US cryptocurrency shares fell after the recent presidential debate between Kamala Harris and Donald Trump. Harris criticised Trump, who has positioned himself as a pro-crypto candidate, while Trump promised friendlier crypto regulations if elected. Following the debate, pop icon Taylor Swift endorsed Harris, further influencing the political landscape.
Market analysts noted that while the debate didn’t directly address cryptocurrency, sentiment shifted in favour of Harris. That has created a less optimistic outlook for Bitcoin than Trump’s earlier promises of making Bitcoin a government-held asset. The crypto market remains volatile and faces regulatory scrutiny, but it has also gained mainstream attention due to backing from City institutions and key corporate figures.
As political uncertainty lingers, crypto stocks, including Riot Platforms, Marathon Digital, and Coinbase, experienced notable drops, with Bitcoin and ether also losing value. Experts anticipate continued volatility in the crypto sector until the November election.
Top executives from OpenAI, Google, and Anthropic are set to meet with senior US officials at the White House to discuss the energy infrastructure needed to support the growing demand for AI. The meeting will bring together key figures like OpenAI CEO Sam Altman, Google’s Ruth Porat, and Anthropic CEO Dario Amodei, along with government representatives such as Energy Secretary Jennifer Granholm and Commerce Secretary Gina Raimondo. Discussions are expected to focus on how the US can strengthen its AI leadership while managing the strain on energy resources.
The Biden administration, led by National Security Adviser Jake Sullivan and other top officials, is pushing for the construction of more data centres in the US while ensuring that AI is developed responsibly. A White House spokesperson emphasised the government’s commitment to balancing technological advancement with national energy demands.
The rise of generative AI, which can produce text, images, and videos, has highlighted its potential benefits and risks. As AI becomes more integrated into everyday tasks, it raises concerns about energy consumption, with technology companies vying for an increasingly limited supply of electricity to fuel their AI and cloud computing operations.
DISG and AI Singapore are spearheading an expanded phase of the ‘Upskill with Meta’ programme, which now emphasises AI to support better small and medium-sized businesses (SMBs) and students. The initiative, aligned with the Digital Enterprise Blueprint launched by Singapore’s Ministry of Digital Development and Information (MDDI), aims to empower 500 businesses and 4,500 students with advanced digital skills.
The programme is designed to address SMBs’ challenges in effectively leveraging AI and machine learning technologies, offering targeted training to help them integrate these tools into their operations.
The initiative by DISG and AI Singapore is part of a broader effort to demystify AI for SMBs. The goal is to make AI more accessible and less intimidating for non-technical users, thereby fostering confidence in using these technologies. The expanded programme includes masterclasses on AI-driven strategies for marketing, customer support, and business messaging tools, providing practical skills that SMBs can directly apply to enhance their capabilities and innovate within their industries.
This expansion complements other government-led efforts, such as the generative AI (GenAI) Sandbox programme, which allows SMEs to gain hands-on experience with AI technologies. By supporting these initiatives, DISG and AI Singapore aim to build a digitally resilient workforce and ensure that every sector is included in the digital transformation process.
Visa has announced an ambitious plan to expand the acceptance of digital payments in Pakistan by ten times over the next three years. The strategy, revealed by Visa’s general manager for Pakistan, North Africa, and Levant, Leila Serhan, comes as the company partners with Pakistan’s largest payment provider, 1Link. The aim is to encourage more businesses to adopt digital payments and improve remittance flows into the country.
With a population of 240 million, Pakistan faces a significant challenge, as only 60% of its 137 million adults have bank accounts. Visa’s plan involves investing in digital payment infrastructure, making digital transactions more affordable and easier to manage for businesses, especially smaller merchants. By introducing technology that turns phones into payment devices and accepting various forms of payments such as QR codes and card taps, Visa hopes to increase the current number of point-of-sale machines.
The partnership with 1Link also focuses on enhancing the remittance process, ensuring better security and encouraging transactions through legal channels. Remittances are a vital source of foreign exchange for Pakistan, contributing significantly to its GDP. This collaboration includes allowing 1Link’s PayPak cards to be accepted on Visa’s online platform, despite the two companies being competitors.
As Pakistan implements economic reforms following a $7 billion bailout from the IMF, digital payments are set to play a key role in the government’s drive towards digitisation. Visa is committed to supporting these efforts, seeing digital payments as central to the country’s future economic growth.
In 2009, Google’s goal was to ‘crush’ rival ad networks, as revealed by a former executive in a point highlighted in the ongoing US Department of Justice antitrust trial against the tech giant. The remarks, made by David Rosenblatt, Google’s former president of display advertising, surfaced as part of the prosecution’s argument that Google has been trying to monopolise the online adtech market, dominating both publisher ad servers and advertiser ad networks.
The trial is gaining momentum and has introduced evidence of Google’s internal strategies since it acquired DoubleClick in 2008. Rosenblatt’s comments, referenced in court notes, underscored Google’s aim to control the digital advertising ecosystem. He compared the company’s adtech ambitions to those of major financial institutions, stating that Google wanted to achieve in display ads what it had already done with search ads.
Google has denied the allegations, asserting it faces strong competition from other major players like Microsoft, Amazon, and Meta. The company argues that its advertising tools are common in the industry. However, the prosecution contends that Google’s integrated ad services give it an unfair advantage, particularly by making it difficult for publishers to switch platforms, a challenge Rosenblatt described as a ‘nightmare.’
Should the court rule against Google, prosecutors have called for the company to sell off its Google Ad Manager, including its publisher ad server and ad exchange, to restore competition in the digital advertising market.
A significant $1 billion investment has been announced by NXP Semiconductors in India, aimed at doubling its research and development efforts. The company is betting on India’s growing importance in the semiconductor industry, aiming to strengthen its presence in the market.
CEO Kurt Sievers confirmed the plan during the Semicon India conference near New Delhi. The company is already in talks with key industries, including the automotive sector, and operates four design centres in India employing about 3,000 people.
Global giants like Nvidia and AMD have also increased their investments in India, reflecting the country’s growing role in reducing reliance on semiconductor hubs like China and Taiwan. India is also preparing an 85,000-strong workforce to support its ambitions.
The Dutch government announced on Tuesday that ASML will now require a licence to supply spare parts and software updates for chipmaking equipment previously sold to Chinese customers. This applies to equipment that has since been classified under new export restrictions.
The move follows the government’s decision last Friday to add two additional chipmaking tools to its national control list, aligning its policies with the United States. The restrictions aim to curb the export of advanced technology to China.
ASML, a major supplier of semiconductor manufacturing equipment, has previously expressed concerns over the potential impact of such restrictions on its business. However, the company must now comply with the new rules for sales to Chinese clients.
The Netherlands Foreign Ministry confirmed the updated regulations, stating that the licences will help control the flow of sensitive technology in line with international agreements.
OpenAI is set to launch its new AI model ‘Strawberry’ within the next two weeks as part of its ChatGPT service. The model is designed to focus on reasoning rather than instant responses, could offer a more thoughtful conversational experience.
Led by Sam Altman, OpenAI has generated strong interest and investment in AI technology. Businesses are increasingly turning to artificial intelligence to enhance their products, with OpenAI reporting over one million paying users across its services.
The US Federal Communications Commission (FCC) has released its regulatory fee schedule for fiscal year 2024, targeting a collection of $390 million. The FCC has introduced favourable terms for instalment payments to ease the financial impact, including reduced interest rates and removing down payments due to the significant increase in fees from the previous year.
Fee payors requesting waivers, reductions, deferrals, or instalment payments must provide detailed financial documentation with their applications. Concurrently, the FCC is conducting its annual assessment under Section 706 of the Telecommunications Act to evaluate the deployment of advanced telecommunications capabilities across the US, seeking input on broadband metrics, speed benchmarks, and methodologies for identifying unserved areas.
Additionally, the FCC proposes new rules to enhance consumer protection against illegal and unwanted calls and texts, including expanded blocking requirements and a new SIP code 603+ for notifying blocked calls on IP networks. The proposed rules also include penalties for providers that fail to prevent the use of their networks for illegal calls.
In other regulatory matters, the FCC is considering changes to the Citizens Broadband Radio Service (CBRS) framework to improve federal protection and commercial spectrum access in the 3.5 GHz band, with comments due by early October and replies by early November 2024. The Commission is also evaluating a proposal to allow non-geostationary satellites to operate in the 17.3-17.8 GHz band, aligning US regulations with international standards and managing shared use with geostationary satellites and terrestrial services.
Jabil, a US-based electronics components manufacturer and supplier to Apple, will establish a new manufacturing facility in Tamil Nadu, India, with an investment of approximately 20 billion rupees ($238.2 million). The plant, located near the city of Trichy, will create around 5,000 jobs, according to Tamil Nadu’s Industries Minister T R B Rajaa, who announced the deal on social media following its signing in Chicago.
Matt Crowley, Jabil’s executive vice president, emphasised India‘s growing importance as a manufacturing hub, stating that the expansion would enable the company to better serve its customers. This new facility will complement Jabil’s existing operations in Pune, located in western India.
The government of Tamil Nadu has also signed an agreement with Rockwell Automation worth 6.66 billion rupees to expand manufacturing in the state. Another agreement, with Autodesk, has been signed, though its value has not been disclosed, according to Chief Minister M K Stalin.
Tamil Nadu is rapidly becoming a preferred destination for global manufacturing, with significant investments boosting the state’s role in India’s growing industrial sector.
