Tech
Close Up Of A Line Of High School Students Using Mobile Phones
Close Up Of A Line Of High School Students Using Mobile Phones
BANNED IRL

Australia passes world’s first social-media ban for under-16s

Australia’s landmark ban is light on details, but could pave the way for other governments to take similar action.

Hyunsoo Rim

Australia has taken an unprecedented step in taking on Big Tech: within a year, children under 16 will be banned from using social media, following Thursday’s Senate approval on the world’s first law of its kind.

The bill comes amid mounting concerns about the negative impact of social media — a “scourge,” as Prime Minister Anthony Albanese described it — on teens’ mental health.  

The list of tech companies targeted, though yet to be specified explicitly in the legislation, includes TikTok, Facebook, Snapchat, Instagram, X, and potentially Reddit — each of which could be fined up to 49.5 million AUD (32.2 million USD) if found to be in violation of the new law. These apps rank among the most popular apps for Australian kids aged 10-15, based on an August study by software firm Qustodio.

Some platforms, however, are exempt from the ban: messaging apps (like WhatsApp and Facebook Messenger Kids), online gaming platforms, and YouTube, thanks to its “educational” purpose. An exemption for YouTube would be a big deal — it’s the most-used app for 7- to 9-year-olds in Australia and the second most-used for 10- to 15-year-olds, per Qustodio.

The obvious question with such a ban is: how do you enforce it? Many social apps technically already have age limits in their terms of use, which, candidly, aren’t hard to ignore for a determined teen or preteen. Indeed, the specifics of enforcement remain unclear; instead companies will be required to come up with “reasonable alternatives” to ensure users are over 16. The Australian government is also testing its own “age assurance technologies,” such as facial scans to estimate and verify a users age.

The move has sparked mixed reactions. A November YouGov poll found that 77% of Australians support the ban, with 87% favoring tougher penalties for platforms that fail to comply with Australian laws. However, tech giants like Meta, TikTok, and X have slammed the bill as rushed, raising concerns about its effectiveness. In October, over 100 academics signed an open letter calling the law “too blunt an instrument” to address the risks of social media.

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Rani Molla

After Tesla earnings, prediction markets think unsupervised FSD is less likely than ever to be rolled out this year

Tesla’s unsupervised full self-driving technology, which would autonomously ferry passengers around without a human driver having to pay attention, is supposed to help catapult the electric vehicle company’s valuation further into the stratosphere. It was also supposed to be available this year, but prediction markets participants, as well as former Tesla self-driving leaders, no longer think that will happen.

On Teslas earnings call this week, CEO Elon Musk said the company now had “clarity” on achieving unsupervised full self-driving — something he’s repeatedly said would be available at least in some markets this year.

The comments seemed to give Polymarket prediction markets participants some clarity. There, the market-implied probability that Tesla will release unsupervised FSD this year reached its lowest point since the event contract was opened in May.

The odds of it happening had been pretty high up until late June, when Tesla’s long-awaited robotaxi launched with a safety driver in the passenger seat. The unsupervised FSD event contract specifies the feature can have “no requirement for human intervention.”

tech
Rani Molla

Banks prepare record $38 billion debt financing to fund Oracle-tied data centers

Banks led by JPMorgan and Mitsubishi UFJ are preparing a $38 billion debt offering to fund two Oracle-tied data centers in Texas and Wisconsin, Bloomberg reports. The projects, developed by Vantage Data Centers, will support Oracle’s $500 billion Stargate AI infrastructure push with OpenAI and Nvidia.

The loans — $23.25 billion for Texas and $14.75 billion for Wisconsin — are expected to mature in four years, price about 2.5 percentage points higher than the benchmark rate, and mark the largest AI infrastructure financing to date.

Oracle executives recently said that the company anticipates cloud gross margins will reach 35% and that it expects to see $166 billion in cloud infrastructure revenue by FY 2030.

Oracle is up 1.5% premarket.

The loans — $23.25 billion for Texas and $14.75 billion for Wisconsin — are expected to mature in four years, price about 2.5 percentage points higher than the benchmark rate, and mark the largest AI infrastructure financing to date.

Oracle executives recently said that the company anticipates cloud gross margins will reach 35% and that it expects to see $166 billion in cloud infrastructure revenue by FY 2030.

Oracle is up 1.5% premarket.

tech
Rani Molla

Google rises on official announcement of Anthropic deal worth “tens of billions”

Google has made its deal to expand AI compute to Anthropic, reported earlier this week by Bloomberg, official. In order to train and serve its Claude model, Anthropic has agreed to pay Google Cloud “tens of billions of dollars” to access up to 1 million tensor processing units, or TPUs, as well as other cloud services.

Google, of course, has a 14% stake in Anthropic, making this one of the many circular AI deals happening at the moment.

“Anthropic and Google have a longstanding partnership and this latest expansion will help us continue to grow the compute we need to define the frontier of AI,” Anthropic CFO Krishna Rao said in the press release. “Our customers — from Fortune 500 companies to AI-native startups — depend on Claude for their most important work, and this expanded capacity ensures we can meet our exponentially growing demand while keeping our models at the cutting edge of the industry.”

The announcement has sent Google up again, more than 1% premarket.

tech
Rani Molla

Report: Snap seeking $1 billion to finance its AR glasses division in “existential” fundraise

Snap is down more than 1% this morning following news that the company is attempting to raise $1 billion for its AR glasses unit in what someone told Sources.news was an “existential” fundraise.

A Snap spokesperson countered, “We do not need to raise money to execute against our plans to publicly launch Specs in 2026, but remain open to opportunities that could accelerate our growth.”

Multiple investors are involved in the talks, including Saudi Arabia’s Public Investment Fund, according to Sources.news. The report also noted that Snap plans to turn the unit that makes its Specs glasses into an independent subsidiary à la Google’s Waymo “that can continue raising capital from investors.”

Snap plans to produce about 100,000 units of next year’s Specs, pricing them around $2,500.

The beleaguered stock saw quite a bit of retail interest last month, amid r/WallStreetBets chatter that its low nominal price made it a potential acquisition target.

Multiple investors are involved in the talks, including Saudi Arabia’s Public Investment Fund, according to Sources.news. The report also noted that Snap plans to turn the unit that makes its Specs glasses into an independent subsidiary à la Google’s Waymo “that can continue raising capital from investors.”

Snap plans to produce about 100,000 units of next year’s Specs, pricing them around $2,500.

The beleaguered stock saw quite a bit of retail interest last month, amid r/WallStreetBets chatter that its low nominal price made it a potential acquisition target.

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