The Week That Was. IT and Media news week 35

The Week That Was. IT and Media news week 35

A new survey shows that among the 16% of US adults who say they ever invested in, traded or used cryptocurrencies, 46% report that their investments have done worse than they expected. Men are 14 percentage points more likely than women to say they have used cryptocurrencies, according to the study by the Pew Research Center.

The European Parliament will this autumn vote on new rules on the use of AI saying the Artificial Intelligence Act should unlock AI’s potential in fields such as health, environment and climate change. The European Commission wants to boost private and public investment in AI technologies to €20 billion per year. An estimate published by the Parliament says that AI and robotics can create 60 million new jobs worldwide by 2025.

One of the more spectacular privacy scandals seems to be on its way to a settlement. Facebook-owner Meta has asked a US court to put a class action concerning the Cambridge Analytica privacy leak on hold for 60 days until lawyers and Facebook can finalise a written statement. Without a settlement it is difficult to see how CEO Mark Zuckerberg and his former chief operating officer Sheryl Sandberg could avoid embarrassing time in court.

Young people read the news but they don’t trust what they see. A survey of 16- to 40-year-olds shows that members of the US Gen Z and Millennial generations are active consumers of news and information. Close to a third of them are willing to pay for it. But their trust in the press is low, many experience digital fatigue and they worry about misinformation in both traditional and social media, according to the survey by New Media Insight Project.

Snap, owner of Snapchat and Meta, born Facebook, announced cuts. Snap said it would lay off 20% of its 6 400 staff and cancel a number of projects to lower company costs. Facebook is closing its cryptocurrency business that never really took off and the company is also closing its stand-alone gaming app. Negative advertising development was the theme already in July when big tech companies presented quarterly reports.

 

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