Equity Monday: Meta and data, chips and dips, and crypto and meltdowns
May 22, 2023
Meta faces hefty fines for mishandling EU user data, stirring conversations about data residency and AI. Meanwhile, tensions rise as China bans products from Micron, complicating U.S.-China tech relations. The semiconductor landscape shifts with new U.S. investments amid labor concerns. Innovative startups like Patient21 and Infinite Uptime grab attention with significant funding rounds, aiming to reshape healthcare and manufacturing. Who knew chips, crypto, and corporate drama could be so lively?
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insights INSIGHT
Data Residency and AI Regulation
Meta's massive GDPR fine highlights the increasing importance of data residency.
Future regulations concerning AI models and their data sources are likely.
question_answer ANECDOTE
Meta's Record GDPR Fine
Meta received a record $1.2 billion euro fine for mishandling EU user data.
This surpasses Amazon's previous record GDPR fine, highlighting the seriousness of data privacy breaches.
insights INSIGHT
US-China Chip War
China banned some Micron products, escalating the US-China economic competition in tech.
This follows US restrictions on Chinese tech companies like Yangtze Memory and NVIDIA.
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Today, we are talking about Meta’s latest fines, what’s new in chips, and a few startup rounds that caught our eye!
Stocks aren’t moving too much this morning, which could change if the American government voluntarily defaults over some bullshit. Crypto hasn’t moved too much lately, though we are keeping tabs on overall trading volume.
Meta was hit with a record fine over how it handled EU user data. Data residency is a big deal and will likely crop up in future conversations concerning generative AI models and where they source their own data and from whom.
China has banned some Micron products, irking the United States. The two economic powerhouses are working to distance themselves from one another in key technology areas. Elsewhere in chip-land, Applied Materials is investing in the United States and there are labor concerns regarding the sheer number of chips projects kicking off here at home.
Patient21 raised a massive round for its software-and-services healthcare business, while Infinite Uptime raised more money for its “predictive maintenance solutions for machinery.”
Credits: Equity is produced by Theresa Loconsolo with editing by Kell. Bryce Durbin is our Illustrator. We'd also like to thank the audience development team and Henry Pickavet, who manages TechCrunch audio products.
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