The ruling is seen as the first big win for federal authorities taking on Big Tech’s market dominance
Technology
Blockchain
DeFi yield infrastructure venture Zoth with UAE operations raises $4mn funding
The company’s latest funding round attracted prominent investors, including Taisu Ventures, G20, Fat Cat Ventures, GemHead Capital and Foundership Ventures
Intel
Intel slashes workforce by 15% in $10bn cost-cutting drive
Intel lays off more than 15,000 staff and announces major cost-cutting measures amid disappointing financial performance
AI
World’s first AI regulation takes effect in EU
Tech giants and global policymakers are facing a new reality as the world’s first AI regulation launches in the European Union
Apple
Apple files motion to dismiss DoJ antitrust case, defends iPhone ecosystem
The lawsuit accuses Apple of illegally monopolising the US smartphone market through its closed ecosystem approach
Meta
Meta, Startupbootcamp collaborate to support MENA startups with Llama Design Drive
The programme will consist of three four-week sprints conducted across the region – in the UAE, Saudi Arabia, and Egypt
e&
e& revenue grows 6% to $7.71 billion; net profit reaches $1.5 billion
EBITDA at $3.51 billion with a healthy margin of 46%; EPS climbs 17% to AED0.63; Global subscriber numbers top 175 million
AI
Apple Intelligence launch delayed until October: Reports
The features will be launched a month later than anticipated, sources close to Apple say
Abu Dhabi
Yahsat’s EBITDA improves 25% to $154 million
Revenue for the first half of 2024 down 3% to $200 million, but the company reiterates its guidance for revenue, EBITDA and cash flow
Cybersecurity
UAE Cybersecurity Council Chairman reveals 3 upcoming policies to boost cybersecurity by end of 2024: Report
The new policies and regulations aim to enhance the UAE’s position in technology and support its cybersecurity system, according to the UAE Cybersecurity Council Chairman
Dubai
Dubai housing authority announces drone, AI tech adoption for smart projects
This initiative aligns with Dubai’s goal to become the world’s smartest city
digital mapping
Google Maps launches new features in India amidst competition from Ola Maps
The new features include EV charging station information, flyover callouts and AI-driven routing capability to reduce narrow road usage for four-wheeler drivers
Apple
Foxconn reportedly plans to assemble Apple iPads in India: Report
So far, Foxconn and other global contract manufacturers have only assembled Apple’s smartphones in India
blockchain technology
DeFi protocol Clearpool launches on Arbitrum, originates $18mn of loans
Clearpool Prime is widely seen as the future of private credit, seamlessly bridging traditional private credit markets with decentralized lending ecosystems
Back to School
Child safety concerns surge as holiday screen time spikes – here’s how to protect your kids online
Kids are being targeted on popular platforms – here’s what parents can do to fight back
Market Volatility
Tech stocks crash: $1 trillion rout hits Nasdaq 100 over AI jitters
The Nasdaq indexes tumbled more than 3% on Wednesday, with the list of laggards being a who’s-who of AI technology darlings, led by semiconductor companies such as Nvidia, Broadcom and Arm Holdings
Bitget
Global crypto exchange and web3 major Bitget join hands with Upland to launch its first metaverse headquarters
The partnership marks Bitget’s entrance into the metaverse