FT News Briefing Robinhood’s wild stock market debut
Aug 6, 2021
Tech giants are grappling with the delicate balance between user privacy and child safety, as Apple plans to scan iPhones for abuse imagery. Meanwhile, President Biden's push for electric vehicles by 2030 signals a significant shift in U.S. policy. The podcast also covers the rollercoaster ride of Robinhood's stock performance, from its rocky IPO to a surprising rebound fueled by retail traders and meme stock enthusiasm. Lastly, there's a discussion on how recent educational changes in China are exacerbating youth unemployment.
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Apple's iPhone Scanning Plans
- Apple plans to scan US iPhones for child abuse imagery using a system called Neural Match, raising privacy concerns.
- Security researchers worry this could lead to broader surveillance and be easily circumvented by criminals.
Robinhood's Volatility
- Robinhood's stock experienced extreme volatility after a lackluster IPO, surging 80% before plummeting again.
- This erratic behavior is attributed to the company's unique position in the meme stock craze and the influence of retail traders.
Retail Investors and Chinese Ed Tech
- Chinese ed tech stocks, despite a recent crackdown, have seen increased investment from retail traders buying the dip.
- This contrasts with institutional investors who are reevaluating their China strategies.