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Hello, and welcome to this Wednesday’s edition of the Insider Tech newsletter, where we break down the biggest news in tech.
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This week: Good news turns tech upside down as Jeff Bezos looks for new friends
In just a few days, the sunny land of tech has been jolted by a series of destabilizing forces. Just as tech investors were sorting out the implications of a Biden presidency, Pfizer’s November surprise of a coronavirus vaccine turned everything upside down.
Suddenly, the champions of the stay-at-home era — from Zoom to Netflix to Amazon — looked less invincible. And the dogs of the pandemic came out of hibernation, ready to party.
Yelp, whose business depends on people going to restaurants, saw its stock surge more than 19% on Monday.
Lyft, which offers ride-sharing but not food deliveries, enjoyed 26% pop in its share price.
Even if the celebrations of Pfizer’s vaccine results prove premature (the results are based on an ongoing trial with plenty of unanswered questions), some of the major trends and assumptions that have shaped the tech market are now in flux.
The European Commission’s antitrust charges against Amazon, filed on Tuesday, represent the most significant regulatory threat the ecommerce giant has faced in its 26 years.
If Amazon loses the case, it could be fined 10% of its revenue, which would be about $28 billion. More important, Jeff Bezos’ Everything Store could see its influence and power in commerce severely constrained.
With Amazon under threat in Europe, Bezos needs a friend: After years of clashing with Trump, Bezos rushed to congratulate Joe Biden on winning the election — but it’s not at all clear that Biden has the same warm, fuzzy feelings for Bezos or Amazon. (The president-elect has blasted both for not paying enough in taxes.)
China’s decision to put the kibosh on Ant Group’s $37 billion IPO presaged what appears to be a larger clampdown by China on its homegrown tech companies.
This week, China published draft antitrust guidelines aimed at reining in tech platforms like Alibaba, Tencent, and JD.com. It’s a surprising turn of events given China’s history of protecting its tech companies.
What does it means for the ongoing US-China tech cold war? If nothing else, China is now in a similarly awkward position as the US, cracking down on its tech companies on the homefront while fighting for their interests abroad.
And Apple’s newly unveiled M1 microprocessors carry a symbolic power that could resonate beyond the Mac computers that house them.
Apple’s chip switch underscores the shakeup happening in the silicon industry that powers all our gadgets and apps. Nvidia is about to acquire ARM. And for Intel, the one time king of the chip realm, there’s no more denying the need for a corporate re-invention in the vein of Satya Nadella’s Microsoft reboot.
On the block: SoftBank is reportedly looking to sell Boston Dynamics, …read more
Source:: Businessinsider – Tech