Economic Archives | Page 348 of 707 | Digital Watch Observatory

Digital Social Security cards coming this summer

The US Social Security Administration is launching digital access to Social Security numbers in the summer of 2025 through its ‘My Social Security’ portal. The initiative aims to improve convenience, reduce physical card replacement delays, and protect against identity theft.

The digital rollout responds to the challenges of outdated paper cards, rising fraud risks, and growing demand for remote access to US government services. Cybersecurity experts also recommend using VPNs, antivirus software, and identity monitoring services to guard against phishing scams and data breaches.

While it promises faster and more secure access, experts urge users to bolster account protection through strong passwords, two-factor authentication, and avoidance of public Wi-Fi when accessing sensitive data.

Users should regularly check their credit reports and SSA records and consider requesting an IRS PIN to prevent tax-related fraud. The SSA says this move will make Social Security more efficient without compromising safety.

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Self-custody wins support from former SEC official

Paul Atkins, a US Securities and Exchange Commission commissioner, has publicly backed the right to self-custody digital assets. Describing it as a core value, Atkins stressed that individual control over one’s money aligns with foundational principles of freedom and property rights.

Self-custody allows crypto holders to store their private keys independently, without relying on exchanges or custodians. The practice gained traction after centralised platforms such as FTX collapsed in 2022, causing billions in losses.

Tools like Ledger, Trezor, and MetaMask have made it easier for everyday users to manage their keys securely.

Support for self-custody is growing among regulators and the wider crypto community. With more than 30 million Americans now owning cryptocurrency, Atkins’ endorsement reflects a broader trend towards individual responsibility and decentralised finance.

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OpenAI’s revenue almost doubles to $10 billion

OpenAI has revealed that its annualised revenue has surged to $10 billion as of June 2025, nearly doubling since December 2024, when it stood at $5.5 billion.

The rapid growth is driven by the widespread adoption of its ChatGPT AI models across consumer and business markets, putting the company on course to meet its earlier goal of $12.7 billion in revenue for the whole year.

The $10 billion figure excludes licensing income from Microsoft, a major investor, and some large one-off contracts, according to an OpenAI spokesperson. Despite recording a loss of about $5 billion last year, OpenAI’s impressive revenue scale places it well ahead of many rivals benefiting from the AI boom.

Other players in the AI space are also seeing strong growth. For instance, Anthropic recently surpassed $3 billion in annualised revenue, driven by startup demand using its code-generation models. Meanwhile, OpenAI plans to raise up to $40 billion in new funding, valuing the company at $300 billion.

Since launching ChatGPT over two years ago, OpenAI has expanded its offerings with various subscription plans and services. The company reported 500 million weekly active users as of March 2025, underscoring its dominant position in the AI market.

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AI chip boom fuels TSMC revenue surge

Taiwan Semiconductor Manufacturing Co. (TSMC), the world’s leading contract chipmaker, reported a significant 39.6% year-over-year surge in May revenue, reaching NT$320.52 billion ($10.70 billion).

This robust growth is primarily attributed to sustained high demand for its AI chips. The company, a key supplier to tech giants like Ap p le and Nvidia, has seen its US-listed shares rise over 2% in premarket trading, extending their 5% gain so far this year.

Despite May’s revenue being down 8% from April’s figure, the chipmaker’s January-to-May revenue climbed nearly 43% compared to the same period last year, reaching NT$1.51 trillion.

This strong performance underpins TSMC’s ambitious expansion plans, including a previously announced intent to invest $100 billion in U.S.-based chip-manufacturing facilities.

TSMC CEO C.C. Wei reiterated the company’s full-year 2025 revenue projection in April, anticipating an increase of ‘close to mid-20s percent in US dollar terms.’

The continued strong demand for AI chips is expected to be a major driver in achieving these financial targets, solidifying TSMC’s critical role in the global technology landscape.

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Dogecoin drops over 10% as political drama and investor sell-off hit the market

Dogecoin has seen a sharp decline of over 10% in the past week, falling to $0.179. The drop coincides with heightened uncertainty linked to Elon Musk and Donald Trump, which appears to have dampened investor sentiment.

Despite the setback, Dogecoin remains the eighth-largest cryptocurrency by market capitalisation at $26.88 billion and commands a dominance of 0.8299%.

Technical analysis shows widening Bollinger Bands on the 4-hour chart, indicating increased volatility. The price touched the lower band near $0.17 before making a mild recovery towards the midline.

Meanwhile, trading volume surged to $1.63 billion, suggesting a large-scale sell-off. The Relative Strength Index (RSI) fell into an oversold zone but is now showing signs of recovery at 39.75, hinting at a potential reversal.

If bullish momentum continues, Dogecoin could test the resistance level at $0.183, with possible targets at $0.200 and $0.217. However, failure to break through could send the price down to the key support level of $0.165 in the coming weeks.

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Meta boosts AGI efforts with new team

Mark Zuckerberg, Meta Platforms CEO, is reportedly building a new team dedicated to achieving artificial general intelligence (AGI), aiming for machines that can match or exceed human intellect.

The initiative is linked to an investment exceeding $10 billion in Scale AI, whose founder, Alexandr Wang, is expected to join the AGI group. Meta has not yet commented on these reports.

Zuckerberg’s personal involvement in recruiting around 50 experts, including a new head of AI research, is partly driven by dissatisfaction with Meta’s recent large language model, Llama 4. Last month, Meta even delayed the release of its flagship ‘Behemoth’ AI model due to internal concerns about its performance.

The move signals an intensifying race in the AI sector, as rivals like OpenAI are also making strategic adjustments to attract further investment in their pursuit of AGI. This highlights a clear push by major tech players towards developing more advanced and capable AI systems.

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Growing push in Europe to regulate children’s social media use

Several European countries, led by Denmark, France, and Greece, are intensifying efforts to shield children from the potentially harmful effects of social media. With Denmark taking over the EU Council presidency from July, its Digital Minister, Caroline Stage Olsen, has made clear that her country will push for a ban on social media for children under 15.

Olsen criticises current platforms for failing to remove illegal content and relying on addictive features that encourage prolonged use. She also warned that platforms prioritise profit and data harvesting over the well-being of young users.

That initiative builds on growing concern across the EU about the mental and physical toll social media may take on children, including the spread of dangerous content, disinformation, cyberbullying, and unrealistic body image standards. France, for instance, has already passed legislation requiring parental consent for users under 15 and is pressing platforms to verify users’ ages more rigorously.

While the European Commission has issued draft guidelines to improve online safety for minors, such as making children’s accounts private by default, some countries are calling for tougher enforcement under the EU’s Digital Services Act. Despite these moves, there is currently no consensus across the EU for an outright ban.

Cultural differences and practical hurdles, like implementing consistent age verification, remain significant challenges. Still, proposals are underway to introduce a unified age of digital adulthood and a continent-wide age verification application, possibly even embedded into devices, to limit access by minors.

Olsen and her allies remain adamant, planning to dedicate the October summit of the EU digital ministers entirely to the issue of child online safety. They are also looking to future legislation, like the Digital Fairness Act, to enforce stricter consumer protection standards that explicitly account for minors. Meanwhile, age verification and parental controls are seen as crucial first steps toward limiting children’s exposure to addictive and damaging online environments.

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Workers struggle as ChatGPT goes down

The temporary outage of ChatGPT this morning left thousands of users struggling with their daily tasks, highlighting a growing reliance on AI.

Social media was flooded with humorous yet telling posts from users expressing their inability to perform even basic functions without AI. This incident has reignited concerns about society’s increasing dependence on closed-source AI tools for work and everyday life.

OpenAI, the developer of Ch a tGPT, is currently investigating the technical issues that led to ‘elevated error rates and latency.’ The widespread disruption underscores a broader debate about AI’s impact on critical thinking and productivity.

While some research suggests AI chatbots can enhance efficiency, others, like Paul Armstrong, argue that frequent reliance on generative tools may diminish critical thinking skills and understanding.

The discussion around AI’s role in the workplace was a key theme at the recent SXSW London event. Despite concerns about job displacement, exemplified by redundancies at Canva, firms like Lloyd’s Market Association are increasingly adopting AI, with 40% of London market companies now using it.

Industry leaders maintain that AI aims to rethink workflows and empower human creativity, with a ‘human layer’ remaining essential for refining and adding nuanced value.

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Apple reveals new AI features at WWDC

Apple has unveiled a range of AI features at its annual Worldwide Developers Conference, focusing on tighter privacy, enhanced user tools and broader integration with OpenAI’s ChatGPT. These updates will appear across iOS 26, iPadOS 26, macOS 26 and visionOS 26, set to launch in autumn.

While Apple Intelligence was first teased last year, the company now allows third-party developers to access its on-device AI models for the first time.

CEO Tim Cook and software chief Craig Federighi outlined how these features are intended to offer more personalised, efficient apps. Users of newer iPhones will benefit from tools such as live translation in Messages and FaceTime, and AI-powered image analysis via Visual Intelligence.

Apple also enables users to blend emojis creatively and use ChatGPT through its Image Playground to stylise photos. Enhancements to the Wallet app will help summarise order tracking from emails, and AI-generated voices will offer fitness updates.

Despite these innovations, Apple’s redesign of Siri remains incomplete and is not expected to launch soon.

The event failed to deliver major surprises, as many details had already been leaked. Investors responded cautiously, sending Apple shares down by 1.2%. The firm has lost 20% of its value in the year and no longer holds the top spot as the world’s most valuable company.

Nonetheless, Apple is expected to reveal more AI advancements in 2026.

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M&S resumes online orders after cyberattack

Marks & Spencer has resumed online clothing orders following a 46-day pause triggered by a cyberattack. The retailer restarted standard home delivery across England, Scotland and Wales, focusing initially on best-selling and new items instead of the full range.

A spokesperson stated that additional products will be added daily, enabling customers to gradually access a wider selection. Services such as click and collect, next-day delivery, and international orders are expected to be reintroduced in the coming weeks, while deliveries to Northern Ireland will resume soon.

The disruption began on 25 April when M&S halted clothing and home orders after issues with contactless payments and app services during the Easter weekend. The company revealed that the breach was caused by hackers who deceived staff at a third-party contractor, bypassing security defences.

M&S had warned that the incident could reduce its 2025/26 operating profit by around £300 million, though it aims to limit losses through insurance and internal cost measures. Shares rose 3 per cent as the online service came back online.

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