Key members of the European Parliament (MEPs) will decide on Thursday whether to reinstate access for Amazon lobbyists after their privileges were revoked in February for failing to attend hearings on working conditions. Amazon had previously declined invitations to discuss its workplace practices and cancelled scheduled site visits to warehouses in Poland and Germany.
The Employment Committee (EMPL) revoked badges for 14 Amazon lobbyists, citing the company’s refusal to engage on critical labour issues. The move was supported by over 30 trade unions across Europe, which accused Amazon of disregarding EU labour laws and democratic oversight. In a letter to the committee, Amazon’s Director of EU Public Policy expressed a renewed commitment to cooperation and invited lawmakers to visit its facilities.
Trade unions have urged MEPs to only restore access if Amazon attends a hearing and allows committee visits to its warehouses. EMPL member Estelle Ceulemans emphasised that accepting these terms is essential to maintaining democratic oversight. Thursday’s discussions will also address whether a new mission to Amazon’s facilities should be organised to advance dialogue on workplace conditions.
Taiwan President Lai Ching-te has called for an economic partnership agreement with the European Union, emphasising the need for collaboration in semiconductors and shared democratic values. Speaking at a Taiwan-EU investment forum in Taipei, Lai highlighted the importance of secure supply chains and stronger ties to counter growing authoritarian threats.
The EU, under its European Chips Act, has sought to deepen cooperation with Taiwan to boost semiconductor production and reduce reliance on Asia. Taiwan Semiconductor Manufacturing Co.’s (TSMC) new chip plant in Dresden, Germany, underscores Taiwan’s role in strengthening European industry and supply chains.
While Maria Martin-Prat of the European Commission praised Taiwan as a trusted economic partner in her video address to the forum, she did not mention plans for a formal agreement. Taiwan, diplomatically isolated from most global organisations, has been pursuing trade deals with like-minded partners, recently securing an Enhanced Trade Partnership with Britain and seeking membership in the CPTPP.
Elon Musk‘s growing influence in US politics has sparked hope among Wall Street banks that they may soon unload $13 billion in debt tied to his 2022 acquisition of X, formerly Twitter. Lenders, including Morgan Stanley and Bank of America, believe Musk’s alignment with President-elect Donald Trump could enhance X’s financial prospects, potentially enabling them to sell the debt without incurring significant losses.
Musk’s management of X, marked by sweeping layoffs and content moderation changes, initially scared off advertisers and reduced revenue, lowering the debt’s value. However, recent spikes in platform traffic during major events, such as the US election, have raised optimism. Trump’s active presence on X, reinstated by Musk after a previous ban, and a robust US economy could further support revenue growth, according to banking insiders.
Despite these hopes, challenges persist. User departures to rival platforms like Bluesky and Threads continue, and X’s traffic surged only briefly during the election. Banks monitor Musk’s financial update next quarter before deciding whether to hold or sell the debt. Meanwhile, X remains current on its interest payments, and some banks have prepared for potential losses, awaiting better market conditions to offload the debt.
Foxconn, the world’s leading contract electronics manufacturer, is set to report a 7% year-on-year rise in third-quarter profit, driven by strong demand for AI servers. The company, best known for assembling Apple‘s iPhones, posted its highest-ever quarterly revenue, with a 20% increase from the previous year, attributed to booming AI-related sales. Foxconn’s net profit for July-September is expected to reach T$46.3 billion, marking the fifth consecutive quarter of profit growth.
In addition to its positive financial performance, Foxconn continues to expand its operations globally. It is building the world’s largest manufacturing facility in Mexico, dedicated to bundling Nvidia’s GB200 superchips for next-generation computing platforms. The company’s optimistic outlook is reflected in record-breaking sales for October and expectations of further revenue growth in the fourth quarter.
Foxconn‘s share price has surged more than 100% in 2024, significantly outperforming the broader market. The company will update its full-year outlook during its earnings call on Thursday, where it is expected to provide additional insights into the continued growth of its AI business.
Advanced Micro Devices (AMD) has announced it will lay off approximately 1,000 employees, or 4% of its global workforce, as part of a strategic focus on the booming AI chip market. The company, which is competing with Nvidia in the rapidly growing sector, plans to prioritise investments in AI graphics processors. AMD’s data centre business has experienced impressive growth, with a significant revenue boost in the September quarter, while other segments, such as gaming, have seen declines.
AMD is preparing for the mass production of its next-generation AI chip, the MI325X, set to launch in the fourth quarter. The company’s research and development efforts have escalated, with rising costs reflecting the high demand for AI chips from major customers like Microsoft. Despite this, AMD’s stock has faced challenges in 2024 after a surge last year, as investor expectations remain high.
The company’s data centre unit is projected to grow significantly in 2024, outperforming total revenue growth. However, rising production costs and an expensive ramp-up in chip manufacturing have impacted its financial performance.
Pony AI, a Chinese self-driving technology firm backed by Toyota, is pursuing a US listing on Nasdaq with a target valuation of up to $4.48 billion. The company plans to offer 15 million American Depositary Shares priced between $11 and $13, aiming to raise as much as $195 million. Additional private placements are expected to generate $153.4 million, with key investors like BAIC committing to $74.9 million.
Founded in 2016, Pony AI operates a fleet of over 250 robotaxis and 190 robot trucks, competing in a market poised for rapid growth but facing significant challenges. The IPO represents a major step after its valuation dropped from $8.5 billion in 2022 due to reduced investor expectations and changing market dynamics. However, this follows an earlier failed attempt at a public offering in 2021 during Beijing’s crackdown on technology companies.
The move reflects a cautious reopening of US markets for Chinese companies, which have been wary since Didi Global’s delisting. Analysts highlight the immense potential of autonomous driving while noting hurdles such as safety concerns, profitability issues, and regulatory challenges. Despite slower adoption in the US, Chinese regulators have embraced trials, offering Pony AI an edge in development.
National security concerns are casting a shadow, with potential bans on vehicles using China-developed systems in the US. Pony AI’s IPO is supported by key financial backers, including Saudi Arabia’s NEOM, Ontario Teachers’ Pension Plan, and HongShan. The shares will trade under the ticker symbol ‘PONY,’ with Goldman Sachs, BofA Securities, and others managing the offering.
A US judge has ruled that Meta Platforms, the parent company of Facebook, must face trial in an antitrust lawsuit filed by the Federal Trade Commission (FTC). The lawsuit, initiated during the Trump administration, alleges that Meta’s acquisitions of Instagram in 2012 and WhatsApp in 2014 were intended to stifle emerging competition and maintain a social media monopoly. Meta has countered the FTC’s claims, arguing that the regulators ignore substantial competition from platforms like TikTok, YouTube, and LinkedIn.
This case is part of a broader crackdown on Big Tech by United States regulators. The FTC and the Department of Justice are pursuing major antitrust lawsuits against several technology giants, including Amazon and Apple. Alphabet’s Google also faces two significant legal challenges, with one case already finding that the company unlawfully restricted competition among search engines. These lawsuits reflect intensified regulatory efforts to address concerns over the market power of leading technology firms.
Meta’s legal battle could set a significant precedent for how tech conglomerates operate and acquire competitors. Critics argue that Meta’s dominance has harmed innovation and user choice, while the company insists it faces robust competition across the digital landscape. As Meta prepares for trial, the outcome could have far-reaching implications for the tech industry and future regulatory actions against monopolistic practices.
Google has introduced its Gemini app on Apple’s App Store, offering a new voice-based feature named Gemini Live. Designed to enable natural conversations, the tool marks the latest step in the evolution of voice assistants. Apple’s plans to integrate OpenAI’s ChatGPT into Siri highlight growing competition in the field.
Gemini, initially launched as Bard in 2023, is Google’s response to ChatGPT by OpenAI. The app, now enhanced with features like Gemini Live, aims to support diverse tasks such as interview preparation, travel advice, and creative brainstorming. Its rollout follows an announcement in August, with Android users receiving early access.
The app showcases advances in AI-powered voice assistants that surpass previous iterations like Amazon Alexa, Apple’s Siri, and Google Assistant. Google retired its older Assistant, an eight-year-old product, earlier this year after layoffs within its Voice Assistant team. These changes are part of broader efforts to streamline operations.
Google has also restructured its AI efforts, merging the Gemini app team into DeepMind, its research lab. DeepMind focuses on improving AI capabilities while overcoming challenges associated with traditional model expansion. These developments position Google at the forefront of next-generation AI solutions.
Meta Platforms is gearing up to introduce advertising to its Threads app early next year, aiming to tap into a new revenue stream while competing with X (formerly Twitter). The Information reported that a limited number of advertisers will be allowed to publish ads on Threads starting in January, with the initiative spearheaded by Instagram’s advertising team. Threads, which launched in July 2023 amidst the upheaval at X under Elon Musk’s ownership, has rapidly grown to 275 million monthly active users, as announced by CEO Mark Zuckerberg in October.
Despite the app’s quick expansion, Meta remains cautious about its immediate profitability. CFO Susan Li, during a recent post-earnings call, indicated that Threads is not expected to be a significant revenue driver by 2025. She emphasised that the company is prioritising consumer value, and monetisation features are not yet a primary focus. A Meta spokesperson echoed this sentiment, confirming that Threads currently has no ads or monetisation strategies.
The timing for the introduction of ads on Threads could be opportune, given the instability at X. Since Elon Musk‘s acquisition of X, the platform has experienced disruptions and a decline in ad revenue, as some advertisers feared their brands could appear alongside controversial or harmful content. Musk’s management style and significant policy changes prompted many brands to reconsider ad spending on the site. Notably, X has taken legal action against a global advertising alliance and some major companies, accusing them of conspiring to boycott the platform and contributing to revenue losses.
Meta‘s plans to monetise Threads come as it seeks to entice disillusioned advertisers from X. However, the company is carefully balancing the need to develop Threads as a welcoming and user-friendly environment while exploring advertising opportunities. The rollout of ads and additional features is set to shape how Threads evolves as a major social media contender in the years to come.
TikTok has rolled out Symphony Creative Studios worldwide, a generative AI video creation platform designed for advertisers. The platform aims to simplify the creation of tailored, high-quality content for businesses, creators, and agencies.
Unveiled earlier this year at the TikTok World Product Summit, Symphony is part of a broader suite of tools. These include Symphony Assistant, Symphony Digital Avatars, and the TikTok Ads Manager, all focused on enhancing creative capabilities on the platform.
Symphony Creative Studios offers features like automated content generation from text, video previews, remixing, and digital avatar creation. Users can also access tools for translation and customisation, making it easier to adapt content for diverse audiences.
AI-powered tools have become essential in attracting brands, with TikTok joining other tech companies in integrating these technologies to strengthen its advertising business. Symphony aims to position the platform as a leader in digital marketing innovation.
