TikTok Vote | Bloomberg Technology

TikTok Vote | Bloomberg Technology
  • Bloomberg Technology with Caroline Hyde and Ed Ludlow.
  • Coverage on TikTok throughout the program.
  • U.S. House passes a bill to force ByteDance to sell TikTok or face a ban in the U.S.
  • European Union passes extensive AI guard rails.
  • Publicly traded markets set more records.
  • Federal Reserve's potential actions and inflationary pressures being digested.
  • Profit-taking occurring.
  • U.S. markets managing to fight off some negative scenarios.
  • Key AI fervor in Europe may influence U.S. trade.
  • Bond market 30-year auction had lackluster demand.
  • Powering up two percentage points on the day.

TikTok Vote (00:02:00)

  • The House of Representatives passed a bill that could force TikTok to divest or be banned in the United States due to concerns about its potential threat to national security.
  • TikTok's CEO lobbied senators to prevent the bill from passing in the Senate, while Senate Majority Leader Chuck Schumer has not yet indicated whether he will take up the bill.
  • Some Republicans are concerned about giving the administration too much power to censor content and are worried about the unintended consequences of the bill.
  • TikTok intends to exhaust all legal challenges before considering divesting from its Chinese parent company, citing concerns about compliance with Chinese laws, potential data transfers, and the ability to influence users through its algorithm.

china and the US (00:09:00)

  • The EU has passed comprehensive AI rules, setting the tone for AI usage in the Western world, but companies are concerned about overregulation.
  • The EU AI rules take a risk-based approach, focusing on the use of AI rather than the technology itself, with certain uses banned and additional checks required to prove AI systems are safe.
  • The Pentagon has withdrawn from a $2.5 billion chip grant to Intel, leaving the Commerce Department to cover the shortfall.
  • Singtel, Singapore's largest carrier, has denied reports of discussions to sell off its subsidiary, Optus.
  • Google is restricting its AI chatbot from answering questions related to the Indian general elections to combat misinformation.
  • Social Capital has fired two partners following an undisclosed investigation involving an AI startup and a potential violation of company policy related to outside investors.
  • The crypto market is rallying, with Bitcoin outperforming the broader market, while tech stocks, especially chip stocks like NVIDIA, are under pressure due to demand and yield concerns.
  • Chinese stocks are outperforming the market, and the crypto-related indexing and querying protocol, The Graph, is experiencing a surge in market capitalization.
  • Bitcoin has the potential to capture a significant portion of the world's wealth in the coming decades, and the recent Bitcoin ETF launch has exceeded expectations with daily trading volumes surpassing $1 billion.

bitcoin (00:26:00)

  • The number of Americans holding crypto is growing, indicating increasing involvement in the crypto ecosystem.
  • Despite concerns about speculation, there is a thriving community of builders and individuals participating in Web3 protocols, with data usage reaching an all-time high.
  • Hive Mind Capital Partners, a traditional finance firm, is entering the Web3 space by launching a $50 million fund dedicated to digital art and blockchain.
  • The U.S. House of Representatives passed a bill that could lead to the sale or ban of TikTok in the United States due to national security concerns.
  • The bill requires TikTok's parent company, ByteDance, to divest its ownership of TikTok in the U.S.
  • TikTok has stated that it will fight the bill in court, and even if it passes Congress and is signed into law, there will likely be legal challenges.
  • Venture capitalist Mark Farrell, a leading contender for San Francisco mayor, has proposed a package of initiatives to revitalize the city, including increased funding for the police, restrictions on public park access, and efforts to revitalize downtown and improve the city's image.

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