Apple’s €1.84b Fine, New AI Rules in India, And the Current Pre-IPO Round
The last week has gone up with so much exciting and big news in the market. Whether it was about the crypto market, recent AI developments, and many more. Here in this article, we will see a glimpse of some big news of the last week in the business world.
Apple Fined €1.84B with EU
The tech giant Apple was hit with a fine of over 1.8 billion euros ($1.95 billion) by the EU(European Union). The fine was due to the complaint raised by Spotify against Apple in 2019. “For a decade, Apple abused its dominant position in the market for the distribution of music streaming apps through the App Store,” said EU antitrust chief Margrethe Vestager.
Also read – Many Redditors hate the Reddit IPO
“They did so by restricting developers from informing consumers about alternative, cheaper music services available outside of the Apple ecosystem. This is illegal under EU antitrust rules,” she said.
However, Apple has criticized the decision of the EU and said that it will challenge the decision in court.
New AI rules in India
The Indian government has issued a new advisory concerning AI developments. As per the advisory, the tech companies will now have to get permission from the government before launching any AI products in the country. Although this advisory is not applicable to the startups.
However, this move is being criticized by many big leaders saying it is a “bad move”. It is definitely going to change the upcoming future of India in the AI industry. As per the deputy minister of India, Rajeev Chandrasekhar,” It is the future of regulation”.
Latest pre-IPO fundraising
Salla, a startup company has successfully raised a fund of $130 million. Despite the current situation of the etch market, this move is definitely showing a level of confidence. However, this pre-IPO round has raised the level of expectations of the coming news from the tech industry.
End of Project Titan:
After so much news related to the Electric car project, Apple has finally announced the kill of that project. The team of employees working on this project is suggested to look for some other generative AI projects of the company. This big move of Apple has surely indicated its focus on generative AI. In the coming time, we can surely expect some big Apple AI projects.
Shares of NVIDIA continue to hike:
From the last four quarters the shares of NVIDIA continue to rise and driving the records of the S&P 500 Index high. The sales ratio of the semiconductor company is growing and it is performing quite well in the industry.
