Wang Shouwen, China‘s vice commerce minister, held discussions with Jay Puri, Nvidia‘s executive vice president for worldwide field operations, in Beijing on Monday, according to China’s Ministry of Commerce.
Details of the meeting were not disclosed, but the talks underscore Nvidia’s growing significance in the global tech landscape and its potential role in China’s semiconductor sector.
The meeting comes amid heightened tensions over technology trade between China and the United States, where Nvidia is a leading player in advanced chip production. Both sides may seek to address mutual interests while navigating ongoing restrictions and competition in the semiconductor industry.
The European Commission has closed its antitrust investigation into Apple’s e-book and audiobook practices after the original complaint was withdrawn, TechCrunch reported. The probe, launched in 2020, examined Apple’s in-app payment rules and its restrictions on third-party developers informing users about alternative payment methods.
This inquiry followed a similar case involving music-streaming apps, which led to a $2 billion fine against Apple earlier this year after Spotify alleged unfair competition. Despite the closure of the e-book case, the Commission clarified that this does not mean Apple’s practices comply with EU competition laws.
The investigation’s conclusion underscores the EU’s ongoing efforts to regulate tech giants and ensure a fair digital marketplace, with Apple remaining a focal point of scrutiny.
PayPal has restored its services following a global outage that affected thousands of users for nearly two hours on Thursday. The payments giant reported issues across several platforms, including Venmo, cryptocurrency transactions, and online checkout services, starting at 10:53 GMT. By 12:59 GMT, the company confirmed that all systems were back to normal.
The disruption also caused delays for exchanges like Coinbase and Kraken, which rely on PayPal for transactions and deposits. During the outage, nearly 9,000 user complaints flooded Downdetector, highlighting widespread transaction failures.
The timing of the outage coincided with a surge in bitcoin prices, which exceeded $98,000, sparking heightened activity across cryptocurrency markets. PayPal, a major player in digital payments, enables users to buy, sell, and hold cryptocurrencies, amplifying the impact of the temporary breakdown.
KPMG has committed $100 million over the next four years to enhance its enterprise AI services through collaboration with Google Cloud. The investment will focus on developing AI tools, training employees, and leveraging Google’s technology to scale AI solutions for clients.
Steve Chase, KPMG’s vice chair for AI and innovation, highlighted that enterprise demand for AI has surged, with many businesses planning substantial investments in the technology. KPMG’s partnership with Google aligns with a broader strategy to expand AI services across multiple cloud platforms, including a prior $2 billion collaboration with Microsoft.
Google Cloud‘s president of revenue, Matt Renner, noted the rapid growth in cloud services, emphasising the synergy between cloud providers and consulting firms as a key driver for future industry expansion.
As the US prepares for Donald Trump’s second term, China is significantly increasing its semiconductor imports from the US, anticipating potential sanctions. In October, China imported $1.11 billion worth of microchips, a 60% rise from the previous year, and has already imported $9.61 billion in the first ten months of 2024, marking a 42.5% year-on-year increase. This surge reflects China’s growing demand for US semiconductors, particularly CPU-based processors and chips for storage and signal amplification, which align with its AI ambitions.
Despite these imports, China faces hurdles in advancing its chip technology. US sanctions have crippled Huawei’s ability to develop competitive AI chips, with the company’s upcoming processors lagging years behind NVIDIA’s offerings. This setback is largely due to restrictions on access to advanced lithography equipment, such as ASML’s EUV tools, essential for creating cutting-edge chips.
Meanwhile, China has been ramping up its chip manufacturing efforts, investing $25 billion in equipment in the first half of 2024, surpassing spending by Korea, Taiwan, and the US. However, as one-third of global semiconductor demand, China’s position remains critical for the industry. The impact of Trump’s potential tech restrictions, whether broad or selective, will likely influence the global semiconductor market, requiring careful balancing of US production and Chinese demand.
Amazon is likely to face an EU investigation next year into allegations that it favours its own brand products on its online marketplace, according to sources familiar with the matter. If found in violation of the EU’s Digital Markets Act (DMA), Amazon could face a fine of up to 10% of its global revenue.
The potential investigation will be overseen by Teresa Ribera, the incoming EU antitrust chief, who will take office next month. Amazon has denied any wrongdoing, stating it complies with the DMA and treats all products equally in its ranking algorithms. The company has been in ongoing discussions with the European Commission about its practices.
The DMA, implemented last year, aims to curb the dominance of Big Tech by prohibiting preferential treatment of their products and services. Alongside Amazon, other tech giants such as Apple, Google, and Meta are also under scrutiny. Amazon shares fell 3% following reports of the possible investigation.
OpenAI is reportedly considering developing a web browser integrated with its chatbot and is in talks to enhance search features for platforms like Conde Nast, Redfin, and Priceline, according to The Information. These moves could position OpenAI as a competitor to Google in both the browser and search markets, further challenging the tech giant’s dominance.
OpenAI, led by Sam Altman, has already dipped into the search market with SearchGPT and has explored AI-powered collaborations with Samsung, a key Google partner, and Apple for its “Apple Intelligence” features. Meanwhile, Google faces increasing pressure, with the US Department of Justice suggesting it divest its Chrome browser to curb its search monopoly.
Although OpenAI’s browser plans remain in the early stages, the potential competition highlights a shift in the AI landscape, with Google and OpenAI vying to lead the generative AI race. Alphabet shares fell sharply following the report, reflecting market concerns about Google’s ability to maintain its stronghold.
US prosecutors have urged a federal judge to impose sweeping changes on Google to dismantle its alleged monopoly on online search and advertising. Proposed remedies include forcing Google to sell its Chrome browser, share search data with competitors, and possibly divest its Android operating system. These measures could remain in place for up to a decade, overseen by a court-appointed technical committee.
The Department of Justice (DOJ) and state antitrust enforcers argued that Google’s dominance, with a 90% share of US searches, has stifled competition by controlling critical distribution channels. The DOJ aims to end deals where Google pays companies like Apple billions annually to make its search engine the default on their devices. Prosecutors also want restrictions on Google’s acquisitions in search, AI, and advertising technology, as well as provisions for websites to opt out of training Google’s AI systems.
Google has called the proposals extreme, warning they would harm consumers and the economy. Alphabet’s legal chief, Kent Walker, said the measures represent “unprecedented government overreach.” Google will present alternative proposals in December, while a trial to decide the remedies is scheduled for April.
If implemented, the proposals could reshape the tech landscape, lowering barriers for competitors like DuckDuckGo. The case highlights broader global efforts to curb the power of tech giants and promote fair competition.
Snowflake has raised its annual product revenue forecast after announcing a multi-year partnership with AI firm Anthropic. The collaboration is designed to enhance Snowflake’s data cloud services by integrating Anthropic’s advanced AI models, which enable businesses to develop custom AI applications within secure environments. Shares of the data analytics company surged nearly 19% in extended trading after the announcement.
Snowflake’s platform has seen widespread adoption among enterprises seeking to leverage AI-powered solutions for data organisation and analysis. The partnership with Anthropic will also enable Snowflake’s AI agents to perform sophisticated tasks such as deep data analysis and visualisation. Analysts note that the move positions Snowflake as a strong competitor in the AI technology space.
The company outperformed expectations for the third quarter, reporting $942.1 million in total revenue, compared with estimates of $897 million. Product revenue reached $900.3 million, surpassing forecasts. Snowflake also reported an adjusted profit of 20 cents per share, exceeding analysts’ predictions of 15 cents.
Snowflake expects product revenue of $3.43 billion for fiscal 2025, up from its prior estimate of $3.36 billion. Fourth-quarter projections are also strong, with product revenue anticipated to be between $906 million and $911 million, above market expectations.
SK Square, the holding company of AI chipmaker SK Hynix, unveiled plans to enhance shareholder value through a share buyback and other measures. The company will repurchase 100 billion won ($71.51 million) worth of shares within three months and cancel them, following a similar cancellation of shares bought in April.
The move comes after London-based hedge fund Palliser Capital proposed strategies to address SK Square’s undervaluation, with the company’s market value currently less than half the $18 billion worth of its 20% stake in SK Hynix. Palliser, which acquired a 1% stake in SK Square this year, has been in talks with the firm to improve shareholder returns.
This initiative aligns with South Korea‘s “Value-Up” program, designed to encourage companies to increase market value. SK Hynix, a key asset of SK Square, recently reported record profits driven by soaring AI chip demand from Nvidia, adding to the company’s potential for growth.
