part2 LIVE STREAM : Computer Chip Wars | US Restricts Exports to China
The Biden administration on Friday announced its most aggressive measures to date aimed at limiting China’s access to advanced computer chips and chip-making equipment, saying that the technology is supporting China’s military modernization and even its development of weapons of mass destruction.
The administration said it was focusing solely on the chips, activities and entities of “greatest national security concern” in China to minimize harm to the American chip industry — foundational to the U.S. economy — and disruptions to the global supply chain.
The move represents a clear flexing of U.S. muscle in its competition with China, with analysts saying it amounts to a new strategy of high-tech containment.
China builds hypersonic weapons systems using American chip technology
But officials also acknowledged the effort could backfire without buy-in from foreign partners and allies.
10 reasons why China will benefit long term from Russia Ukraine crisis: Do you agree with all 10?
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Facebook parent Meta lost more than $232 billion in value Thursday. That’s the biggest one-day drop in value in the history of the U.S. stock market.
Meta’s plunge, based on a weaker-than-expected revenue forecast, topped the prior record set by Apple, when it lost $182 billion in market value in September 2020.
The seven biggest drops in stock market history have all occurred in the last two years, as Apple, Microsoft, Tesla and Amazon have ballooned in valuation. Prior to 2020, the largest drop was from Facebook — a $119 billion decline in 2018. That also occurred after Facebook forecast revenue below analyst estimates.
Meta’s drop in value comes as the company is looking past its current businesses, such as Facebook, Instagram and WhatsApp, and toward the metaverse, a virtual world based on new technology. Chief Executive Officer Mark Zuckerberg announced Wednesday Meta had a net loss of $10 billion in 2021 attributable to Meta’s investment in the metaverse.
The row has been brewing since Meta released its annual report last week in which it warned it would be unable to run products such as Facebook and Instagram in Europe without a new framework on data transfer. Currently the social media giant transfers European data for processing on US servers, something which is now falling under the scrutiny of EU regulators. A Meta spokesperson said: “We have absolutely no desire and no plans to withdraw from Europe, but the simple reality is that Meta, and many other businesses, organisations and services, rely on data transfers between the EU and the US in order to operate global services. "Like other companies, we have followed European rules and rely on Standard Contractual Clauses, and appropriate data safeguards, to operate a global service."
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?LIVE STREAM | Europe's Energy Crisis | Latest News From China.
Join the Live Stream Panel Discussions from our studio.
Thursday, Sept 01, 2022
6:30 PM (Beijing Time)
Thursday, Sept 01, 2022
11:30 AM (London Time)
Until blackouts begin or pump prices make driving actually unaffordable, most people generally think no more often of energy than of air. For this reason, Americans have mostly been sheltered from the energy crisis unfolding urgently and in some cases lethally in countries around the world. In many other places, especially Europe, the escalating situation is impossible to ignore, and it’s going to get a lot worse.
To be clear, the energy crisis is already here, and Russia is fully to blame. Or... ARE THEY ???
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