Missouri’s Attorney General Andrew Bailey announced an investigation into Google on Thursday, accusing the tech giant of censoring conservative speech. Bailey’s statement, shared on social media platform X, criticised Google, calling it “the biggest search engine in America,” and alleged that it has engaged in bias during what he referred to as “the most consequential election in our nation’s history.” Bailey did not cite specific examples of censorship, sparking quick dismissal from Google, which labelled the claims “totally false” and maintained its commitment to showing “useful information to everyone—no matter what their political beliefs are.”
Republicans have long contended that major social media platforms and search engines demonstrate an anti-conservative bias, though tech firms like Google have repeatedly denied these allegations. Concerns around this issue have intensified during the 2024 election campaign, especially as social media and online search are seen as significant factors influencing public opinion. Bailey’s investigation is part of a larger wave of Republican-led inquiries into potential online censorship, often focused on claims that conservative voices and views are suppressed.
Adding to these concerns, Donald Trump, the Republican presidential candidate, recently pledged that if he wins the upcoming election, he would push for the prosecution of Google, alleging that its search algorithm unfairly targets him by prioritising negative news stories. Trump has not offered evidence for these claims, and Google has previously stated its search results are generated based on relevance and quality to serve users impartially. As the November 5 election draws near, this investigation highlights the growing tension between Republican officials and major tech platforms, raising questions about how online content may shape future political campaigns.
Georgia‘s secretary of state’s office recently thwarted a cyberattack aimed at crashing the website used by voters to request absentee ballots. The attack, believed to have originated from a foreign entity, involved hundreds of thousands of IP addresses flooding the system with fake traffic. Despite briefly slowing the site, the attack did not disrupt the ability of voters to request ballots, thanks in part to support from cybersecurity firm Cloudflare.
Officials have yet to confirm the foreign origin, though Gabe Sterling, an election official in Georgia, suggested the attack had “the hallmarks of a foreign power.” The FBI and the US Cybersecurity and Infrastructure Security Agency are involved in the investigation. This incident highlights ongoing attempts by hackers, including foreign-linked groups, to interfere with the democratic process as the US presidential election approaches.
Georgia has previously dealt with cyber threats, including a cyberattack in Coffee County earlier this year, underscoring the continuous risk to election infrastructure. However, no cyber activity has affected the actual casting or counting of votes so far.
Taiwan Semiconductor Manufacturing Company (TSMC) has notified the US government about a potential breach of export controls involving Huawei. TSMC suspects that the Chinese tech company may be attempting to work around US restrictions that ban the chipmaker from producing advanced AI chips for Huawei, a target of American trade curbs since 2020.
The US imposed these controls to limit China’s access to high-end semiconductors, crucial for developing military technologies. While TSMC claims it hasn’t supplied Huawei since mid-2020, a recent customer order for a chip similar to Huawei’s Ascend 910B has raised concerns. The AI chip in question is designed for training large language models, a key area of competition in the tech rivalry between Washington and Beijing.
TSMC promptly reported the situation to the US Commerce Department, although no investigation has been launched against the company. The US and Huawei have yet to comment on the matter.
The US Consumer Financial Protection Bureau (CFPB) introduced new rules to boost open banking by giving consumers more control over their financial data. These regulations will allow people to share their information more freely when seeking services, promoting competition between financial technology companies and traditional banks, which have been slow to grant access to customer data. CFPB Director Rohit Chopra likened the move to the system that lets mobile phone users switch providers while keeping their numbers, noting that it could modernise US payment systems.
The rules include strong privacy protections, ensuring companies can only use consumer data for specific services requested and preventing unauthorised use. They will also enable consumers to transfer their financial data between institutions at no cost, borrow on better terms by sharing data with lenders, and make direct payments from bank accounts. Consumers will also be able to revoke access to their data at any time.
The rules were part of the 2010 Wall Street reforms following the 2008 financial crisis. Smaller banks are exempt, while larger fintech firms have until 2026 to comply, and smaller ones have until 2030. These adjustments were made after feedback from industry stakeholders and the public.
Marvell Technology, a leading US chip manufacturer, has announced it will raise prices across its entire product line starting January 1, marking the first major price increase in the optical communications sector. This decision comes after Marvell’s strong financial performance last quarter, driven by the surging demand for AI-related products, including ASICs and silicon photonics for data centres. The price hike is seen as a way to capture new market opportunities and support ongoing investments in innovative technologies.
A leaked notification letter from Marvell’s Senior Vice President of Global Sales, Dean Jarnac, revealed that the global demand for AI and accelerated computing is pushing companies like Marvell to expand production capacity and invest in new manufacturing bases. Jarnac emphasised that the price increase is necessary to support these investments, but assured customers that the impact would be minimised and encouraged them to plan their orders accordingly.
Marvell’s recent growth has been fueled by booming demand in the AI space, particularly in its data centre business. Key products such as 800G PAM and 400ZR optical solutions have been central to this success. Marvell’s CEO Matt Murphy highlighted the company’s optimistic outlook, expecting continued revenue growth in the coming quarter as demand for AI and data centre solutions continues to rise.
The US Commerce Department has announced plans to award $325 million to Hemlock Semiconductor to expand its production of semiconductor-grade polysilicon. The funding is part of a larger effort to shift and strengthen the United States chip supply chain.
The grant, from the $52.7 billion semiconductor manufacturing and research subsidy programme, will support the construction of a new facility in Hemlock, Michigan. Commerce Secretary Gina Raimondo stressed the importance of a reliable source of polysilicon for manufacturing semiconductors, which are critical to the nation’s economic and national security.
Hemlock Semiconductor, a joint venture of Corning Inc and Shin-Etsu Handotai, is making a significant investment in advanced technologies to maintain its position as a leading supplier to the semiconductor market. The expansion aligns with the Biden administration’s broader plan to boost domestic chip production through grants to major companies.
The administration has already announced preliminary awards totalling $36 billion from the $39 billion set aside for manufacturing subsidies. While only one grant has been finalised, officials expect more deals to be concluded by the end of the year.
The European Union has joined forces with venture capital firms to boost investment in the region’s tech sector, aiming to compete with the more advanced industries in the US and China. The new initiative, called the “Trusted Investors Network,” involves 71 investors managing over €90 billion in assets, focused on supporting European deep-tech companies.
This collaboration follows recommendations from a report by former European Central Bank chief Mario Draghi, which highlighted the need for swift, large-scale investments in critical technologies to ensure Europe’s global competitiveness. The initiative addresses concerns that Europe is lagging behind in tech innovation, particularly compared to the US, where AI deals have significantly boosted venture capital activity.
The EU hopes that this partnership will inject much-needed funding into Europe’s tech industry, encouraging faster growth and helping the region keep pace with global competitors.
Spain‘s Santander has launched its digital bank, Openbank, in the United States, aiming to expand its retail presence and fund up to $30 billion in auto loans. As one of the few European banks with a United States retail foothold, Santander hopes this move will help it compete more effectively in the market.
Santander‘s US operations already hold over $45 billion in retail deposits and $60 billion in auto-related loans. The new digital bank aims to reduce funding costs by shifting away from more expensive wholesale funding. Openbank is offering a 5.25% yield on its savings accounts to attract US customers.
Openbank‘s launch is part of Santander’s broader global strategy to become a digital bank with branches, aiming to increase market share in a competitive US banking landscape. The bank has no immediate plans to re-enter the mortgage lending market, focusing instead on its digital offering.
Santander’s CEO for the US, Tim Wennes, emphasised that while hiring for Openbank will be limited, the bank will evaluate partnership opportunities to expand the platform. The digital shift comes as Santander seeks to boost returns from its US operations.
The US government is nearly finalising rules restricting American investments in certain advanced technologies in China, particularly AI, semiconductors, microelectronics, and quantum computing. These regulations are designed to prevent US know-how from contributing to China’s military capabilities following an executive order signed by President Joe Biden in August 2023. The rules are under review by the Office of Management and Budget and are expected to be released soon, possibly before the upcoming US presidential election on 5 November.
The new regulations will require US investors to notify the Treasury Department about specific investments in sensitive technologies. While the rules will ban certain investments outright, they also include several exceptions. For example, some publicly traded securities and certain types of debt financing will not fall under the restrictions. However, US companies and individuals will determine which transactions are subject to the new limits.
Earlier drafts of the rules, published in June, gave the public a chance to provide feedback and proposed banning AI investments that involved systems trained with substantial computing power. The final regulations are expected to provide additional clarity, particularly concerning the thresholds for restricted transactions in AI and the role of limited partners in such investments.
Experts like Laura Black, a former Treasury official, anticipate that the regulations will take effect at least 30 days after release. These measures reflect the US government’s growing focus on curbing China’s access to critical technologies while balancing the need for certain economic exceptions in mutual funds and syndicated debt financing sectors.
The upcoming release will be a significant step in the Biden administration’s broader effort to safeguard US technological advantage and national security interests in the face of growing competition from China.
The US Securities and Exchange Commission (SEC) has filed an appeal in its case against Ripple, though it does not challenge the court’s decision that XRP is not a security. Instead, the SEC’s appeal, submitted on 16 October, questions Ripple’s XRP sales on exchanges and personal sales by its executives, Brad Garlinghouse and Chris Larsen.
Ripple’s chief legal officer, Stuart Alderoty, clarified that the ruling regarding XRP’s status as a non-security remains unchanged. Ripple is set to file its own Form C in response within seven days, and both parties will agree on a briefing schedule for the ongoing case.
The legal process is expected to take up to 90 days, with the SEC required to file its first brief within that period. Ripple’s legal team remains confident as the case progresses.
