Facebook, once the go-to platform for connecting with family and friends, is shifting its focus to attract younger users, according to Tom Alison, head of Facebook at Meta. With younger generations favouring apps like Instagram and TikTok, Meta aims to revitalise Facebook by helping users expand their networks and make new connections, aligning with how young adults use the platform today.
To achieve this, Facebook is testing two new tabs, Local and Explore, aimed at helping users find nearby events, community groups, and content tailored to their interests. This initiative aligns with Meta’s efforts to compete with TikTok, which has 150 million US users, by introducing its short-form video feature, Reels, in 2021. Data reveals that young adults on Facebook spend 60% of their time watching videos, with over half engaging with Reels daily.
Facebook also reported a 24% increase in conversations initiated through its dating feature among young adults in the US and Canada. At a recent event in Austin, Texas, the platform promoted its new direction with the slogan ‘Not your mom’s Facebook,’ emphasising its push to attract a younger audience.
Concerns are rising ahead of the US presidential election, with the latest intelligence suggesting interference from foreign nations like Russia, Iran, and China. The annual threat assessment released by the Department of Homeland Security highlights the use of AI by these countries to spread misinformation and create fake websites.
Russian actors have focused on amplifying divisive narratives, particularly around immigration. Iran has adopted a more aggressive approach, posing as activists online to encourage protests related to the conflict in Gaza. China is also seen as a potential player in efforts to undermine confidence in US democratic institutions.
The upcoming election, expected to be highly contested between Kamala Harris and Donald Trump, presents further opportunities for foreign interference. Tensions within the US could be exacerbated by these external efforts, along with potential threats from domestic extremists.
Domestic violent extremism also remains a serious concern. The report warns of the risk posed by lone actors or small cells driven by grievances related to race, religion, or anti-government views. These groups may attempt violent actions to instill fear or disrupt the electoral process.
President Joe Biden has signed legislation that will exempt certain United States semiconductor manufacturing facilities from additional federal environmental reviews, helping to accelerate projects funded by the $52.7 billion CHIPS Act. The move is aimed at preventing potential delays that could arise from lengthy environmental assessments required under the National Environmental Policy Act.
While proponents argue that these projects have already complied with various environmental regulations at federal, state, and local levels, environmental groups like the Sierra Club caution that the reviews are essential to protect communities and workers from hazardous materials used in chip production. Critics are concerned about the risks of bypassing such safeguards.
The legislation is seen as a critical step to bolster the US semiconductor industry, with companies like Samsung, Intel, and Taiwan‘s TSMC set to benefit from billions in government subsidies. These funds are intended to strengthen supply chains, create jobs, and reduce dependence on foreign suppliers like China.
Despite the bipartisan support, some lawmakers, including Representative Zoe Lofgren, voiced opposition, citing past instances of semiconductor-related pollution. Lofgren argued that the reviews are a necessary tool to prevent similar environmental harm in the future.
Equinix has announced a joint venture with Singapore’s GIC and the Canada Pension Plan Investment Board, aiming to raise over $15 billion to expand its hyperscale data centres in the US. This initiative comes at a time when the demand for data centres is surging due to the increasing deployment of AI technologies across various industries. Hyperscale data centres are crucial for major tech companies like Amazon, Microsoft, and Google, providing the extensive computing power and storage necessary for their operations.
The newly formed joint venture will greatly expand Equinix’s hyperscale data centre program by enabling the purchase of land for new facilities and adding more than 1.5 gigawatts of capacity. GIC and the Canada Pension Plan Investment Board will each hold a 37.5% equity stake in the venture, while Equinix will retain a 25% share. Additionally, the partnership plans to leverage debt to increase the total available investment capital.
Equinix has experienced robust growth recently, prompting the company to raise its annual core earnings forecast. With a keen eye on expansion, particularly in Southeast Asia, Equinix has already acquired three data centres in the Philippines this year and continues to explore opportunities in the high-growth region. The new partnership with GIC underscores Equinix’s commitment to scaling its operations in response to the rising demand for data centre services.
Britain has imposed sanctions on 16 members of the Russian cyber-crime group Evil Corp, accusing the group of conducting cyber-attacks on NATO allies under orders from Russian intelligence. The National Crime Agency (NCA) said the move is part of a coordinated effort with the US and Australia to combat significant cyber threats. Evil Corp’s leader, Maksim Yakubets, has been linked to Russia’s intelligence agencies, and a $5 million bounty was placed on him by the US in 2019.
The Russian cyber-crime group Evil Corp has been linked to numerous illegal activities, including ransomware attacks through its affiliate, LockBit. Major organisations like Boeing and Britain’s Royal Mail have been among their targets. Evil Corp’s deep connections with Russian intelligence agencies, such as the Federal Security Service (FSB), Foreign Intelligence Service (SVR), and military intelligence (GRU), underscore the increasing worries about cybercrime with state sponsorship. These links point to the potential use of cyber-criminals for espionage and cyber-attacks against global entities.
Alongside asset freezes and travel bans on the designated individuals, British officials disclosed that Maksim Yakubets’ father-in-law, a former FSB official, contributed to protecting Evil Corp. Additionally, the US Department of Justice has indicted Yakubets’ associate, Aleksandr Ryzhenkov, for conducting ransomware attacks throughout Texas and beyond. This coordinated global action highlights an ongoing commitment to combating cybercrime and safeguarding international security.
Microsoft has officially launched ‘Bing Generative Search,’ a new AI-powered feature that generates summaries of search results, aiming to enhance how users interact with search engines. After a pilot in July, the feature is now being rolled out to US users. To try it, users can search “Bing generative search,” or trigger it through informational queries. Bing generative search uses a blend of AI models to compile information from across the web, offering an easy-to-read summary alongside traditional search links.
This feature evolves from Bing’s AI chat integration launched in February 2023, but now provides search results in a fresh, AI-generated format that aims to better fulfill user intent. For example, a search like ‘What’s a spaghetti western?’ would display a detailed overview of the genre’s history and examples, accompanied by relevant sources. However, users can opt out of the AI summaries if they prefer traditional search results.
While Microsoft promises that Bing’s AI-powered search still maintains website traffic, concerns have risen across the industry. Competitor Google’s AI Overviews have already been criticized for diverting traffic from publishers and, at times, delivering inaccurate results. Although Bing holds a smaller portion of the global search market compared to Google, Microsoft is keen to monitor the impact of generative AI on web traffic.
Amazon has secured a partial victory in a US antitrust case brought by the Federal Trade Commission (FTC). The federal court ruled in favour of Amazon’s request to dismiss some of the claims, though others will proceed. The ruling, issued in Seattle, has not yet been fully disclosed.
The FTC initially accused Amazon of using unfair tactics to maintain its dominance in the online market. The lawsuit claimed Amazon’s algorithms raised prices, costing US households over $1 billion. The company has stated it ceased using the controversial pricing system in 2019.
Although the court granted some of Amazon’s requests, other parts of the case remain active. Judge John Chun ruled that the trial would proceed in two phases, separating evidence on violations and proposed remedies. The FTC continues to pursue remaining claims.
Amazon, along with other tech giants like Meta, Apple, and Google, is facing increased scrutiny from antitrust regulators. FTC Chair Lina Khan has been vocal in challenging Amazon’s practices, citing longstanding concerns about its market influence.
As Google‘s trial on allegations of monopolising the advertising technology market draws to a close, experts believe the financial risk to the tech giant is minimal. The US Department of Justice (DOJ) and a coalition of states accuse Google of illegally controlling the markets used by advertisers and publishers to buy and sell online ads. However, analysts point out that the ad tech business at the centre of the trial, Google Network, is declining and represents a smaller portion of the company’s overall revenue compared to its dominant search business.
In 2023, advertising made up over 75% of Google’s $307.4 billion revenue, though the Network division, which is central to the DOJ case, contributed just $31.4 billion. The DOJ is pushing for the divestiture of Google Ad Manager, but analysts believe that even if Google loses, the financial impact would be small, with revenue losses potentially under 10%. Google has defended itself by highlighting strong competition from other platforms, especially in mobile apps and streaming ads, which could undermine the DOJ’s argument.
The more significant worry for Google lies in the potential consequences of a ruling in favour of the DOJ, as it could facilitate easier transitions for advertisers and publishers between platforms. A successful case might establish a legal precedent that holds tech companies accountable for monopolistic practices. However, the overall impact will hinge on the trial’s outcome and the remedies the court proposes in the upcoming months.
The United States has imposed sanctions on Russian national Sergey Sergeevich Ivanov and cryptocurrency firm Cryptex, which operates in Russia despite being based in Saint Vincent and the Grenadines, according to the Treasury Department. The sanctions target individuals and organisations involved in facilitating cybercrime and illicit financial activity.
Additionally, the United States Treasury’s Financial Crimes Enforcement Network identified Russian crypto exchange PM2BTC as a ‘primary money laundering concern.’ Officials stressed their commitment to preventing cybercrime networks like PM2BTC and Cryptex from continuing operations, according to acting undersecretary Bradley Smith.
The US State Department has also announced rewards of up to $10 million for information leading to the arrest or conviction of Ivanov and Timur Shakhmametov for their involvement in transnational organised crime. It is also offering rewards of up to $1 million for information on the leaders of crypto exchange PM2BTC and stolen credit card marketplaces PinPays and Joker’s Stash.
These efforts underscore the US government’s continued crackdown on cybercriminal networks and illicit financial activities that threaten global security and economic stability.
The United States Department of Justice is investigating Super Micro Computer, according to a Wall Street Journal report citing sources familiar with the matter. Following the news, shares of the AI server maker fell by about 5%.
Earlier in the month, Super Micro had denied allegations made by short-seller Hindenburg Research, which accused the company of ‘accounting manipulation’ and cited issues like undisclosed related-party transactions and failure to comply with export controls.
Hindenburg revealed its short position in Super Micro in August, prompting a further examination of the company’s financial practices. Super Micro has dismissed the report as containing ‘false or inaccurate statements.’ The server maker did not immediately respond to requests for comment from Reuters.
