-executive directors resigned earlier this week, citing differing opinions on White’s previous role as CEO, which led to his reappointment as executive chairman.
Joe Longo, ASIC’s chairman, confirmed the inquiry and stated that decisions on the next steps would be made shortly. However, WiseTech has yet to comment on the situation. The company, founded by billionaire White, has been facing mounting challenges, including media reports of misconduct, governance issues, and a declining share price.
Since October, WiseTech’s stock has dropped by approximately 14%, following news of an internal review concerning White’s actions. However, following his return, shares rose by 2.1%, reaching A$96.5 per share. The company now faces intense scrutiny as it navigates these turbulent times.
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Canada’s telecommunications regulator, the CRTC, announced on Wednesday that it will impose a fee on Google to cover the costs of enforcing the Online News Act, which requires large tech platforms to pay for news content shared on their sites. The levy, which will be implemented from April 1, will vary each year and has no upper limit. This move comes amid rising tensions between Canada and the US over issues like trade and a digital services tax on American tech firms.
The CRTC stated that most of its operations are funded by fees from the companies it regulates, and the new charge aims to recover costs related to the law. Google, which had previously raised concerns about the fairness of such a rule, had argued that it was unreasonable to impose 100% of the costs on one company. Despite this, Google has agreed to pay C$100 million annually to Canadian publishers in a deal that ensures its search results continue to feature news content.
The law, which is part of a global trend to make internet giants pay for news, was introduced last year in response to concerns that tech firms were crowding out news businesses in the online advertising market. While both Google and Meta were identified as major platforms required to make payments, Meta chose to block news from its platforms in Canada instead. Google, however, has continued to negotiate with the Canadian government, although it has yet to comment further on the CRTC’s decision.
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AI-related stocks declined on Tuesday as investors braced for Nvidia’s earnings, expected to provide insight into AI demand and justify high valuations. Concerns over slowing infrastructure investments and competition from low-cost Chinese AI models weighed on the market.
Tech stocks suffered further losses after a report revealed Microsoft had scrapped data centre leases in the US.
Nvidia dropped 2.1% ahead of its crucial earnings release, while semiconductor firms like Broadcom and Micron slid around 2.1%. Investor scepticism over AI spending deepened following breakthroughs by China’s DeepSeek.
The sector also faced pressure from reports that Washington plans to tighten restrictions on Nvidia’s chip exports to China. US officials are consulting allies about stricter chip controls, adding to uncertainty in the market.
Data centre operators and power firms, expected to benefit from AI growth, also declined. Digital Realty slipped 1.2%, while power providers Vistra and Constellation Energy lost 5.9% and 3.3% respectively.
AI server maker Super Micro Computer led losses on the S&P 500, falling 8.7%, while Palantir dropped 3.7%.
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