Crypto.com is set to host a groundbreaking golf tournament in Las Vegas on 17 December, offering a prize purse paid entirely in cryptocurrency. The Crypto.com Showdown will see PGA Tour stars Rory McIlroy and Scottie Scheffler face off against LIV Golf rivals Bryson DeChambeau and Brooks Koepka.
The prize, denominated in CRO, marks the first time a major sports event has awarded winnings exclusively in cryptocurrency. Crypto.com CEO Kris Marzalek highlighted the tournament as a step towards reshaping the sports and entertainment industries through digital assets.
Organised by BZ Entertainment and EverWonder Studio, the event aims to unify professional golf while showcasing the potential of cryptocurrency. With over 100 million users and partnerships spanning Formula 1, UFC, and FIFA, Crypto.com continues solidifying its influence in global sports.
Margrethe Vestager, the European Union’s outgoing competition chief, is stepping down after a decade of high-profile confrontations with tech giants like Apple and Google. In an exit interview, she expressed regret over not being more aggressive in regulating Big Tech, acknowledging the continued dominance of major platforms despite billions in fines. She described her tenure as ‘partly successful,’ noting the slow pace of change in the tech landscape.
Vestager was instrumental in shaping the EU’s regulatory framework, pushing for initiatives like the Digital Markets Act (DMA) to curb monopolistic behaviour. However, she conceded that the full impact of these measures may take years to be felt. She emphasised the importance of stronger enforcement and deterrence, advocating for a bolder approach to regulating tech firms globally.
Her reflections also highlighted the role of the Digital Services Act (DSA) in overseeing social media platforms and addressing harmful content. Platforms like X and Telegram, which face criticism for inadequate content moderation, were pointed out as examples of why robust regulation is necessary. Vestager stressed that platforms undermining democracy must comply with the EU’s stringent laws.
As she prepares to transition to academia, Vestager’s departure marks the end of an era. While her legacy includes significant strides in holding tech companies accountable, the ongoing influence of these firms signals that the battle for better regulation is far from over. Teresa Ribera Rodríguez will succeed her, tasked with continuing this critical work.
South Korea announced plans to provide 14 trillion won ($10 billion) in low-interest loans next year to support its chip sector amid growing competition from China and uncertainty over US trade policies under President-elect Donald Trump. The funds, managed by state-run banks, will include 1.8 trillion won for infrastructure like power lines at a new high-tech chip complex in Yongin and Pyeongtaek, designed to attract advanced chipmakers.
The government highlighted challenges posed by rapid advancements in China’s semiconductor industry and potential changes to US policies like the Inflation Reduction Act and Chips Act, which could alter global trade incentives. Trump has also pledged new tariffs on goods from China, Mexico, and Canada, raising additional concerns for South Korean exporters.
While South Korea leads in memory chip manufacturing through giants like Samsung Electronics and SK Hynix, it faces setbacks in chip design and contract manufacturing, where rivals are gaining ground. The government vowed to use all available resources to help the industry overcome its current challenges and maintain global competitiveness.
Vietnam’s Prime Minister Pham Minh Chinh called on the United States to remove export restrictions on certain technologies during an event in Hanoi hosted by the American Chamber of Commerce. Chinh emphasised Vietnam’s interest in satellite communications development and revealed ongoing talks with SpaceX to boost aerospace cooperation. He also urged the US to recognise Vietnam as a market economy, a step that could lower trade tariffs.
The US currently restricts Vietnam’s access to technologies deemed critical to national security, though Vietnam is allowed to import conventional weapons and some advanced technologies. Chinh questioned the necessity of the embargo, stating, “We are not fighting anyone, so why do you keep the embargo?”
Despite potential US tariffs of up to 20% on imports under the next Trump administration, Chinh avoided addressing the issue directly. He instead highlighted Vietnam’s $25 billion in expected foreign investment this year and stressed the importance of maintaining strong US-Vietnam relations to tackle global challenges.
Samsung Electronics made significant leadership changes on Wednesday, aiming to strengthen its position in the competitive AI chip market. Semiconductor chief Jun Young-hyun was named co-CEO, gaining direct control of the struggling memory chip business, while US chip head Han Jin-man was promoted to lead the foundry division. The moves reflect Samsung’s strategy to address declining profits and regain its edge against rivals SK Hynix and Taiwan’s TSMC.
The reshuffle comes amid growing investor concerns over Samsung’s lagging performance in AI chip supply, particularly to key client Nvidia. Samsung’s semiconductor profits dropped sharply in the third quarter, attributed to delays with a major customer. Despite some progress since, analysts remain sceptical about the leadership structure, with Chung Hyun-ho retaining his influential role in the Business Support Task Force.
Chairman Jay Y. Lee acknowledged public and investor concerns during a hearing this week, emphasising the need to navigate business uncertainty and intensifying competition, particularly from Chinese chipmakers. Samsung hopes the leadership overhaul will drive innovation and stabilise its chip business in a rapidly evolving market.
OpenAI is allowing employees to sell up to $1.5 billion worth of shares to Japan’s SoftBank Group in a new tender offer, according to sources familiar with the deal. This follows SoftBank’s $500 million investment in OpenAI during an October funding round that valued the Microsoft-backed AI startup at $157 billion. Employees have until 24 December to decide whether to sell their shares, with the offer price matching the last funding round.
SoftBank’s Vision Fund 2 will finance the purchase, reflecting CEO Masayoshi Son’s strategy to increase his stake in AI ventures. Son has aggressively expanded his AI portfolio, including investments in OpenAI and chip startup Graphcore, as he positions the conglomerate to ride the AI boom.
OpenAI continues to attract global attention with its flagship product ChatGPT, which now boasts 250 million weekly active users. The company’s rapid growth and high valuation highlight its central role in shaping the AI revolution.
Huawei has announced plans to expand its Harmony operating system with a target of 100,000 apps in the next 6–12 months. Chairman Xu Zhijun emphasised the need for personalised applications to strengthen the ecosystem and meet consumer demands. Currently, Harmony has over 15,000 apps catering to basic needs.
The push comes amid United Statessanctions, which have restricted Huawei’s access to Google’s Android. Xu called on developers, government agencies, and organisations to support Harmony, stressing its maturity will depend on widespread adoption and user patience.
HarmonyOS was unveiled in 2019 after the US imposed trade restrictions upon China, citing security concerns. Huawei remains committed to investing in its development to achieve technological self-reliance, with Xu describing the initiative as essential for the company’s future success.
Qualcomm’s interest in acquiring Intel has reportedly cooled due to the complexities involved in such a massive deal, according to Bloomberg. While a full acquisition now appears unlikely, Qualcomm may consider pursuing specific parts of Intel’s business or revisiting the idea in the future. Neither company has commented publicly on the report.
Qualcomm initially approached Intel in September, sparking speculation about a potential acquisition. Any deal would face significant antitrust scrutiny as it would unite two of the semiconductor industry’s biggest players. Qualcomm had previously explored acquiring sections of Intel’s design business, but no formal offer materialised.
Intel, once a dominant chipmaking powerhouse, has struggled in recent years, losing market share to competitors like TSMC and missing key opportunities in generative AI. The company’s declining fortunes have been reflected in a 50% drop in its stock price this year and its recent removal from the Dow Jones Industrial Average.
Intel’s expected $8.5 billion subsidy for expanding its United States chip manufacturing facilities is likely to be reduced, sources revealed. The grants, part of a broader semiconductor funding initiative under the CHIPS and Science Act, will still represent a significant investment but may drop below $8 billion. The adjustment is reportedly linked to Intel’s separate $3 billion Pentagon contract funded through the same programme.
The US government aims to bolster domestic semiconductor production through the CHIPS Act, allocating $52.7 billion overall, including $39 billion in subsidies. Intel’s planned projects in Arizona include building two new chip factories and upgrading an existing facility. Despite these efforts, Intel faces industry challenges, with slumping share prices and restructuring moves under CEO Pat Gelsinger.
Other companies, such as TSMC and GlobalFoundries, have also benefited from preliminary CHIPS Act agreements. Intel’s revised funding agreement is expected soon, with the US Commerce Department declining to comment on the final subsidy figure.
Biotech startup Cradle has raised $73 million to expand its labs and team, aiming to make AI-powered protein design more accessible. Founded in 2022, the company uses language models to analyse proteins, often described as “an alien programming language,” to suggest modifications that improve functionality, such as heat resistance or manufacturability.
Cradle’s software has gained traction among biotech and pharmaceutical companies by reducing the time and cost of experimental rounds, which can be both expensive and unpredictable. Its simple SaaS model eliminates concerns about royalties or intellectual property, offering a streamlined approach compared to competitors that co-develop drugs or processes.
Despite being a software provider, Cradle maintains a laboratory in Amsterdam to validate protein designs and build datasets to refine its models. The latest funding, led by IVP with participation from Index Ventures and Kindred Capital, will support lab expansion and further hiring. CEO Stef van Grieken aims to scale Cradle’s tools to reach a million scientists worldwide.
