Author: Akin Naphtal

The Nasdaq 100 Index has experienced an 8% decline, edging towards correction territory, as investors await crucial earnings reports from major technology companies. The downturn comes amid a significant sell-off in Big Tech stocks, fueled by concerns over high valuations and escalating costs related to artificial intelligence (AI) investments. The recent slide in the Nasdaq 100 was triggered by a disappointing earnings report from Alphabet, which intensified a broader market rotation out of Big Tech. Investors are now focused on the upcoming earnings reports from Microsoft, Meta Platforms, Apple, and Amazon—companies with a combined market value approaching $10 trillion. These…

Apple’s AI features, branded as Apple Intelligence, will not be included in the initial launch of its iPhone and iPad software updates, iOS 18 and iPadOS 18, set for September. Instead, these features will be introduced in a subsequent update by October, giving the company more time to address stability issues and ensure a smoother rollout, according to sources familiar with the matter. The tech giant is taking an unusual step by making Apple Intelligence available to software developers for early testing this week through beta versions of iOS 18.1 and iPadOS 18.1. This early release strategy is intended to…

SpaceX has postponed its highly anticipated launch of the Polaris Dawn mission, which was originally planned for no earlier than July 31, till mid-August. The adjustment appears to be due to SpaceX prioritizing the Crew-9 mission, which aims to launch four astronauts to the International Space Station (ISS) and is currently targeting August 18. The Polaris Dawn mission will see four nonprofessional astronauts embark on a SpaceX Crew Dragon spacecraft, reaching an orbit approximately 435 miles (700 kilometers) above Earth. This altitude will take them around 185 miles (298 kilometers) above the ISS, marking the furthest distance a Crew Dragon…

Village Capital, a global nonprofit organization focused on early-stage investment, has announced substantial support for two African agritech startups, Aquarech from Kenya and Coamana from Nigeria. These startups will receive investments of $350,000 and $500,000, respectively, as part of Village Capital’s Reducing Inequalities Investment Facility. The initiative is funded by FMO’s MASSIF Fund, which has already committed $1.6 million to four startups. Aquarech, a B2B and B2C company, offers fish farmers a Buy Now, Pay Later (BNPL) solution for purchasing fish feed. The startup also provides training and precision agriculture tools, enabling farmers to adopt best practices and increase their…

Elon Musk’s social media platform, X, could be facing scrutiny from the European Union’s General Data Protection Regulation (GDPR) over its new data collection practices. The platform has enabled its Grok chatbot to be trained using data from any user by default, potentially breaching EU regulations. Users of X have discovered a setting deep within the platform’s options that allows their posts, interactions, inputs, and results with Grok to be used for training and fine-tuning the chatbot. The setting is enabled by default, as indicated by a pre-checked box, with the accompanying text: “Allow your posts as well as your…

Director General of the Association of Southeast Asian Nations (ASEAN), Sidharto Suryodipuro, called on the United Kingdom (UK) to support the ASEAN Outlook on the Indo-Pacific (AOIP). The Senior Officials Meeting (SOM) Leader emphasized the importance of UK’s participation in infrastructure projects aimed at improving regional connectivity. At the recent ASEAN-United Kingdom (UK) Foreign Ministers’ Meeting, Suryodipuro emphasized the need to strengthen economic resilience and ensure equitable access to the digital economy. He proposed that ASEAN and the UK could collaborate on promoting innovation to bridge technology gaps, developing artificial intelligence (AI), building digital infrastructure in remote areas, and supporting…

Microsoft is scaling back its operations in Nigeria, significantly reducing its office space at the Kings Tower building in Ikoyi. The tech giant will decrease its occupancy from six floors to two, following the recent layoff of half its workforce in the country. This downsizing suggests a strategic pullback in Nigeria, with sources indicating that Microsoft may not renew its tenancy when the current lease expires in 2025. In an emailed statement, Microsoft explained, “Organizational and workforce adjustments are a necessary and regular part of managing our business. As we navigate these changes, Microsoft remains steadfast in our commitment to…

OpenAI has announced the selective launch of SearchGPT, an artificial intelligence-powered search engine with real-time access to information from the internet. This move marks OpenAI’s entry into a field long dominated by Google and brings it into competition with Microsoft’s Bing and emerging AI search services like Perplexity. The announcement, had an immediate impact on the market, with shares of Google’s parent company, Alphabet, dropping 3%. Google currently commands a staggering 91.1% share of the search engine market, according to Statcounter. OpenAI revealed that SearchGPT is currently in the prototype stage, with sign-ups open for a limited group of users…

LinkedIn, a subsidiary of Microsoft, has agreed to pay $6.625 million to settle a proposed class action lawsuit accusing the platform of overcharging advertisers by inflating video ad view counts. The preliminary settlement was filed on Thursday, 25th July, in the federal court of San Jose, California, and awaits approval from U.S. Magistrate Judge Susan van Keulen. The case is titled In re LinkedIn Advertising Metrics Litigation, U.S. District Court, Northern District of California, No. 20-08324. The lawsuit, led by TopDevz of Sacramento, California, and Noirefy of Chicago, alleged that LinkedIn counted video ad “views” even when the videos played…

Japanese automaker, Toyota Motor Corporation, is planning to construct a new electric vehicle (EV) battery plant in Fukuoka, to supply batteries to the company’s factory producing Lexus vehicles, according to a report by the Nikkei business daily. Kyushu, situated in Japan’s southwestern Kyushu region, is fast becoming a major hub in Toyota’s supply chain for battery-powered vehicles, and a key export base for the Asian market. Although Toyota has not officially announced the details, a spokesperson confirmed the company is aware of the report and highlighted Toyota’s ongoing initiatives to bolster its EV battery production capacity. The Miyata plant of…