Bitcoin’s price is edging ever closer to the $100,000 mark as investors and crypto enthusiasts continue to bet that President-elect Donald Trump and his upcoming administration will bring in a more friendly regulatory environment for cryptocurrencies.

At the time of writing the world’s first crypto has a price of $99,469 – up 2% in 24 hours and a new all-time high.

The digital asset has soared by over 60 percent in value since the Republicans won the US election on November 5. Trump was bullish about crypto during his campaign, and yesterday, it was reported his team is even contemplating creating a new White House role around it.

The incoming President infamously called Bitcoin a “scam” during his first term, however, he has since changed tack and even accepted campaign donations in cryptocurrency. Furthermore, he has repeatedly pledged to make the United States the global “capital for crypto.”

WATCH: President Trump pledges to eliminate at least 10 old regulations for every new one, embrace new industries like crypto and Bitcoin pic.twitter.com/TPgtPIr2do

— RSBN (@RSBNetwork) September 5, 2024

What’s driving the Bitcoin price rise?

Last month Trump announced the sale of the World Liberty Financial (WLF) token, serving as the utility token his family’s decentralized finance (DeFi) platform. The project aims to create an instance of DeFi protocol Aave (AAVE) on the Ethereum (ETH) blockchain and was seen as yet another indicator that the Trump camp are friendly towards crypto.

But it’s not just Donald Trump’s victory causing the Bitcoin price to hit new highs. The world’s largest Bitcoin holder, MicroStrategy, has been pouring more funds into buying Bitcoin and the investment firm now holds over 1% of the total supply.

Another tailwind for Bitcoin was the start of options trading on Bitcoin exchange-traded funds (ETFs) earlier in the year. With Trump likely to ease regulation institutional investors are piling into these ETFs.

How high Bitcoin can go is anyone’s guess but the price surpassing the six-figure milestone seems increasingly likely.

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Donald Trump has appointed Elon Musk and former Republican presidential rival Vivek Ramaswamy to head up a new “Department of Government Efficiency” (DOGE) aimed at drastically cutting back the size of the U.S. Government.

The department – which won’t be an official government agency – will be shortened to DOGE, a reference to Musk’s favorite cryptocurrency Dogecoin.

In a statement on Tuesday (Nov, 12) President-Elect Trump said the pair “will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.”

The appointment of the world’s richest man to the advisory role fulfills earlier promises Trump made to Musk. The 53-year-old CEO of Tesla and SpaceX has long been critical of the size of the U.S. Government and called for a streamlining of regulations. Musk also claimed during the election campaign he could cut $2 trillion from the $6.5 trillion government budget.

pic.twitter.com/Vnk4MCAofY

— Elon Musk (@elonmusk) November 13, 2024

There isn’t a great deal of information currently as to how the department will operate but in October, Musk swore it would be “transparent” and that he would “drain the swamps”. He said:

“We’re going to be very open and transparent and be very clear about this is what we’re doing [with the Department of Government Efficiency], here are the issues, this is the math for what’s being spent.

“We’re going to make the spending lower. And if somebody’s got a better idea for how to make the spending lower, tell us. But if we don’t, we’re going to bankrupt the country. And so, we got to do something. And it’s got to be some pretty big moves.”

Elon Musk on D.O.G.E: We'll drain many swamps and be very transparent about it.

“We're going to be very open and transparent and be very clear about this is what we're doing [with the Department of Government Efficiency], here are the issues, this is the math for what's being… pic.twitter.com/bmqqwrZkZX

— ELON DOCS (@elon_docs) November 13, 2024

What will D.O.G.E mean for Elon Musk’s companies?

Government employees typically must declare their financial interests and connections to prevent potential conflicts of interest, including selling off substantial investments related to their official duties. However, since Musk and Ramaswamy would not be officially employed by the federal government, they would not be subject to these disclosure requirements or ethical constraints.

It raises questions about conflicts of interest around Musk’s involvement in government cuts. A 2024 New York Times article compiled data showing that Musk’s ventures were promised $3 billion through almost 100 different agreements with 17 federal organizations. It remains to be seen if Musk will cut departments that directly or indirectly support his companies.

Trump has already indicated it is unlikely Musk will hold a full-time position given his many business commitments.

The Department Of Government Efficiencies might sit under the Federal Advisory Committee Act, the body which holds external groups advising the sitting government accountable to the public.

Dogecoin price takes off

The news sent the price cryptocurrency Dogecoin surging. In the last seven days, at the time of writing, DOGE is up 92% to $0.377.

The name of Musk’s new advisory department, “DOGE”, making its way into mainstream media and retail trading circles has fuelled speculation around the memecoin. Recent price action has led some crypto traders to see $1 as a major price target for DOGE , one that has been long anticipated among the community since 2021, when the token traded above 70 cents.

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The U.S. Securities and Exchange Commission (SEC) will hold off deciding on a planned rule change by Nasdaq’s International Securities Exchange (ISE) which would enable the listing and trading of options via BlackRock’s iShares Ethereum Trust (ETHA).

The SEC – which regulates the securities markets in the U.S.A. – was widely anticipated to make its decision this week. Still, that decision has now been delayed to November 10 according to a statement by the authority on Tuesday (Sep, 24).

“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change,” the SEC wrote.

Markets have been awaiting the decision as it would be another step towards crypto’s integration with traditional finance. If given the green light, these Ethereum-based options would be subject to the same rules and oversight as other ETF-related derivative products and provide investors with new avenues to gain exposure to Ethereum’s price fluctuations.

The Securities Exchange Act’s Section 19(b)(2) permits the regulatory body to extend its decision-making period by up to 90 days. This is justified as allowing for a more comprehensive assessment of potential market impacts and associated risks.

Ethereum ETF options postponed after Bitcoin ETF options were approved

This week the SEC approved the Nasdaq ISE to list and trade options on BlackRock’s iShares Bitcoin Trust (IBIT) following months of deliberation.

Among professional traders and crypto specialists, the news was greeted with excitement and described as “game-changing”. Bitcoin index options provide established investors and market participants with a familiar method to adjust their stake in the leading cryptocurrency.

Securing SEC approval is no mean feat. Nasdaq ISE made multiple revisions to its initial proposal and had to assuage the body’s concerns about market manipulation and high-risk exposure for participants. A critical modification in the submission caps IBIT options at 25,000 contracts. The exchange characterized this limit as “highly cautious” considering the market’s scale and the trust’s liquidity levels.

Featured image: Midjourney

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One of the official X accounts belonging to ChatGPT’s parent company, OpenAI, was hacked by crypto scammers last night.

The hackers took over the company’s @OpenAINewsroom account around 7pm ET (Sep, 23). Usually, the corporate account is used to share updates and news surrounding the latest developments at the pioneering AI research firm. However, on Monday evening the account began to post about a so-called “$OPENAI” token to its 54,000 followers.

The post read: “We’re very happy to announce $OPEANAI: the token bridging the gap between Al and blockchain technology.

“All OpenAI users are eligible to claim a piece of $OPENAI’s initial supply. Holding $OPENAI will grant access to all of our future beta programs.”

The since-deleted tweet contained a link leading to a counterfeit OpenAI website.

The OpenAI Newsroom X account appears to be hacked.

The first line of the announcement even misspells the token handle ($OPEANAI vs $OPENAI).

Be careful out there… pic.twitter.com/3M7cFuCGn0

— TylerD (@Tyler_Did_It) September 23, 2024

OpenAI has been contacted for comment by ReadWrite.

At the time of writing, there have been no official statements from the account – which launched in June – regarding the incident.

OpenAI sees a rise in hacked accounts

It’s not the first large company, or even tech company, to see one of its social channels hacked in an attempted pump-and-dump crypto scam. Google subsidiary Mandiant, a cyber intelligence company bought by the search giant for $5.4bn, was hijacked in January when it was used to distribute a fake airdrop which led to those who interacted with it to have their wallets drainer.

Even the official X account of legendary heavy metal band Metallica was briefly compromised to promote a crypto scam. The hackers used the opportunity in June to promote a fraudulent Solana-based (SOL) token with the ticker METAL .

But the X accounts of OpenAI and its staff appear to have been targeted specifically in recent weeks. On Sunday, OpenAI researcher Jason Wei’s account was hijacked to promote another fake $OPENAI token launch. Similarly, both Jakub Pachocki, OpenAI’s Chief Scientist, and Chief Technology Officer Mira Murati had their accounts temporarily taken over.

The FBI estimated that $5.6 billion was lost to crypto-related crime last year,  a 45% increase from what was seen in 2022.

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The US Securities and Exchange Commission (SEC) has given the green light to Nasdaq’s International Securities Exchange (ISE) to list and trade options on BlackRock’s iShares Bitcoin Trust (IBIT), following a rule change.

The SEC’s decision is a significant step forward for crypto derivatives and broadens the field of financial products linked to Bitcoin in the US.

Among professional traders and crypto specialists, the news was greeted with excitement. Jeff Park, Head of Alpha Strategies at crypto fintech Bitwise, described the move as “game-changing”

The approval follows months of deliberation after BlackRock’s request back in March. 

If there were one thing to read today re the game-changing nature of Bitcoin ETF options, read (and bookmark) this one for 2025 – it's going to be wild. pic.twitter.com/On2DmUsbHX

— Jeff Park (@dgt10011) September 20, 2024

Index options on Bitcoin offer institutional investors and traders a more traditional avenue to manage their exposure to the world’s largest cryptocurrency. The derivatives provide a relatively efficient and cost-effective means to gain exposure to Bitcoin without buying some directly.

To gain approval from the SEC, Nasdaq ISE had to submit several amendments to assuage concerns about market manipulation and excessive risk-taking. A critical amendment in the filing limits IBIT options at 25,000 contracts, which the exchange describes as “extremely conservative” given the market size and the trust’s liquidity.

SEC move will help Bitcoin ETFs gain traction with mainstream

Since the launch of the Bitcoin exchange-traded funds (ETFs), crypto, particularly Bitcoin, has gained greater mainstream acceptance after approval was first given by the SEC in January this year.

The SEC approves technical rule changes required for exchanges to list new options. The regulator confirmed on Friday (Sep, 20) that its existing surveillance procedures will apply to the newly approved IBIT options.

Despite the march towards widespread adoption, there have been objections to these ETFs along the way. There are ongoing debates around the risks associated with these financial products and during the SEC’s review process, several comment letters expressed concerns about market volatility and the wider implications of merging digital assets into the traditional financial markets.

Despite these concerns, the SEC determined that the exchange’s surveillance mechanisms, including real-time monitoring and inter-market surveillance-sharing agreements with the Chicago Mercantile Exchange – one of the world’s largest financial derivatives exchanges – would be sufficient to deter manipulation.

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Barclays is considering the use cases for a digital pound and how it might benefit the United Kingdom.

The British banking giant outlined in a recent report how a digital currency could work alongside traditional finance to boost payment systems across the nation.

The 333-year-old institution is one of the biggest companies in the UK with a market cap of around $32 billion.  Barclay’s exploration of a digital currency comes as governments around the world are looking into central bank digital currencies (CBDCs), with the Bank of England currently designing a possible UK CBDC.

The latest research paper focuses on communication and interoperability to ensure smooth transactions between fiat currency and the proposed digital currency. The authors, employees of Barclays, also identified three key use cases for the digital point: personal payments, merchant payments and secure transactions.

The report authors write: “We conclude that a financial market infrastructure (FMI) providing specific capabilities could simplify the experience of ecosystem participants, simplify the operating platforms for both the Bank of England and digital pound Payment Interface Providers(PIPs), and facilitate the creation of innovative services.”

The future of the proposed digital Pound

The debate around the merits of a centralized digital pound is still ongoing within the Bank Of England. The central bank is expected to make a decision on the issue within the next two to three years.

Barclays, along with the Bank of England and HM Treasury, envisions a digital pound as a means to ensure the UK’s financial system remains compatible with a digital future. In 2021, the country’s financial services sector contributed £173.6 billion to the UK economy, 8.3% of all economic output.

Although no final decision has been made, the government recognizes that the use of cash is declining while digital payments continue to rise. A digital pound would provide secure, central bank-backed money in a more digital economy, complementing current payment options while maintaining the stability of the UK’s monetary system.

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Telegram CEO Pavel Durov was formally placed under investigation on Wednesday (Aug, 28) by a French judge, following his arrest in connection with alleged links between organized crime and the messaging app.

The 39-year-old businessman was seized by law enforcement when he landed in Paris on Saturday. Since then his detention has become a hot topic around the world and sparked debate over the liability of tech companies and the limits of free speech in different countries.

Paris prosecutor Laure Beccuau said the investigating judge found grounds to formally investigate Durov on all the charges for which he was initially arrested, reports Reuters.

The Russian-born Telegram boss faces charges in France for running an app with alleged complicity in illegal activities on its platform, including child abuse, drug trafficking, and fraud.

French authorities claim the company did not cooperate with previous criminal investigations, leading to a probe in February 2024.

Regarding Telegram’s alleged lack of compliance, Beccuau said: “Other French investigation services and public prosecutors’ offices as well as various partners within Eurojust, in particular Belgian ones, shared the same observation.”

Durov’s lawyer denies all wrongdoing and has previously asserted that Telegram complies with European regulations.

The formal investigation doesn’t imply guilt but allows the case to proceed. Durov was granted bail with a €5 million ($5.5 million) deposit and must report to police twice weekly. He is also unable to leave France.

French President Macron speaks out on Telegram boss Pavel Durov’s arrest

Such is the global attention Durov’s case has garnered, France’s President Emmanuel Macron felt compelled to release a statement on the X platform addressing the topic.

I have seen false information regarding France following the arrest of Pavel Durov.

France is deeply committed to freedom of expression and communication, to innovation, and to the spirit of entrepreneurship. It will remain so.

In a state governed by the rule of law,…

— Emmanuel Macron (@EmmanuelMacron) August 26, 2024

President Macron said: “The arrest of the president of Telegram on French soil took place as part of an ongoing judicial investigation. It is in no way a political decision. It is up to the judges to rule on the matter.”

The President’s statement comes after an angry response from Russia, claiming the move was politically motivated and was an erosion of free speech. The situation is complicated for the Kremlin since Durov is also a French citizen (as well as a UAE passport holder).

Russia’s robust defense of Durov comes six years after the country first attempted to ban Telegram after continued refusal to hand over encryption codes. The messaging app was blocked until 2020 before the decision was reversed.

Featured image: Steve Jennings/Getty Images/Flickr/Creative Commons 2.0

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The world’s biggest cryptocurrency exchange, Binance, is set to hire 1,000 new employees this year as part of a major drive to address the regulatory challenges it faces.

Compliance positions will make up a sizable portion of the hiring spree, the company’s CEO Richard Teng told Bloomberg in an interview on Wednesday (Aug, 21). Teng is currently in the U.S. to meet with key agencies to boost Binance’s standing in the eyes of regulators.

In the interview, Teng, emphasized the importance of government agencies in his approach to managing Binance. The Malta headquartered exchange has reportedly spent over $200 million on compliance and this year alone.

Teng’s US trip comes amid ongoing legal action by the Securities and Exchange Commission (SEC) against Binance. In 2023 the regulatory body went as far as accusing Binance of unlawfully running an unregulated exchange and offering investors unregistered “crypto asset securities”.

In November last year, Binance came to a plea agreement with U.S. authorities, whereby the company and its former CEO, Changpeng Zhao, admitted to several charges such as offering crypto derivatives to American citizens without proper registration. Zhao agreed to pay fines exceeding a whopping $4.3 billion. However, the SEC wasn’t part of the settlement.

“I’ve been a regulator all my life,” Teng told Bloomberg. “Government agencies are important.”

Binance new hires

The exchange aims to increase its compliance staff to 700 by the end of the year, up from the current 500.

Binance say they experienced a 10% increase in law enforcement inquiries compared to last year – 63,000 in 2024 so far compared to 58,000 for the entirety of 2023. Teng also noted compliance expenditure has risen significantly in the last few years and he expected it to continue climbing.

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Hackers who seized control of the official McDonald’s Instagram account on Wednesday (Aug, 21) to promote and ‘rug pull’ a memecoin called ‘Grimace’, claimed they made off with over $700,000.

Screenshots shared across X show the fast food giant’s Insta page posting an image of their purple mascot, Grimace, and pushing McDonald’s 5.1 million followers to purchase a scam coin called GRIMACE.

After the attack, the scammers then changed the bio on the account to read: “Sorry mah n**ga you have just been rug pulled by India_X_Kr3w thank you for the $700,000 in Solana.”

Within 30 minutes, GRIMACE token went from zero to $25 million in value before crashing, according to the news site Cryptopolitan.

McDonald’s said in a statement to the New York Post, that it was “aware of an isolated incident that impacted our social media accounts earlier today.

“We have resolved the issue on those accounts and apologize to our fans for any offensive language posted during that time.”

What is a rug pull crypto scam?

In cryptocurrency, a “rug pull” is a malicious scam where the creators of a digital currency, often memecoins, abruptly remove funds from the coin’s liquidity pool and vanish, rendering investors’ tokens worthless as they make off with their gains.

Often, a “rug pull” begins with the creation of a fraudulent token, followed by aggressive marketing on social media platforms and online cryptocurrency communities.

The perpetrators generate excitement around the digital asset, by hyping up their coin and urging investors to buy early before its value rockets.

Once sufficient liquidity has been accumulated by pairing the fake coin with established cryptocurrencies like Solana or Ethereum, the creators drain the liquidity, causing the token’s value to crash to zero.

The fraudsters then erase their online presence, including social media accounts, making it very difficult for investors and authorities to trace them.

A @McDonalds employee just had his socials compromised, resulting in scam token $GRIMACE being posted on his personal X account and the brands IG.

The token hit $24m mcap and is now down below $400k. (the posts have been deleted) pic.twitter.com/Im5Z46poMV

— hotlneblng (@hotlneblng_) August 21, 2024

Featured image: ideogram

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Police in the small European country of Montenegro say they have arrested the co-founder of the alleged crypto scam scheme FutureNet, which is believed to have stolen approximately $21 million from unsuspecting victims.

Roman Ziemian was arrested in the Balkan nation’s capital city of Podgorica, according to a statement released by authorities on Monday (Aug, 19).

The Montenegrin Police Directorate said it seized devices and items it suspects Ziemian used for his alleged crimes.

Life imprisonment if convicted

Ziemian, who had been living in Montenegro under a false name, is sought by both Polish and South Korean law enforcement on charges of money laundering, fraud, and theft. If extradited to South Korea the Polish national faces the threat of life imprisonment if he is convicted.

Ziemian is scheduled to appear before a judge at Podgorica’s High Court to determine whether he will be extradited.

In 2018, Ziemian and Stephan Morgenstern established FutureNet, which was marketed as a ‘multilevel marketing enterprise’ with an associated cryptocurrency called FuturoCoin (FTO). The company’s website is no longer operational, and FTO has since become nearly worthless.

In March 2019, Poland’s consumer protection agency, UOKIK, warned FutureNet might be operating as a classic pyramid scheme scam.

The agency found the company sold investment packages priced between $10 and $10,000, promising returns to investors who recruited others into the scheme.

By mid-2020, South Korean authorities had also launched a probe into FutureNet’s activities after receiving over 900 complaints from investors claiming to have lost millions of dollars with the company.

Italian law enforcement apprehended Ziemian in October 2022 and Morgenstern was arrested in Greece in the same month, placed under house arrest, but later escaped to Albania. Albanian authorities located and arrested him in August 2023.

Albanian courts have already agreed to extradite Morgenstern to South Korea, where he too could face a potential life sentence.

Featured image: Flickr/Lassi Kurkijärvi

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Apple will report its third-quarter earnings for the fiscal year this week and investors will be watching the world’s most valuable company results closely.

The iPhone maker and technology powerhouse recently wrestled its status as the planet’s biggest company by market cap back from Microsoft and Nvidia – two organizations propelled to new heights this year driven by the ongoing AI revolution.

As of July 31, Apple’s market capitalization stands at $3.1 trillion and the company’s stock price is up 18% year-to-date.

When is Apple (AAPL)’s next earnings report?

The third quarter fiscal year earning report for Apple will be published on Thursday, August 1 after US markets close which at 2:00 p.m. PT or 5:00 p.m. ET.

The conference call will be broadcast via webcast on Apple’s investor site and is open to anyone.

What can we expect from Apple’s earnings report?

iPhone sales in China

One of the big metrics to listen out for is Apple’s iPhone sales in China. It’s a huge market for the company and represented 19% of all revenue in 2023.

There have been concerns of slowing iPhone sales in China which dragged down APPL stock in the first half of the year. Analysts will be hoping the third quarter report could mark a turnaround for sales in the Far East.

Revenue boost

Experts from Visible Alpha are projecting revenue of $84.44 billion for the third quarter, a modest 3% growth compared to the same period last year. This steady increase suggests that Apple continues to maintain strong demand for its products and services, even in the face of ongoing economic challenges and ferocious competition.

iPhone 16

There is much anticipation and speculation around the iPhone 16 and when it will be released. It’s widely expected to be showcased in September and will include both the A18 chip and the next-generation M4 chip for Mac, a combination that would significantly increase the number of built-in AI computing cores.

Any details on the iPhone 16 could have a positive effect on Apple’s stock price.

AI projects

The company could discuss its ongoing AI initiatives during the earnings call, offering investors greater clarity on how the emerging tech could affect Apple.

Earlier this month ReadWrite reported how Apple’s new AI features will likely miss the initial launch of the iPhone and iPad software overhauls so any update on this could be significant.

Featured image: Ideogram

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NASA has successfully streamed the first-ever 4K video to deep space and back using laser technology.

Wednesday’s (July, 24) achievement marks a significant advancement in space data transmission capabilities. NASA hopes this breakthrough could pave the way for astronauts to stream high-definition live video during future Moon landings as part of the US space agency’s Artemis program.

For decades, radio waves have been the main method for sending data into orbit and beyond. However, laser communications offer a substantial improvement, capable of transmitting 10 to 100 times more data than conventional radio wave technology.

The demonstration involved a complex series of transmissions. A portable laser terminal mounted on the underside of a Pilatus PC-12 aircraft flying over Lake Erie sent data to an optical ground station in Cleveland.

From there, the information was relayed to NASA’s White Sands Test Facility in Las Cruces, New Mexico via an Earth-based network.

The data then traveled 22,000 miles into space using infrared light signals.

This achievement comes from collaborative efforts between NASA’s Glenn Research Center, the NASA Small Business Innovation Research Program, and the Air Force Research Lab.

“These experiments are a tremendous accomplishment,” said Dr. Daniel Raible, principal investigator for the HDTN project at Glenn.

“We can now build upon the success of streaming 4K HD videos to and from the space station to provide future capabilities, like HD videoconferencing, for our Artemis astronauts, which will be important for crew health and activity coordination.”

This milestone represents a significant step forward in space communications technology, promising to enhance data transmission capabilities for future deep space exploration and lunar missions.

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The Nasdaq took a significant plunge on Wednesday driven by falling tech stocks as fears mounted over potential new restrictions on semiconductor exports to China.

The sell-off was triggered by a Bloomberg report suggesting Joe Biden administration is considering implementing sweeping regulations to further limit sales of critical chipmaking equipment to China.

The Philadelphia Semiconductor Index experienced its most substantial one-day decline since the COVID-19 pandemic, plummeting 6.8%.

One day’s trading saw $500 billion in market value from chip-related stocks wiped out. Yet, despite the setback, the index remains up 30% for the year, outperforming the broader S&P 500 index.

Why are tech stocks down?

Chipmaker giants were among the hardest hit. Nvidia, one of the world’s most valuable companies and the chipmaker at the heart of the AI revolution, saw its stock fall nearly 7%, wiping out more than $200 billion in market capitalization.

Fellow chipmakers AMD and Micron, experienced declines of 10% and 6% respectively.

ASML Holding, the Dutch chipmaking equipment provider and the world’s only producer of extreme ultraviolet lithography machines was ever worse off seeing shares plummet by 13%.

The potential crackdown is seen as an extension of the U.S. government’s efforts to protect its semiconductor industry, which it views as strategically important in the competition with China.

Washington has made significant efforts to stop or at least limit China’s access to advanced processors used for AI and high-performance computing (HPC) applications for over a year.

Adding to the market turmoil were comments made by former President Donald Trump, who is seeking re-election. Trump criticized Taiwan, a crucial hub in the global chip supply chain, stating that it should pay the United States for its defense.

“Taiwan should pay us for defense,” Trump said according to a transcript of an interview published by Bloomberg. “Taiwan took our chip business from us, I mean, how stupid are we?” he said.

This remark sent shares of Taiwan Semiconductor Manufacturing Company (TSMC) down by 8%.

The broader impact of these developments was felt across global markets. In Asia, the Nikkei 225 in Tokyo declined 0.4%, with companies like Tokyo Electron and Disco Corp experiencing significant drops. European markets also felt the pressure, with Germany’s DAX losing 0.3% and France’s CAC 40 declining 0.1%.

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Microsoft has announced that its employees in China will only be allowed to use iPhones for work-related activities starting in September.

The move comes as the US tech giant’s global Secure Future Initiative (SFI), aims to standardize employee cybersecurity measures across the company’s operations.

The decision revealed in an internal memo seen by Bloomberg, will affect hundreds of workers across mainland China who will now be required to use the Microsoft Authenticator password manager and Identity Pass app.

The world’s most valuable company will give iPhone 15 models to staff currently using Android handsets, including those made by Chinese manufacturers like Huawei and Xiaomi.

Why is Microsoft pushing for staff in China to switch to iPhones?

The edict comes amid heightened cybersecurity concerns for Microsoft. In January, the firm confirmed it was the subject of a hacking attack by Russian-state-sponsored Midnight Blizzard in what is said to have been a targeted recon mission affecting several US Government agencies. Microsoft has already begun notifying certain customers that hackers could have accessed their emails following the breach.

The abrupt halt on Android devices is also a result of the complicated mobile sector in China. Google Play is not available in the country, which has led smartphone makers to build and operate their own app stores. Microsoft argued the lack of Google’s services in China was a major factor in the decision. Apple’s iOS store is, however, available.

Microsoft has not addressed the issue publicly and did not answer queries from media about the reasons behind the decision.

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As part of its ongoing battle with China for global supremacy in the semiconductor industry, the United States government has been pouring money into domestic chip manufacturing at an unprecedented rate, according to a recent report from the U.S. Census Bureau.

New figures reveal funding for constructing advanced electronics manufacturing facilities in 2024 alone will surpass the total amount spent over the previous 27 years combined.

The CHIPS Act

This massive influx of investment is driven by the Biden administration’s CHIPS and Science Act – a $280 billion legislative package passed in 2022 to turbocharge the country’s semiconductor industry.

The “Chips Act is attracting an insane amount of investment,” posted Martin Chorzempa, a Senior Fellow at The Peterson Institute for International Economics in Washington D.C.

He continued, “The US is now on pace to add more investment in electronics manufacturing construction this year alone as it did TOTAL from 1996 until passage of the CHIPS Act in 2020. The consequence is, however, that the advanced manufacturing tax credit, which is not capped like the grant money, is going to cost A LOT more than the $24b the CBO estimated”

US brings semiconductor production to America

Major chip manufacturers like Intel, Samsung, and Micron have secured billions to build new advanced fabrication plants across the U.S.

The US is expected to grow its share of advanced logic (below 10nm) manufacturing to 28% of global capacity by 2032, up from 0% in 2022. This matters because there are real concerns in Washington over the security of chips produced in Taiwan – a long-standing US ally- which produces around 90% of all the advanced chips in the world.

If China were to ever successfully invade the island nation to which it lays claim to, the supply of these chips would be controlled by Beijing. That would have huge repercussions for the West.

The chips produced in Taiwan are used for AI and quantum computing applications. Taiwan’s biggest company TSMC ( the eighth most valuable on Earth)is behind all of Apple’s custom chips, also supplying CPUs and GPUs for Apple, Nvidia, Qualcomm, and more.

However, the investments are already paying dividends – a recent industry study found that American chip manufacturing capacity is projected to triple by 2032, with 30% of leading-edge chips expected to be produced domestically by that time.

Not everything has gone smoothly though. Companies are experiencing delays of over a year due to relatively poor regulations that make the U.S. one of the slowest nations for chip fab construction globally.

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A hoard of internal Google documents revealing the inner workings of the search giant’s all-powerful algorithm has been leaked online.

The cache of over 2,500 pages, which Google has not disputed the authenticity of, sheds new light on how the world’s most used search engine ranks and presents information. Google is notoriously secretive about its algorithm which hundreds of millions have become so accustomed to as the gateway to the World Wide Web.

The documents, which appear to be current as of March 2024, outline the factors Google uses to determine search rankings. These documents were sent to SEO guru Rand Fishkin, SparkToro co-founder and founder of the influential Moz marketing agency from an anonymous source but who has since gone public and identified himself as Erfan Azimi, an SEO practitioner. Fishkin was also aided by Michael King, iPullRank CEO.

This includes information about how Google leverages data from Chrome browsing activity, tracks changes to webpages over time, evaluates site and page authority, handles small websites, and even maintains “whitelists” of sites related to sensitive topics like elections and COVID-19.

The documents are dated two mongs before Google began to roll out AI-generated search results.

Google search is one of the most secretive, closely-guarded black boxes in the world. Well, maybe not anymore.

In the last quarter century, no leak of this magnitude or detail has ever been reported from Google’s search division. If you're in #SEO, you should probably see this. pic.twitter.com/JxEs55IV21

— Rand Fishkin (follow @randderuiter on Threads) (@randfish) May 28, 2024

What the leaked Google documents tell us about the algorithm

While the leaked documents don’t specify exactly how Google weighs the multitude of data points its algorithm considers, they do confirm a few important points to us.

Links are as important as ever

At the core of Google’s determination of the trustworthiness of a webpage appears to be links and site authority. This is not a shock to professionals in the search industry but Google previously said ‘links are not a top 3 Google Search ranking factor‘ when it seems like they are.

Clicks matter

Google’s ability to track user behavior, such as whether a search click seems to yield a “satisfactory” or “unsatisfactory” result for the user is another important factor in search ranking.

Michael King states: “You need to drive more successful clicks using a broader set of queries and earn more link diversity if you want to continue to rank.

“A focus on driving more qualified traffic to a better user experience will send signals to Google that your page deserves to rank.”

Chrome browser data

Notably, some of the revelations appear to contradict past public statements from Google. For example, Chrome browser data is shown to play a role in ranking, something Google representatives have previously denied.

Fishkin, who has analyzed the documents, says the leak affirms the importance of creating high-quality, authoritative content and building a strong brand outside of Google search. However, there have been calls for calling for greater transparency from Google, arguing that the company has not been fully forthcoming about the signals and data it relies on.

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OpenAI, the artificial intelligence (AI) company behind the world’s most popular chatbot ChatGPT, has announced a major multi-year partnership with media titan News Corp.

The deal, rumored to be worth $250 million over five years, grants OpenAI unprecedented access to a vast repository of journalistic content from the Wall Street Journal and New York Post owner’s huge portfolio of media brands.

News comes to ChatGPT

The deal will allow OpenAI to surface content from the Murdoch family-owned giant in response to user queries on ChatGPT.

Moreover, the American tech firm will harness News Corp’s immense database of articles to train and refine its AI models, with the aim of enhancing the performance and capabilities of ChatGPT and its other offerings.

Sam Altman, the CEO of OpenAI, expressed his enthusiasm for the partnership, stating, “Our partnership with News Corp is a proud moment for journalism and technology. We greatly value News Corp’s history as a leader in reporting breaking news around the world, and are excited to enhance our users’ access to its high-quality reporting.”

News Corp chief Robert Thomson hailed the deal as a “historic agreement” that will “set new standards for veracity, for virtue, and for value in the digital age.” This partnership comes at a time when companies at the forefront of generative AI technology are increasingly seeking formal agreements with publishers to sidestep legal and copyright issues when using content to train their AI models.

News organizations adapt to AI

If you can’t beat them, join them. Anticipating the growing trend of people using AI chatbots for more and more services, like news, media organizations have begun to work with AI companies to ensure they are not left behind.

The worry among news execs is that if people only need to ask an AI chatbot what the main stories are of the day and no longer need to visit their websites then their revenue will be hit substantially. We’ve already seen this month Google’s move towards being a one-stop shop for all your inquiries as it begins to surface AI-generated results.

OpenAI’s landmark deal with News Corp follows in the footsteps of similar agreements with the Financial Times, Axel Springer, and the Associated Press. Google, a big competitor to OpenAI in the generative AI arena, has also secured deals with News Corp and Reddit to access their content for AI training purposes.

As part of these partnerships, tech firms often develop AI-powered products and features that publishers then integrate into their platforms to help train large language models (LLM) making them smarter and more up-to-date on world events.

Featured image: Generated by Ideogram

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What if you could experience the Marvel Cinematic Universe (MCU) multiverse through your own eyes? Well, that’s the plan as Marvel has teamed up with Apple Vision Pro to bring their What If…? series to virtual reality.

Marvel and Industrial Light & Magic have announced a new hour-long “interactive story” based on the popular animated Disney+ show which takes the comic book franchises’ favorite superheroes and reimagines them in alternate universes all under the gaze of the mysterious Watcher.

It is the first-ever interactive Disney+ story and is set to be released exclusively on Apple’s $3,499 Vision Pro headset, allowing viewers to jump straight into familiar MCU locations as well as engage with the characters within.

Announcing the collaboration on Wednesday (May 9) on X, Marvel Studios promised fans they would: “Experience breathtaking environments featuring new and iconic MCU locations, with stunning visuals and spatial audio.”

Adding cryptically, “Time, space, and reality are more than a linear path…”

Step inside the Multiverse like never before…

‘What If…? – An Immersive Story’ is the first-ever interactive @DisneyPlus Original story, coming soon to Apple Vision Pro from Marvel Studios and @ILMImmersive. pic.twitter.com/jg5UKnfHDC

— Marvel Studios (@MarvelStudios) May 8, 2024

No story details have emerged yet but we can perhaps glean some insight from Marvel saying, ” learn the mystic arts, and be tasked with harnessing the power of the Infinity Stones.” It’s safe to assume sorcery is going to be involved and maybe even Master of the Mystic Arts, Dr Strange will feature. Who wouldn’t want to learn how to do those cool circular hand movements to create portals in a virtual world? Already, in promotional screenshots, we’ve seen Wong standing by as the user conjures up a spell.

When will ‘What If…? – An Immersive Story’ be released on Apple Vision Pro?

Dave Bushore, Marvel’s VP for Marketing, and Immersive Development took to LinkedIn to share his excitement.

Bushore wrote: “We’ve created something with this experience that is a first step, the beginning of the merging all of those things I love into much bigger universes…
“And for someone who was always asking What If, there couldn’t have been a better fit. So proud to share this and more to come very soon!!!”

Bushore has previously worked on several MCU films and is joined by writers David Dong and Phil McCarty, as well as executive producers who have been involved with projects like The Marvels and X-Men ’97.

While no specific release date has been announced, Marvel has stated that the What If…? An Interactive Experience will be ready “soon.” The news has sparked speculation about the potential for similar experiences based on other popular franchises, with some fans already expressing their desire to “play” episodes of shows like The Mandalorian.

Featured image: Marvel

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Coinbase, one of the world’s largest cryptocurrency exchanges, reported a remarkable turnaround in its first-quarter financial results on Thursday (May 2).

The company swung to a staggering $1.2 billion profit, or $4.84 per share, for the three months ended March 31, a stark contrast to the $79 million loss, or $0.34 per share, it posted a year earlier.

This dramatic shift in fortunes came on the heels of surging cryptocurrency trading volumes, fueled by the launch of the first U.S.-listed exchange-traded funds (ETFs) tracking Bitcoin in January.

Coinbase profits rise with the launch of Bitcoin ETFs

The SEC’s approval of several spot bitcoin ETFs ignited a frenzy in the crypto markets. Coinbase, serving as the custodian for multiple spot Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust, reaped the benefits of this renewed investor enthusiasm. Bitcoin prices skyrocketed to a new all-time high above $72,000 in March, driving trading volumes on Coinbase’s platform to $312 billion, more than doubling from $145 billion a year prior.

CEO Brian Armstrong attributed the company’s success to its focus on cost management and innovation. “Keeping our cost structure low while continuing to innovate is really paying off,” he remarked during a call with analysts reported Reuters.

But despite these results, Coinbase shares dipped 2.5% in after-hours trading, with concerns mounting over potential decreases in trading volumes due to recent bitcoin price fluctuations.

The crypto rally has faced headwinds this week, as investors reassess interest rate expectations. The U.S. Federal Reserve maintained its elevated interest rate on Wednesday (May 2), signaling a cautious approach to eventual rate cuts amid disappointing inflation readings. This uncertainty has weighed on bitcoin’s performance.

Coinbase has capitalized on higher interest rates by boosting its interest income, particularly from USD Coin (USDC) reserves. The company’s interest and finance fee income rose to $66.7 million in the first quarter, up from $43.3 million a year earlier.

Featured image:

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Twitter founder Jack Dorsey’s payments firm Block has announced plans to plow 10% of profits from its products back into Bitcoin each month.

The initiative, unveiled in Block’s latest quarterly report, is the latest move from the enigmatic billionaire to underline his faith in the cryptocurrency.

The fintech firm first embraced Bitcoin in 2020 with a $220 million investment. Those holdings have since surged 160% to reach $573 million by the close of Q1 2024. CEO Jack Dorsey emphasized his belief in Bitcoin’s potential in the report and stated, “Going forward, each month we will be investing 10% of our gross profit from Bitcoin products into Bitcoin purchases.”

He added, “Historically and moving forward, our investment in Bitcoin transcends technology; it is an investment in a future where economic empowerment is the norm.”

Addressing the question of ‘why Bitcoin?’ in the report, Dorsey wrote: “But why spend time on Bitcoin at all? We believe the world needs an open protocol for money, one that’s not owned or controlled by any single entity. We believe Bitcoin is the best and only candidate to be that protocol, and to ultimately become the native currency of the internet. ”

block is DCA'ing bitcoin every month. here's how your company can do it too: https://t.co/xabpCVZdn8

— jack (@jack) May 2, 2024

Block currently dedicates less than 3% of resources to Bitcoin projects.  The company posted robust Q1 results, with gross profit jumping 22% year-over-year to $2.09 billion. Net income skyrocketed to $472 million, or 74 cents per share, dwarfing the $98.3 million, or 16 cents per share, from a year earlier.

Alongside the earnings beat, Block raised its Q2 adjusted EBITDA forecast to $690 million and boosted its full-year adjusted core earnings guidance to at least $2.76 billion. Investors cheered the strong performance and bullish outlook, sending Block’s stock up 5% to close at $70.30.

What is next for Jack Dorsey’s Block

Much of Block’s success stems from its Cash App unit, which generated $1.26 billion in Q1 gross profit, up 25% year-over-year. However, the mobile payment platform faces mounting regulatory scrutiny. Federal prosecutors are probing alleged compliance lapses at Cash App and working with whistleblowers to investigate the company’s compliance practices, reported NBC News on Wednesday (May).

In spite of this, Block is advancing its Bitcoin mining ambitions. The firm completed the design of a cutting-edge 3 nanometer mining chip and partnered with a major semiconductor foundry to manufacture it. This development marks Block’s evolution from designing individual chips to engineering comprehensive mining systems.

Featured image: Ideogram

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