A federal appeals court panel on Friday unanimously upheld a law that could lead to a ban on TikTok in a few short months, handing a resounding defeat to the popular social media platform as it fights for its survival in the U.S. The U.S. Court of Appeals for the District of Columbia Circuit denied TikTok's petition to overturn the law — which requires TikTok to break ties with its China-based parent company ByteDance or be banned by mid-January — and rebuffed the company's challenge of the statute, which it argued had ran afoul of the First Amendment. “The First Amendment exists to protect free speech in the United States,” said the court's opinion, which was written by Judge Douglas Ginsburg. “Here the Government acted solely to protect that freedom from a foreign adversary nation and to limit that adversary’s ability to gather data on people in the United States.” TikTok and ByteDance — another plaintiff in the lawsuit — are expected to appeal to the Supreme Court, though its unclear whether the court will take up the case. “The Supreme Court has an established historical record of protecting Americans’ right to free speech, and we expect they will do just that on this important constitutional issue," TikTok spokesperson Michael Hughes said in a statement. “Unfortunately, the TikTok ban was conceived and pushed through based upon inaccurate, flawed and hypothetical information, resulting in outright censorship of the American people,” Hughes said. Unless stopped, he argued the statute “will silence the voices of over 170 million Americans here in the US and around the world on January 19th, 2025.” Though the case is squarely in the court system, its also possible the two companies might be thrown some sort of a lifeline by President-elect Donald Trump, who tried to ban TikTok during his first term but said during the presidential campaign that he is now against such action . The law, signed by President Joe Biden in April, was the culmination of a years-long saga in Washington over the short-form video-sharing app, which the government sees as a national security threat due to its connections to China. “Today’s decision is an important step in blocking the Chinese government from weaponizing TikTok to collect sensitive information about millions of Americans, to covertly manipulate the content delivered to American audiences, and to undermine our national security,” Attorney General Merrick Garland said in a statement Friday. The U.S. has said it’s concerned about TikTok collecting vast swaths of user data, including sensitive information on viewing habits , that could fall into the hands of the Chinese government through coercion. Officials have also warned the proprietary algorithm that fuels what users see on the app is vulnerable to manipulation by Chinese authorities, who can use it to shape content on the platform in a way that’s difficult to detect — a concern mirrored by the European Union on Friday as it scrutinizes the video-sharing app’s role in the Romanian elections. TikTok, which sued the government over the law in May, has long denied it could be used by Beijing to spy on or manipulate Americans. Its attorneys have accurately pointed out that the U.S. hasn’t provided evidence to show that the company handed over user data to the Chinese government, or manipulated content for Beijing’s benefit in the U.S. They have also argued the law is predicated on future risks, which the Department of Justice has emphasized pointing in part to unspecified action it claims the two companies have taken in the past due to demands from the Chinese government. Friday’s ruling came after the appeals court panel, composed of two Republican and one Democrat appointed judges, heard oral arguments in September. In the hearing, which lasted more than two hours, the panel appeared to grapple with how TikTok’s foreign ownership affects its rights under the Constitution and how far the government could go to curtail potential influence from abroad on a foreign-owned platform. On Friday, all three of them denied TikTok’s petition. In the court's ruling, Ginsburg, a Republican appointee, rejected TikTok's main legal arguments against the law, including that the statute was an unlawful bill of attainder or a taking of property in violation of the Fifth Amendment. He also said the law did not violate the First Amendment because the government is not looking to "suppress content or require a certain mix of content” on TikTok. “Content on the platform could in principle remain unchanged after divestiture, and people in the United States would remain free to read and share as much PRC propaganda (or any other content) as they desire on TikTok or any other platform of their choosing,” Ginsburg wrote, using the abbreviation for the People’s Republic of China. Judge Sri Srinivasan, the chief judge on the court, issued a concurring opinion. TikTok’s lawsuit was consolidated with a second legal challenge brought by several content creators - for which the company is covering legal costs - as well as a third one filed on behalf of conservative creators who work with a nonprofit called BASED Politics Inc. Other organizations, including the Knight First Amendment Institute, had also filed amicus briefs supporting TikTok. “This is a deeply misguided ruling that reads important First Amendment precedents too narrowly and gives the government sweeping power to restrict Americans’ access to information, ideas, and media from abroad,” said Jameel Jaffer, the executive director of the organization. “We hope that the appeals court’s ruling won’t be the last word.” Meanwhile, on Capitol Hill, lawmakers who had pushed for the legislation celebrated the court's ruling. "I am optimistic that President Trump will facilitate an American takeover of TikTok to allow its continued use in the United States and I look forward to welcoming the app in America under new ownership,” said Republican Rep. John Moolenaar of Michigan, chairman of the House Select Committee on China. Democratic Rep. Raja Krishnamoorthi, who co-authored the law, said “it's time for ByteDance to accept” the law. To assuage concerns about the company’s owners, TikTok says it has invested more than $2 billion to bolster protections around U.S. user data. The company has also argued the government’s broader concerns could have been resolved in a draft agreement it provided the Biden administration more than two years ago during talks between the two sides. It has blamed the government for walking away from further negotiations on the agreement, which the Justice Department argues is insufficient. Attorneys for the two companies have claimed it’s impossible to divest the platform commercially and technologically. They also say any sale of TikTok without the coveted algorithm - the platform’s secret sauce that Chinese authorities would likely block under any divesture plan - would turn the U.S. version of TikTok into an island disconnected from other global content. Still, some investors, including Trump’s former Treasury Secretary Steven Mnuchin and billionaire Frank McCourt, have expressed interest in purchasing the platform. Both men said earlier this year that they were launching a consortium to purchase TikTok’s U.S. business. This week, a spokesperson for McCourt’s Project Liberty initiative, which aims to protect online privacy, said unnamed participants in their bid have made informal commitments of more than $20 billion in capital.Iowa offensive lineman announces plans to return in 2025
Atalanta tops Serie A after late win over AC Milan while Inter goes 13 games unbeatenChinese President Xi Jinping will preside over a day of celebrations in Macau and inaugurate the city's new leader on Friday to mark 25 years since the former colony was returned to China. Macau is regarded by China as a shining example of its "One Country, Two Systems" model, and Xi praised the city as a "pearl in the nation's palm" at the start of his three-day visit. The Chinese casino hub has grown from a Portuguese trading outpost to the world's casino capital by gaming revenue and a popular destination for Chinese tourists. When Macau reverted to Chinese rule on December 20, 1999, Beijing promised that the city's "capitalist system and way of life shall remain unchanged for 50 years". Arriving in the city on Wednesday, Xi lauded Macau's "world-recognised success" in implementing the "One Country, Two Systems" framework and said the city had a bright future. "Macau is a pearl in the nation's palm, and I have always kept in my thoughts its development and the welfare of all its people," Xi said. The Chinese president added that he would use his trip for "extensive and in-depth exchanges with our friends from all places, and discuss plans for Macau's development". Friday's festivities will be centred around the inauguration of Sam Hou-fai, the former president of Macau's apex court, as the city's fourth post-handover leader, replacing Ho Iat-seng. Security was tight around the city on Thursday, with roadblocks set up around an event venue and authorities increasing checks on inbound visitors. Following the end of 442 years of Portuguese rule, Macau's fortunes have risen in lockstep with China's economic growth. It is the only place in China where casino gambling is permitted and has long surpassed Las Vegas as the world's top casino hub, fuelled by two decades of Chinese visitor spending. Macau, which has a resident population of 687,000, saw just over 29 million visitor arrivals in the first 10 months of the year. Its GDP has soared from $6.4 billion in 1999 to more than $47 billion last year, and its population is the richest in China on a per capita basis. Under orders from Beijing to diversify the economy, Macau leaders have proposed fields such as financial services, technology and Chinese medicine as new economic drivers. But as of November, gaming-related taxes still made up 81 percent of government revenue and experts say Macau is years away from weaning itself off casino wealth. Xi on Thursday visited the Macau University of Science and Technology and was "briefed on the development of two state-level key laboratories" that involved Chinese medicine and planetary science, according to state news agency Xinhua. He also visited the Guangdong-Macao In-Depth Cooperation Zone on Hengqin Island, speaking to residents and people there in charge of planning, construction, management and services, Xinhua reported. Hengqin Island, a landmass adjacent to Macau and three times its size, was partly leased by Beijing to Macau to boost its land supply for non-gaming development. hol/oho/scoA good wallet is a must-have accessory for every man, offering convenience and a touch of elegance. This guide showcases a selection of the finest leather wallets in the market. Whether you’re looking for style, durability, or functionality, these options are worth considering. Leather wallets are an essential accessory for men, combining practicality with timeless style. They keep your belongings organized while adding a refined touch to your outfit. With numerous brands offering various designs, it can be not easy to find the perfect wallet. Fortunately, trusted names in the market provide reliable and stylish options. This article explores some of the best leather wallets for men to help you make an informed choice. 1. AL FASCINO wallets for men Image Credit: Amazon.in Order Now The AL FASCINO wallet is a stylish and practical choice for men who value quality and elegance. Made with genuine leather, this wallet is designed to offer durability and a sophisticated look. Its maroon color adds a unique touch, making it stand out from traditional wallet designs. With ample space for cards, cash, and coins, it ensures all your essentials are within reach. Additionally, its RFID-blocking technology protects your cards from unauthorized scanning, offering peace of mind. This wallet is an excellent combination of functionality and fashion, making it suitable for both casual and formal settings. 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This wallet is perfect for men who want to showcase their personality through their accessories. Key Features: -Premium leather material for long-lasting use. -Multicolored design for a trendy and unique look. -Multiple compartments for cards, cash, and IDs. -Slim and compact for convenient portability. -Signature Tommy Hilfiger branding for added style. -When filled with cards and cash, the wallet can become noticeably thick and uncomfortable to carry. 4. Scarters Faux Leather Abundance Wallet For Men Image Credit: Amazon.in Order Now The Scarters Faux Leather Abundance Wallet is a modern and practical choice for men who prioritize organization and security. Designed with mindful microfibre material, this wallet offers a sleek and contemporary look. Its RFID protection feature ensures your cards remain safe from digital theft, making it a reliable companion for daily use. The deep blue color adds a touch of sophistication, while the spacious design with six card slots and two hidden pockets provides ample storage options. With a 15-month warranty, this wallet guarantees quality and peace of mind. Key Features: -Made with faux leather and mindful microfibre for a premium feel. -RFID protection for enhanced security. -Six card slots and two hidden pockets for better organization. -Sleek and compact design with a deep blue finish. -Comes with a 15-month warranty for reliability. -While stylish, faux leather may lack the luxurious texture and finish of real leather wallets. Conclusion: Investing in a high-quality leather wallet not only enhances your style but also ensures practicality and durability. These top options cater to various preferences, making it easier to find the perfect wallet for your needs. Disclaimer: Above mentioned article is a sponsored feature. This article is a paid publication and does not have journalistic/editorial involvement of IDPL, and IDPL claims no responsibility whatsoever. Stay informed on all the latest news , real-time breaking news updates, and follow all the important headlines in india news and world News on Zee News.
SEATTLE--(BUSINESS WIRE)--Dec 19, 2024-- Expedia Group (NASDAQ: EXPE) announced today that Scott Schenkel has been appointed as Expedia Group’s Chief Financial Officer, effective the day after Expedia Group files its Annual Report on Form 10-K for the year ended December 31, 2024 (which is expected to be on or about February 7, 2025). As previously announced, Julie Whalen will remain in the CFO role through February to ensure a smooth transition. As CFO, Mr. Schenkel will be responsible for leading Expedia Group’s global finance organization and will be based in Seattle, reporting directly to the Company’s Chief Executive Officer, Ariane Gorin. Mr. Schenkel has more than 30 years of global business and financial leadership expertise across e-commerce, healthcare, and technology businesses. As an operationally focused CFO, his experience spans company, business unit and functional leadership with extensive knowledge in financial planning, analytics, strategy, audit, mergers and acquisitions, integration, and process improvement. “Scott joins Expedia Group with extensive financial leadership experience across global businesses, particularly in e-commerce,” said Ariane Gorin, Chief Executive Officer, Expedia Group. “His expertise, operational acumen, and strategic insight will be instrumental as we strengthen our position as a global leader in travel. I look forward to working with Scott to drive our strategic goals forward. I also want to thank Julie for her significant contributions and dedication during her tenure as CFO, as well as for ensuring a smooth transition to Scott.” “I’m honored to join Expedia Group and excited about the opportunity to contribute to such an innovative and dynamic company,” said Scott Schenkel. “I look forward to collaborating with Ariane and the team to drive financial excellence and support the company’s mission of powering global travel experiences.” About Scott Schenkel Mr. Schenkel most recently served as the Interim CEO of eBay Inc. from September 2019 through April 2020 and its Senior Vice President and Chief Financial Officer from 2015 to 2019. Prior to the eBay CFO role, he spent six years as Senior Vice President and Chief Financial Officer of eBay Marketplace, having originally joined eBay in 2007 as Vice President of Global Financial Planning and Analytics. Prior to eBay, Mr. Schenkel spent nearly 17 years at General Electric Company in a variety of financial leadership roles. About Expedia Group Expedia Group, Inc. brands power travel for everyone, everywhere through our global platform. Driven by the core belief that travel is a force for good, we help people experience the world in new ways and build lasting connections. We provide industry-leading technology solutions to fuel partner growth and success, while facilitating memorable experiences for travelers. Expedia Group’s three flagship consumer brands include: Expedia®, Hotels.com ®, and Vrbo®. Forward Looking Statements This press release contains certain statements that constitute "forward-looking statements" within the meaning of federal securities laws, including statements regarding Expedia Group’s CFO transition. These statements are based on management's assumptions and beliefs in light of the information currently available to it. Such statements are indicated by words or phrases such as "anticipate," "continue," "expect," "future," "position," "strategy," "will," and variations of such words and similar phrases. Various uncertainties and other factors could cause actual results to differ materially from those contained in the forward-looking statements. These include the specific risk factors identified in "Risk Factors" in our annual report on Form 10-K for our last fiscal year and any subsequent filings. Expedia Group assumes no obligation to update the information contained herein unless required by applicable law. Please refer to Expedia Group’s reports and filings with the Securities and Exchange Commission for a further discussion of these risks and uncertainties. For more information, visit www.expediagroup.com . Follow us on X @expediagroup and check out our LinkedIn. © 2024 Expedia, Inc., an Expedia Group company. All rights reserved. Trademarks and logos are the property of their respective owners. CST: 2029030-50 View source version on businesswire.com : https://www.businesswire.com/news/home/20241219878769/en/ press@expedia.com KEYWORD: WASHINGTON UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: TRANSPORTATION LODGING ONLINE RETAIL DESTINATIONS TECHNOLOGY VACATION TRAVEL ELECTRONIC COMMERCE RETAIL INTERNET OTHER TRAVEL SOURCE: Expedia Group, Inc. Copyright Business Wire 2024. PUB: 12/19/2024 04:10 PM/DISC: 12/19/2024 04:10 PM http://www.businesswire.com/news/home/20241219878769/en
OraSure Technologies Acquires Sherlock BiosciencesKILLINGTON, Vt. (AP) — American skier Mikaela Shiffrin said she suffered an abrasion on her left hip and that something “stabbed” her when she crashed during her second run of a World Cup giant slalom race Saturday, doing a flip and sliding into the protective fencing. Shiffrin stayed down on the edge of the course for quite some time as the ski patrol attended to her. She was taken off the hill on a sled and waved to the cheering crowd before going to a clinic for evaluation. “Not really too much cause for concern at this point, I just can’t move,” she said later in a video posted on social media . “I have a pretty good abrasion and something stabbed me. ... I’m so sorry to scare everybody. It looks like all scans so far are clear.” She plans to skip the slalom race Sunday, writing on Instagram she will be “cheering from the sideline.” The 29-year-old was leading after the first run of the GS and charging for her 100th World Cup win. She was within sight of the finish line, five gates onto Killington’s steep finish pitch, when she an outside edge. She hit a gate and did a somersault before sliding into another gate. The fencing slowed her momentum as she came to an abrupt stop. Reigning Olympic GS champion Sara Hector of Sweden won in a combined time of 1 minute, 53.08 seconds. Zrinka Ljutic of Croatia was second and Swiss racer Camille Rast took third. The Americans saw Paula Moltzan and Nina O’Brien finish fifth and sixth. “It’s just so sad, of course, to see Mikaela crash like that and skiing so well,” Hector said on the broadcast after her win. “It breaks my heart and everybody else here.” The crash was a surprise for everyone. Shiffrin rarely DNFs — ski racing parlance for “did not finish.” In 274 World Cup starts, she DNF'd only 18 times. The last time she DNF'd in GS was January 2018. Shiffrin also has not suffered any devastating injuries. In her 14-year career, she has rehabbed only two on-hill injuries: a torn medial collateral ligament and bone bruising in her right knee in December 2015 and a sprained MCL and tibiofibular ligament in her left knee after a downhill crash in January 2024. Neither knee injury required surgery, and both times, Shiffrin was back to racing within two months. Saturday was shaping up to be a banner day for Shiffrin, who skied flawlessly in the first run and held a 0.32-second lead as she chased after her 100th World Cup win. Shiffrin, who grew up in both New Hampshire and Colorado and sharpened her skills at nearby Burke Mountain Academy, has long been a fan favorite. Shiffrin is driven not so much by wins but by arcing the perfect run. She has shattered so many records along the way. She passed Lindsey Vonn’s women’s mark of 82 World Cup victories on Jan. 24, 2023, during a giant slalom in Kronplatz, Italy. That March, Shiffrin broke Swedish great Ingemar Stenmark’s Alpine mark for most World Cup wins when she captured her 87th career race. To date, she has earned five overall World Cup titles, two Olympic gold medals — along with a silver — and seven world championships. In other FIS Alpine World Cup news, the Tremblant World Cup — two women’s giant slaloms at Quebec’s Mont-Tremblant scheduled for next weekend — were canceled. Killington got 21 inches of snow on Thanksgiving Day, but Tremblant — five hours north of Killington — had to cancel its races because of a lack of snow. AP Sports Writer Pat Graham in Denver contributed to this report. More AP skiing: https://apnews.com/hub/alpine-skiing
Daily Post Nigeria EPL table: Arsenal go second with 5-2 win over West Ham Home News Politics Metro Entertainment Sport Sport EPL table: Arsenal go second with 5-2 win over West Ham Published on November 30, 2024 By Ifreke Inyang Arsenal have gone second in the Premier League table, following a 5-2 win at West Ham in Saturday’s late kick-off. The Gunners are the only title challengers that played today, with most of the big games scheduled for tomorrow. And they took full advantage by claiming maximum points at the London Stadium. Gabriel Magalhaes opened the scoring from a corner-kick, before Leandro Trossard tapped in Bukayo Saka’s low cross. Arsenal captain, Martin Odegaard, stroked home a penalty, before Kai Havertz ran through to make it 4-0. The hosts fought back with two goals from Aaron Wan-Bissaka and Emerson Palmeri. But Saka scored again from the spot. Mikel Arteta’s men now have 25 points, six behind Liverpool who host Manchester City on Sunday. Related Topics: arsenal EPL West Ham Don't Miss LaLiga: I’m angry – Raphinha slams Barça after 2-1 defeat to Las Palmas You may like EPL: Nottingham Forest boss backs Awoniyi to hit top form again EPL: I’ll adopt Maresca’s methods – Van Nistelrooy EPL: The’re overhyped, I feel sorry for their manager – Sutton predicts Man United vs Everton EPL: It’s not good time to play them – Sutton predicts Arsenal vs West Ham EPL: Results can change – Arteta warns Liverpool about title race EPL: Why Man City has not sacked me – Guardiola Advertise About Us Contact Us Privacy-Policy Terms Copyright © Daily Post Media Ltd
Charday Penn/E+ via Getty Images The reason we avoid the word synergy is because people generally claim more synergistic benefits than will come. - Charlie T. Munger In a rather surprising move, Omnicom Group ( NYSE: OMC ) and The Interpublic Group of Companies ( NYSE: Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. The information contained herein is for informational purposes only. Nothing in this article should be taken as a solicitation to purchase or sell securities. Before buying or selling shares, you should do your own research and reach your own conclusion, or consult a financial advisor. Investing includes risks, including loss of principal. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.Atalanta tops Serie A after late win over AC Milan while Inter goes 13 games unbeatenKelly Services stock hits 52-week low at $14.19
NEW YORK (AP) — An early rebound for U.S. stocks petered out by the end of the day, leaving indexes close to flat. The S&P 500 edged down by 0.1% Thursday, coming off one of its worst days of the year after the Federal Reserve said it may deliver fewer cuts to interest rates in 2025 than earlier thought. The Dow Jones Industrial Average inched up by less than 0.1%, and the Nasdaq composite slipped 0.1%. Treasury yields were mixed in the bond market following reports showing the U.S. economy may be stronger than expected, but manufacturing may be contracting again. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. NEW YORK (AP) — U.S. stocks are stabilizing Thursday following . The S&P 500 rose 0.2% in late trading, a day after tumbling 2.9% when the Federal Reserve said it next year than earlier thought. The Dow Jones Industrial Average was up 136 points, or 0.3%, with less than an hour remaining in trading, following Wednesday’s drop of more than 1,100 points. The Nasdaq composite rose 0.3%. Wednesday’s drop took some of the enthusiasm out of the market, which critics had already been warning was and would need everything to go correctly for it to justify its high prices. But indexes remain near , and the S&P 500 is still on track for one of its . Traders are now expecting the Federal Reserve to deliver just one or maybe two cuts to interest rates next year, according to data from CME Group. Some are even betting on none. A month ago, the majority saw at least two cuts in 2025 as a safe bet. Wall Street loves lower interest rates because they give the economy a boost and goose prices for investments, but they can also provide fuel for inflation. Darden Restaurants, the company behind Olive Garden and other chains, helped lift the market after leaping 15.1%. It delivered profit for the latest quarter that edged past analysts’ expectations. The operator of LongHorn Steakhouses also gave a forecast for revenue for this fiscal year that topped analysts’. Accenture rose 6.7% after the professional services company likewise topped expectations for profit in the latest quarter. CEO Julie Sweet said it saw growth around the world, and the company raised its forecast for revenue this fiscal year. Amazon shares added 1.8%, even as workers at seven of its facilities in the middle of the online retail giant’s busiest time of the year. Amazon says it doesn’t expect an impact on its operations during what the workers’ union calls the largest strike against the company in U.S. history. They helped offset a tumble for Micron Technology, which fell 16.7% despite reporting stronger profit than expected. The computer memory company’s revenue fell short of Wall Street’s forecasts, and CEO Sanjay Mehrotra said it expects demand from consumers to remain weaker in the near term. It gave a forecast for revenue in the current quarter that fell well short of what analysts were thinking. Lamb Weston, which makes French fries and other potato products, dropped 22.6% after for profit and revenue in the latest quarter. It also cut its financial targets for the fiscal year, saying demand for frozen potatoes is continuing to soften, particularly outside North America. The company replaced its chief executive. In the bond market, yields were mixed a day after shooting higher on expectations that the Fed would deliver fewer cuts to rates in 2025. Reports on the U.S. economy came in mixed. One showed the overall during the summer, faster than earlier thought. The economy has remained remarkably resilient even though the Fed held its main interest rate at a two-decade high for a while before beginning to cut them in September. A separate report showed last week, an indication that the job market also remains solid. But a third report said manufacturing in the mid-Atlantic region is unexpectedly contracting again despite economists’ expectations for growth. The yield on the 10-year Treasury rose to 4.57% from 4.52% late Wednesday and from less than 4.20% earlier this month. But the two-year yield, which more closely tracks expectations for action by the Fed in the near term, eased back to 4.31% from 4.35%. The rise in longer-term yields has put pressure on the housing market by keeping higher. Homebuilder Lennar fell 4.8% after it reported weaker profit and revenue for the latest quarter than analysts expected. CEO Stuart Miller said that “the housing market that appeared to be improving as the Fed cut short-term interest rates, proved to be far more challenging as mortgage rates rose” through the quarter. “Even while demand remained strong, and the chronic supply shortage continued to drive the market, our results were driven by affordability limitations from higher interest rates,” he said. A report on Thursday may have offered some encouragement for the housing industry. It showed a In stock markets abroad, London’s FTSE 100 fell 1.1% after the Bank of England paused its cuts to rates and on Thursday. The move comes as inflation there moved further above the central bank’s 2% target rate, while the British economy is flatlining at best. The Bank of Japan also kept its benchmark interest rate unchanged, and Tokyo’s Nikkei 225 fell 0.7%. Indexes likewise sank across much of the rest of Asia and Europe. ___ AP Business Writers Matt Ott and Elaine Kurtenbach contributed. Stan Choe, The Associated Press
Consisting of Apple , Microsoft, Amazon, Alphabet, Tesla, Meta, and Nvidia, the Magnificent Seven has delivered consistent outperformance in recent years, but it appears that their market dominance could be under threat. Since its launch in April 2023, Roundhill’s Magnificent Seven ETF (MAGS) has grown more than 120%, buoyed by an AI boom and a series of strategic acquisitions by tech market leaders to reaffirm their position among the world’s strongest stocks by market capitalization. However, the news in recent days that China has launched an antitrust investigation into global chip giant Nvidia under suspicions that the company has violated its anti-monopoly laws is the latest blow in a series of regulatory pushbacks against the global dominance of Wall Street’s biggest players. Trade Wars Disrupt Tech China’s decision to investigate Nvidia (NASDAQ:NVDA) stems from a 2020 deal to acquire Mellanox Technologies Ltd. The State Administration for Market Regulation alleged that approval was granted for the deal on the condition that the tech giant did not discriminate against Chinese companies . The $7 billion acquisition was approved provided that the Israeli computer networking manufacturer provided information about new products to rivals within 90 days of making them available to Nvidia. It’s this aspect of the deal that China is looking to scrutinize. However, the timing of the investigation is crucial. President-elect Donald Trump has been vocal in his pledges to impose heavy tariffs on trade with China. While a 60% tariff was threatened on the campaign trail, in November, Trump suggested that an additional 10% tariff would be placed on all trade with the nation. Although Trump has suggested that the tariffs are a response to drugs like fentanyl being exported to the US, the President-elect has long adopted an aggressive stance towards China, which may complicate the growth of globally-focused Wall Street firms. Nvidia appears to be caught up in an emerging trade war between the US and China, and given that the Asian powerhouse makes up around 17% of the firm’s revenue , the outcome of the investigation could be a troubling time for the tech leader that had been on course to sell $12 billion worth of chips to China in 2024. Google in Antitrust Hot Water Search engine giant and its owner, Alphabet (NASDAQ:GOOGL), were found to have violated antitrust laws as the firm created a tech empire, according to a federal judge in August 2024. The judge found that Google violated section 2 of the Sherman Act, with accusations that its services and advertising kept users locked into the company in a way that prevented the emergence of competitors. The fallout from the trial saw GOOGL fall 11.6% from its July 2024 peak by the end of November, with fresh uncertainty over what the future holds for its tech empire at a time of accelerating innovations. In November, the US Department of Justice suggested that Google divest its Chrome internet browser as a remedy in the wake of the case. The DOJ also ruled that Google should be prevented from entering into exclusionary agreements with third parties like Apple and Samsung in a move that could open the door for more competitors to capture market share in the future. Crucially, the department suggested that Google be prohibited from giving preference to its search service within its other products. AI Could Destabilize Tech Leaders These antitrust investigations are taking place against the backdrop of a tech boom powered by artificial intelligence. OpenAI recently launched ChatGPT Search in a move that saw Google quickly begin testing its own real-time conversational search function. With data suggesting that as much as 20% of searches in 2023 occurred without the use of a keyboard, voice search powered by AI could be a key battleground for dominance among the world’s biggest tech firms. Fresh scrutiny over the market monopolies that leading tech companies are building could open the door for fresh competitors to destabilize Wall Street’s status quo among the Magnificent Seven . Should Investors be Wary of the Magnificent Seven? Renewed scrutiny over the market dominance of Magnificent Seven firms comes at a time when markets haven’t been so concentrated at the top since 1960 . Today, the Magnificent Seven account for 30% of the S&P Index in terms of capitalization, which may be challenged as new innovations, especially when it comes to transactions transparency , bring fresh opportunities. With a trade war between the US and China beginning to accelerate, and greater industry scrutiny of tech giants like Google, the Magnificent Seven could see some new challenges emerge in 2025 even as the Trump administration is expected to support a pro-growth outlook for Wall Street. The brightest global tech stocks have proven themselves time and again, and it’s reasonable to expect that their growth will continue for the foreseeable future, but the impressive 120% rally of Roundhill’s Magnificent Seven ETF over the past 18 months may be considerably harder to replicate looking ahead.49ers’ Isaac Guerendo gets his shot at lead runner in decimated backfield