Brazilian neobank Nubank has introduced a fixed 4% annual return for users holding the USDC stablecoin in their crypto wallets. The largest digital bank in Latin America, which serves over 85 million customers across Brazil and 6 million in Mexico and Colombia, launched the feature after testing it with a select group of users.
To qualify for the return, customers need to hold a minimum of 10 USDC in their wallets, with returns credited daily. The feature can be activated or deactivated at any time through the Nubank app, and users can access their funds instantly. The neobank chose USDC for its growing popularity, with the stablecoin making up 30% of crypto users’ portfolios and more than half of new Nubank Crypto users selecting it as their first digital asset.
Nubank continues to expand its crypto offerings, including a recent addition of a crypto swap tool for trading popular digital assets like Bitcoin, Ethereum, Solana, and Uniswap for USDC. However, not all of the bank’s crypto initiatives have gone smoothly, as seen with the abrupt halt of its Nucoin token trading in September 2024 to protect users from market volatility.
The US Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk, accusing him of delaying the disclosure of his 2022 Twitter stake, which violated federal securities laws. According to the complaint, Musk waited 11 days beyond the required 10-day window to reveal his 5% ownership of Twitter, enabling him to purchase over $500 million worth of shares at lower prices before disclosing his 9.2% stake on April 4, 2022. Twitter’s stock price surged by more than 27% following the announcement.
The SEC seeks civil penalties and a repayment of profits it claims Musk gained unfairly. Musk’s attorney, Alex Spiro, dismissed the lawsuit as a ‘sham,’ arguing it stems from a minor administrative oversight. Musk has previously clashed with the SEC, including a 2018 settlement over misleading tweets about taking Tesla private, which resulted in a $20 million fine and other conditions.
This lawsuit is the latest in a series of legal challenges Musk faces over his $44 billion purchase of Twitter, now rebranded as X. Musk, who is worth $417 billion, according to Forbes, has also been sued by former Twitter shareholders in Manhattan federal court for the delayed disclosure, which they claim caused them financial harm. The SEC’s action comes just days before Chair Gary Gensler’s scheduled departure, marking another chapter in Musk’s contentious history with the regulatory body.
TikTok plans to disable its app for all US users on Sunday if the Supreme Court does not block a federal ban, according to a report by The Information. This action would go beyond the law’s requirement, which mandates a ban only on new downloads from Apple and Google app stores while allowing existing users to continue using the app temporarily.
Under TikTok’s plan, users attempting to access the app will be redirected to a website explaining the ban. The company also intends to allow users to download their data for future use. TikTok and its parent company ByteDance have yet to comment on these developments.
The ban stems from a law signed by President Joe Biden in April 2024, requiring ByteDance to sell its US assets by January 19, 2025, or face a nationwide ban. TikTok has challenged the law, arguing that it violates First Amendment protections. In a recent court filing, the company warned that a month-long ban could result in one-third of its 170 million US users leaving the platform permanently.
This potential shutdown reflects the escalating tensions surrounding TikTok’s operations in the United States, as debates over data security and free speech continue.
AI chip startup Blaize has announced plans to go public through a SPAC deal, which will see the company listed on Nasdaq with a valuation of $1.2 billion. Founded in 2011 by former Intel engineers, Blaize specialises in AI chips for edge devices such as drones, security cameras, and industrial robots. Unlike traditional data centre chips, its products are designed for real-world applications that prioritise low latency, power efficiency, and privacy.
The company has raised $335 million from prominent investors, including Samsung and Mercedes-Benz, and claims to have $400 million worth of deals in the pipeline. CEO Dinakar Munagala, who spent over a decade at Intel, emphasised that Blaize’s approach focuses on practical AI solutions for physical environments, differentiating the company from competitors like Nvidia, which primarily targets large-scale data centres.
Despite facing financial challenges, including a loss of $87.5 million in 2023, Blaize is betting on a future where AI chips are embedded into everyday devices. The startup is also involved in defence-related contracts, with one major deal involving AI systems capable of identifying troops and detecting drones, further highlighting its niche in edge computing.
Blaize’s IPO marks a significant shift in the AI chip industry, signalling investor interest in decentralised AI technologies that extend beyond traditional data centre applications.
Intesa Sanpaolo, Italy’s largest bank, has made headlines by purchasing 11 Bitcoins for €1 million, marking a significant step in the nation’s financial history. The investment makes it the first Italian bank to directly acquire cryptocurrency, setting a potential precedent for others in the country’s financial sector.
Confirmation of the purchase came after an internal email from the bank was leaked online, reportedly signed by Niccolò Bardoscia, head of its Trading and Investment division for Digital Assets. However, the bank has refrained from commenting on its motivations or whether this move signals a broader strategy involving digital assets.
This investment aligns with the bank’s ongoing exploration of blockchain technologies. Intesa Sanpaolo previously underwrote a €25 million blockchain bond in July 2024 and introduced cryptocurrency spot trading last November. As global institutions increasingly embrace Bitcoin, this move solidifies the bank’s role as a leader in digital asset adoption within Europe.
The European Commission is reassessing its investigations into major tech companies, including Apple, Meta, and Google, under its landmark Digital Markets Act (DMA), according to the Financial Times. The review, which covers cases initiated since March 2024, comes as tech giants urge President-elect Donald Trump to push back against EU regulatory scrutiny. Sources suggest Trump’s presidency has influenced the review, though it was not the direct trigger.
The DMA, implemented in 2022, seeks to curb the dominance of Big Tech by imposing strict rules on their practices and fines of up to 10% of annual revenue for violations. The review may lead to narrowing or altering the scope of current probes, with all decisions and potential fines paused during this process. Technical work on the cases, however, will continue.
This development coincides with Meta’s recent overhaul of its US fact-checking program and CEO Mark Zuckerberg’s signals of a more conciliatory stance toward the Trump administration. Meanwhile, EU regulators are also examining whether Elon Musk’s social media platform X has violated content moderation rules, further highlighting the tech industry’s complex regulatory challenges.
Arm Holdings, a key supplier to the semiconductor industry, is planning significant price hikes and has considered entering the chip design market. The British company, which licenses technology to major firms like Apple and Qualcomm, has historically focused on royalties from intellectual property rather than manufacturing its own chips.
CEO Rene Haas and SoftBank’s Masayoshi Son are reportedly pushing for a more aggressive revenue strategy. Plans revealed during a recent trial against Qualcomm disclosed the ‘Picasso’ initiative, aiming to increase smartphone revenue by $1 billion over a decade. The approach involves raising royalty fees by as much as 300% for the latest chip designs.
Documents from 2019 showed Arm executives discussing these increases, but customers like Apple and Qualcomm, capable of designing their own chips, may avoid the higher fees. Arm has also explored making complete chips or chiplets, a strategy Haas described as long-term speculation rather than a confirmed plan.
Meetings with Samsung executives in 2022 further highlighted Arm’s strategy shift. Concerns over licensing agreements with Qualcomm led Samsung to shorten a supply deal with the chipmaker. Arm has not publicly confirmed any immediate plans for chip production or pricing adjustments.
Apple is defending itself against a $1.8 billion mass lawsuit in a London tribunal, accused of abusing its market dominance by charging app developers a 30% commission through its App Store. The lawsuit, brought on behalf of around 20 million UK iPhone and iPad users, claims the fees have unfairly inflated app costs for consumers.
Rachael Kent, the academic leading the case, argues Apple has leveraged its monopoly to exclude competition and impose restrictive terms on app developers. Apple’s lawyers counter that the fees reflect the benefits of its iOS ecosystem, emphasising its focus on security, privacy, and innovation. They also noted that most developers are exempt from paying commissions.
This trial marks the UK’s first class-action-style lawsuit against a tech giant under its evolving legal framework. Similar cases against Google, Meta, and Amazon are in progress, including a $1.1 billion lawsuit against Google over Play Store fees scheduled for later this year. The trial is expected to last seven weeks, with testimony from Apple’s CFO anticipated soon.
Synopsys has secured conditional approval from the European Commission for its $35 billion acquisition of simulation software company Ansys. The deal, aimed at merging Synopsys’ semiconductor design expertise with Ansys’ simulation capabilities, promises to enhance solutions for complex chip and system creation. However, the acquisition is still awaiting regulatory approval in the UK and the US.
To address competition concerns, both companies have agreed to divest key business units. Synopsys will sell its Optical Solutions Group to Keysight Technologies, while Ansys will part with its PowerArtist tool, both of which are critical for tech industries like augmented reality and autonomous vehicles. These divestitures are intended to preserve healthy competition in crucial technology markets.
The deal is expected to close by mid-2025, pending final approvals and the completion of the divestments.
The European Union is considering expanding its investigation into Elon Musk’s social media platform X over potential content moderation breaches. The probe, launched in late 2023 under the Digital Services Act (DSA), relates partly to posts following Hamas’ attacks on Israel.
EU Commission Vice President Henna Virkkunen indicated the bloc is evaluating whether the investigation’s current scope is sufficient. Concerns have grown following Musk’s endorsement of far-right figures, including Germany’s Alternative for Germany candidate Alice Weidel, ahead of the country’s February elections.
The commission is also examining whether a live-streamed discussion between Musk and Weidel on X was unfairly promoted, potentially violating DSA rules by giving political advantage. X and the European Commission have yet to comment on the matter.
In July, EU regulators concluded that X breached the DSA, citing deceptive practices related to the platform’s blue checkmark system. Musk responded by welcoming a public legal confrontation to reveal the facts to European citizens.
