French AI startup LightOn launched an initial public offering (IPO) on the Euronext Growth market in Paris, with its debut trading expected later this month. The company, known for its large language model (LLM) software used by businesses and the French government, will be Europe’s first publicly listed generative AI startup, a significant milestone as France aims to position itself as a leader in AI within Europe.
LightOn’s co-CEOs Igor Carron and Laurent Daudet emphasised that the IPO provides a ‘unique opportunity’ for investors to support a growing French tech company with a track record of success both in France and internationally. Shares are priced at 10.35 euros, valuing the company at around 50 million euros, and LightOn aims to raise roughly 10.4 million euros through the capital increase. The subscription period will run until November 20, with shares expected to trade beginning 26 November.
This move aligns with France’s broader push to close the innovation gap with the US and the UK, with ambitions for 100 tech ‘unicorns’ by 2030. LightOn’s listing could signal an opening for more European AI firms to seek public funding, offering investors access to an evolving tech market in the region.
Amazon is reportedly in advanced talks for a second multi-billion dollar investment in the AI startup Anthropic, building on its previous $4 billion commitment made in 2023. This new investment would not only bolster Amazon’s growing ties with Anthropic but also help enhance its strategic position in the highly competitive AI sector. Anthropic, which is using Amazon Web Services (AWS) to power its AI model training, has become a key player in the AI race.
In addition to providing financial backing, Amazon has reportedly asked Anthropic to utilise its servers, which are powered by Amazon’s custom-designed chips. However, sources note that Anthropic has a preference for using Nvidia-designed chips, which are widely recognised as the industry standard for AI processing. This dynamic highlights the ongoing competition between Amazon and Nvidia in the AI hardware space, as both tech giants vie for dominance in the rapidly expanding market.
Anthropic, founded by former OpenAI executives Dario and Daniela Amodei, has attracted significant interest from other major players in the tech industry. The startup secured a $500 million investment from Google’s parent company, Alphabet, last year, with Alphabet pledging an additional $1.5 billion over time. Despite these investments, both Amazon and Anthropic have declined to comment on the specifics of the latest talks regarding the new investment, underscoring the confidential nature of these high-stakes negotiations.
Italy is adjusting its web tax policy, expanding it to cover smaller digital firms in an effort to address US concerns that the tax unfairly targets American tech giants. The decision, announced by Economy Minister Giancarlo Giorgetti, aims to defuse Washington’s threat of retaliatory tariffs. Italy first implemented a 3% digital service tax in 2019, focusing on large companies with annual global revenues over €750M, including giants like Meta, Google, and Amazon.
Now, under the proposed 2025 budget, Italy plans to eliminate the revenue threshold to broaden the tax’s reach to smaller companies. This change is expected to generate an additional €51.6M, supplementing the existing €400M in tax revenue. Giorgetti hopes this expansion will address US concerns over discrimination, noting that other EU countries may follow Italy’s lead.
Despite this effort, resistance remains within Italy’s government, as some coalition members argue the tax should focus exclusively on large US tech firms. As global efforts to establish a minimum digital tax remain stalled due to international disagreements, Italy’s adjustments reflect its attempt to balance international relations with economic interests.
If Elon Musk takes up a role in the incoming Trump administration, he could still face personal liability from the European Commission for potential breaches of the Digital Services Act (DSA) by his company X. The EU executive emphasised that the US election would not affect its enforcement of platform rules. X is under investigation for failing to curb illegal content and allowing dark patterns, with a decision expected soon.
Musk’s potential appointment would not provide him immunity from any fines or legal actions under the DSA, according to a European Union spokesperson. While the Commission can fine a business entity or a decision-maker, it remains unclear if Musk himself would be personally held accountable, though he could face penalties based on his company’s worldwide turnover.
Despite being praised by Trump and potentially offered a cabinet role, Musk’s relationship with the EU remains complex. Former EU Commissioner Thierry Breton stated that any necessary corrections to X’s operations would be enforced, even if political tensions arise. If Musk takes a public position, it’s uncertain how his actions might affect the regulatory landscape for tech companies in Europe.
India’s antitrust regulator, the Competition Commission of India (CCI), has found that food delivery giants Zomato and Swiggy violated competition laws by favouring select restaurants on their platforms. According to the CCI’s investigation, Zomato used ‘exclusivity contracts’ to offer lower commissions to certain partners, while Swiggy promised growth to restaurants that listed exclusively with them. These practices, the report states, hinder market competition, as they prevent smaller players from gaining a fair foothold.
The investigation, which began in 2022 following a complaint by the National Restaurant Association of India, also highlights restrictive pricing practices on both platforms. Zomato imposed conditions to maintain price and discount parity across online platforms, even threatening penalties for non-compliance. Swiggy, on the other hand, pressured some partners by suggesting their ranking on the app would drop if they failed to match prices elsewhere. Swiggy later claimed that it discontinued its exclusivity program in 2023 but has plans to launch similar initiatives in smaller cities.
The probe has potential implications for Swiggy’s $1.4 billion IPO and lists the CCI investigation as an “internal risk” in its prospectus. Both companies have faced additional scrutiny recently, as India’s largest retail distributors have urged the CCI to investigate alleged predatory pricing in their quick-commerce grocery services. The CCI’s final decision on penalties or required changes to Zomato’s and Swiggy’s business practices is expected in the coming weeks, though the companies may challenge the findings.
GlobalWafers has expressed optimism that the US Chips and Science Act will continue to provide strong support for chip manufacturers under the new administration. This landmark act, aimed at boosting domestic semiconductor production, offers financial incentives to encourage companies to invest in US facilities—a vital step toward securing supply chains and reducing reliance on foreign manufacturing.
In a recent statement, GlobalWafers noted that programs of this scale and duration are typically supported across different US administrations, given their importance to economic and national security. The company sees the CHIPS Act as essential for driving investments in semiconductor production and also for advancing technological innovation within the industry. They anticipate that the act’s stability under a Trump administration will allow businesses to plan long-term investments in US operations without interruption.
By fostering consistent investment in chip manufacturing, GlobalWafers believes the CHIPS Act will help ensure a robust, self-reliant US semiconductor ecosystem. The program’s continuation is seen as crucial for sustaining growth in the industry, creating jobs, and advancing the global competitiveness of the US in semiconductor technology.
Swiss bank UBS has successfully tested a new blockchain-based payment system, UBS Digital Cash, aimed at streamlining cross-border transactions. The pilot, which included multinational corporations and banks, processed both domestic and international payments in currencies like the US dollar, Swiss franc, euro, and Chinese yuan. This move marks a significant step in UBS’s efforts to enhance payment efficiency and transparency for its clients.
Andy Kollegger, head of UBS Institutional & Multinational Banking, emphasised that cross-border blockchain payments are a strategic priority for the bank, as they offer a more efficient and visible way to handle international transfers. The UBS Digital Cash pilot also allowed liquidity transfers between various UBS entities, demonstrating the system’s capability to improve internal cash management.
UBS plans to further develop UBS Digital Cash, which operates on a private blockchain network accessible only to authorised clients. By using smart contracts, the system automatically settles payments once specific conditions are met, providing clients with enhanced control over intraday liquidity and account buffers through real-time cash position tracking.
Dubai Customs and DP World have signed a Memorandum of Understanding (MoU) to enhance digital trade and logistics solutions in Dubai, supporting the city’s ambition to become one of the top three global economic cities. The partnership aligns with Dubai’s economic agenda, D33, and aims to boost the city’s competitiveness as an international trade hub.
The MoU focuses on transforming customs systems by integrating advanced digital technologies, streamlining trade and logistics processes, and improving stakeholder experiences. By leveraging cutting-edge digital solutions, both organisations seek to modernise customs operations, offer faster, more efficient services, and facilitate smoother cross-border trade flows, ultimately meeting the evolving demands of international trade.
Furthermore, this collaboration highlights a commitment to fostering innovation within the trade and logistics sector, creating a more seamless business experience. The partnership is expected to propel the industry toward more efficient trading methods, reinforcing Dubai’s position as a competitive and connected business hub in the global trade ecosystem.
The Federal Trade Commission (FTC) has charged Sitejabber, an online review platform, for violating its new rules on fake reviews. This marks one of the agency’s first enforcement actions under updated regulations designed to curb deceptive practices. The FTC alleges that Sitejabber misled consumers by using point-of-sale reviews—feedback collected before customers had received any products or services—to falsely inflate businesses’ review scores.
The company allowed its clients to publish these premature reviews, giving a false impression that they reflected actual customer experiences. The FTC has now ordered Sitejabber to stop this practice and prohibited it from assisting other businesses in misrepresenting reviews. The new rules, which took effect last month, aim to tackle deceptive online review practices, including those involving AI-generated reviews and fake review websites masquerading as independent.
The FTC’s crackdown is part of a broader effort to address the rising problem of fake reviews on e-commerce platforms like Amazon. With the new regulations in place, the agency intends to prevent misleading online content that could deceive consumers into making purchasing decisions based on false information.
Donald Trump is expected to scale back some of the antitrust policies introduced under President Joe Biden, including potentially softening the approach to breaking up large tech companies like Google. While Trump is likely to continue pursuing cases against Big Tech, such as the ongoing Department of Justice (DOJ) cases against Google and Apple, his recent comments indicate a more cautious stance. Trump questioned whether breaking up Google would destroy the company, suggesting that fairer practices could be achieved without drastic measures like a breakup.
The DOJ’s cases against Google over its dominance in online search and advertising technology are still in progress, with potential remedies, including divesting parts of its business, yet to be decided. The trial over these remedies won’t happen until 2025, providing Trump the opportunity to influence how the cases proceed. Additionally, Trump is expected to ease policies that have frustrated dealmakers, including the Biden administration’s strict merger review guidelines.
Trump’s approach to antitrust enforcement is likely to be less aggressive than Biden’s, especially regarding mergers and acquisitions. While he may ease restrictions on noncompete clauses and other regulatory measures, such as those championed by FTC Chair Lina Khan, his policies are expected to maintain some level of antitrust action.
