Mon. 02/24 – Apple’s $500B Investment In The US

Feb 24, 2025 15m

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Apple makes a huge investment in US manufacturing and hiring. Are SMS messages as 2-factor authentication on the way out? The biggest crypto theft of all time happened over the last few days. And why some school districts are turning to AI counseling for students.

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Links:

Apple Will Add 20,000 US Jobs Amid Threat from Trump Tariffs (Bloomberg)
Apple Abandons Budget Smartphone Market With the iPhone 16e (Bloomberg)
Google Confirms Gmail To Ditch SMS Code Authentication (Forbes)
Bybit Hit by Crypto’s Worst Hack With Almost $1.5 Billion Stolen (Bloomberg)
Bybit Hack (CoinDesk)
Microsoft Dropped Some AI Data Center Leases, TD Cowen Says (Bloomberg)
When There’s No School Counselor, There’s a Bot (WSJ)

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AI-Generated Summary

Apple's Massive US Investment

In a significant development, Apple announced its commitment to invest $500 billion in the United States over the next four years, which includes plans to hire 20,000 new employees. This announcement follows a recent meeting between Tim Cook and President Trump, where tariffs on Chinese imports were a concern. Apple is also doubling its US advanced manufacturing fund from $5 billion to $10 billion, aimed at bolstering job creation and supporting AI server production in Texas while enhancing its manufacturing capabilities through various initiatives, including a new manufacturing academy in Detroit.

Shifting from SMS to QR Codes for Authentication

Google has announced its intention to transition from SMS messages for two-factor authentication to QR codes, citing security issues associated with SMS, such as phishing risks and dependency on users' phone carriers. Google's spokesperson indicated that this move aims to enhance user security and mitigate issues related to SMS abuse, thus providing a more reliable verification method using QR codes that can be scanned directly.

The Biggest Crypto Theft in History

The podcast discusses the recent hack at cryptocurrency exchange Bybit, resulting in the theft of an estimated $1.5 billion worth of crypto tokens. This breach has been characterized as the largest crypto theft to date, surpassing previous incidents. Following the hack, Bybit experienced a significant outflow of funds and a subsequent bank run. Analysts have suggested that the notorious North Korean hacking group Lazarus Group may be behind the incident, drawing parallels with past hacking activities.

Microsoft’s Data Center Lease Cancellations

Reports have surfaced indicating that Microsoft is canceling leases for a considerable number of data centers in the US. This raises questions about the company's future investments and its relationship with OpenAI, as the tech giant looks to manage expenses amidst shifting partnerships and operational strategies. The cancellations have sparked speculation about a potential pullback in capital expenditures due to prudent financial management amid evolving market demands.

AI Counseling in Schools

Amid rising mental health concerns among students, some school districts are adopting AI solutions, such as the chatbot 'Sunny,' to provide immediate mental health support where human counselors are scarce. This hybrid model aims to assist students by leveraging AI for initial responses while human experts oversee interactions to ensure quality and emotional support. The initiative aims to bridge gaps in mental health services, particularly in low-income and rural areas where access to counselors is limited.