Apple’s €1.84B fine, new AI rules in India, and the latest pre-IPO round | Equity Podcast

Hello and welcome back to equity The Tech runch podcast about the business of Startups where we unpack the numbers and The Nuance behind the headlines this is Alex good morning today is March 4th 2024 and Welcome to our Monday show Where we take a look back at the weekend That was and a Peak at the week that is To come speaking of the weekend on Saturday we posted an interview with new Bank CEO DED VZ it's fantastic give it a Listen if you have time if you're into Fintech or Latin America that's one for You on the show this morning we have Stocks in crypto a massive new tech find From the EU AI rules around the world Good news for self-driving fans a preo Round and really why isn't Tech Celebrating a return to form let's Go Kicking off with stocks if you spin that Globe over in Asia today Shares are Mostly higher with the Nikki over in Japan crossing the 40,000 Point barrier In Europe today stocks are mostly lower And in the US Shares are set to open in A mixed fashion do of course recall that The tech heavy NASDAQ reached a record High late last week earnings just a Couple of names less than the last week So don't worry this will not be painful On Monday we're going to hear from C Gitl Stitch fix and thread up then Tuesday brings us crowd strike Neo box

And couch base Wednesday jd.com yex Rackspace and hippo and then Thursday Broadcom mongod DB Samora DocuSign Billybilly grinder and big bear. a yep There's a bit of a SAS theme to that and That's because we are now at the point In the quarter when companies that have An offset fiscal calendar by one month Are dropping their numbers so expect a Lot of software data this Week but while the stock market is up And down crypto is only pointing in One Direction and that is up yep the crypto Rally continues this week with Bitcoin Up 27% in the last 7 days to $65,000 ethereum's token up 15% in the Last week to $35,000 and tether's total circulating Units are just about to reach the $100 Billion Mark when that happens expect to See a lot of headlines now notably while Crypto is doing quite well the massive Upwelling in value of major crypto Tokens is not exactly rejuvenating the Nft market I expected to see more Movement there at least according to the Data that I check each and every week Stuff just isn't changing much though I Do want to go a little bit deeper on That and if I have time I'll put that up On Tech wrench this week finally though In the world of crypto spot trading has Shot to the highest level scen in at Least a year that's bullish for coinbase

And other exchanges and just makes Crypto look nice and Active moving on big news that matters And the biggest news that matters I Think the most this morning is that Apple has been fined by the EU yes a 1.84 billion Euro penalty for breaching Antitrust rules in the market for music Streaming services on its mobile Platform IO in this case the penalty is focused On Apple's application of anti-steering Provisions which put restrictions on Music streaming apps abilities to tell Consumers about cheaper offers outside Of Apple's App Store so yes once again We are talking about the App Store rules Thereof and governments getting in the Way of what Apple wants to do so what is The eu's argument well according to Margarth vesar eu's competition Chief Apple's rules ended up harming consumers And they went on to say that quote Critical information was withheld so That consumers could not effectively use Or make inform formed choices as a Result some consumers may have paid more Than they otherwise might have because They could pay less outside of the app And quote consumers may not have managed At all to subscribe to their preferred Music streaming provider because they Simply couldn't find it continuing and I Quote the commission found that Apple's

Rules resulted in withholding key Information on prices and features of Services from consumers as such they Were neither necessary nor proportionate For the provision of the App Store on Apple's mobile devices and the EU Commission said that it therefore Considers them to be unfair trading Conditions as they were unilaterally Imposed by a dominant company from that Perspective this all seems very Reasonable Apple however is really mad And sent out a nasty gram over the Decision that stems from a 2019 era Spotify complaint the company argues That it does a lot of work to run the App Store and that instead of including Quote a link in their app to a web page Where users can create or manage an Account in quote Spotify wants to and I Quote again bend the rules in their Favor by embedding subscription prices In their app without using the app Store's inapp purchase system end quote And of course if you do use the inapp Purchase system well you pay Apple a fat Cut the argument here I think is pretty Simple on Spotify side they think that Apple's App Store rules are too rigid And too expensive and apple thinks that Spotify is a free writer and that it is Working the local refs to its own Advantage Apple's App Store rules and Fees are frequently criticized by app

Developers both big and small so much so That the only people I ever really see Defending Apple's policies are former Big Deck kids who are sympathetic to Cupertino's Choice my take here and this Is not going to be super popular is that It's probably net good that at least one Government is pushing back against the Platform power of Tech's largest players Because here in the US we're currently Unable to legislate our way out of a Paper bag so when tech companies are Valued in the trillions we probably need A counterweight and come on we know that Big platform companies like to set Things up to their own Advantage we have Seen the St before with Microsoft and I'm sure we'll see it again with another Company down the Road next up India has new AI rules the Country issued an advisory that requires Quote significant Tech firms to get Government permission before launch New models now this advisory which has Not been published on the public domain But a copy of which Tech runch did Review also asks Tech firms to ensure That their services or products quote do Not permit any bias or discrimination or Threaten the Integrity of the electoral Process Now The Advisory is not legally Binding but India's it Deputy Minister Said the notice is quote signaling that This is the future of Regulation and

Went on to say and I quote we are doing It as an advisory today asking you to Comply with it seems very voluntary in a Tweet on Monday the Indian government Said the advisory is aimed at quote Untested AI platforms deploying on the India internet and does not apply to Startups so what are we seeing here well More regulatory oversight by India which Has been increasingly heavy-handed with Tech products in recent years and the Larger backdrop here is a government in Power Human Rights Watch said earlier This year is misusing laws to stifle Dissent with India joining the ranks of Countries with stricter AI rules Including China the US's approach is Looking well pretty free and Unencumbered elsewhere in the world of AI and governments the Ft reports that More than a dozen City governments in China are offering startups vouchers Worth up to $228,000 for cloud compute time the idea Here is to level the playing field Between startups and and larger Tech Players though when I look at that Dollar figure I have to ask did several Zeros fall off along the way to Publication how about some good news Well I have some for you and it is that The California Public Utilities Commission has granted self-driving car Company weo permission to operate a

Commercial Robo taxi service in La all Of the SF Peninsula and on San Francisco Freeways bring on the self-driving cars The news includes a couple of key things That I'm very excited about including Permission for weo to take passengers to The San Francisco Airport yes thank God I cannot wait to get back to SF and take A self-driving car please weo take this Good news and run with it we are Starving on the east coast and we need Self-driving cars because no one here Knows how to Drive and then because I went on too Long about Apple let's be honest other Key news will be slightly condensed this Morning but before you go three things More number one invest Corp led a $130 Million round into Sala a Saudi E-commerce platform ahead of its IPO one To keep on your notebook next the musk Open AI lawsuit is going to make waves For weeks to come though I do expect There will be less complaint from Venture types over it due to the new Challenge coming from a tech Insider Instead of a nonprofit oversight board And then finally things are good again Tech stocks are up crypto is popping Interest rates are expected to come down This year so why aren't the animal Spirits more animal spiriting maybe We're waiting on a big IPO or two but it Does seem that there's lots for Tech

Folks to celebrate even if the mood Still feels subdued in Tech and startup Circles now far be it for me to tell Everyone to smile but I mean come on why Aren't you Happier And that's all the time we have on this Delightful Monday morning but if you Need even more Equity of course we are Equity Pond over on xn threads and if You want even more from me well I'm Alex Over on X before you go don't forget we Do have that excellent interview between Maryanne and new bank's CEO that's Already on your podcast feed so give That a listen and if you need more Podcasts from The Tech runch podcast Network well we have chain reaction on All things crypto and found digging into All those founder stories check them out What talk to you soon hugs Goodbye Equity is hosted by myself Alex Wilhelm and techwrench Senior reporter Mary and aeto we are produced by Teresa Loans solo with editing by Kell Bryce Durban is our illustrator and a big Thank you to the audience development Team and Henry pette who manages Tech Wrench audio products thank you so much For listening and we'll talk to you next Time