WSJ Tech News Briefing
TNB Tech Minute: TikTok May Be in Violation of EU Digital Safety Rules for Minors
· Summarized
Key takeaways
- TikTok is under EU scrutiny for privacy settings that could expose minors to cyberbullying and unwanted contacts, prompting the company to review their policies.
- SAP's robust performance and increased cloud backlog highlight resilience in the software sector despite AI disruption fears.
- Battery manufacturer CATL is experiencing rapid growth due to expanding demand for energy storage and renewable energy solutions, with international expansion plans underway.
Summary
EU Investigates TikTok Over Minors' Safety
The European Union's regulatory body has flagged TikTok for potentially breaching digital safety rules aimed at protecting minors. The EU is concerned that minors, especially those aged 16 and 17, can set their accounts to public and are exposed to content recommendations that could lead to cyberbullying and unwanted contact. TikTok defends its privacy settings, stating that accounts for users under 18 are private by default and include multiple safety features. The company has committed to reviewing the EU's findings.
SAP Reports Strong Earnings Amid AI Disruption Fears
Shares of SAP, Europe's leading software firm, surged over 6% following better-than-expected quarterly results. The company's cloud backlog increased by 26%, driven by solid demand for its SaaS products like Concur and travel expense management. Despite fears of disruption from AI advancements, SAP's outlook remains optimistic, indicating resilience in their cloud services and software offerings.
Continental Amperex Sees Battery Demand Boosting Profits
Chinese battery manufacturer Contemporary Amperex Technology (CATL) reported a significant 42% profit increase and a 55% rise in revenue in the first half of the year. The company benefits from strong demand in data center energy storage and renewable energy projects, offsetting slower electric vehicle sales. It is expanding overseas with new factories in Hungary and infrastructure investments across Europe, fueling its growth in the battery market.
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Show notes
Plus: SAP shares rise after earnings beat. And CATL profit surges on booming battery demand. Imani Moise hosts.
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
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