The picture is getting worse for China’s tech stocks – Local News 8

By Julia Horoitz, CNN Business

China’s move against the country’s once-powerful technology sector has left investors wondering: Where will the market end?

What’s happening: A few days after China made major changes to curb anti-competitive behavior by large Internet companies, it introduced new rules regarding the collection and use of personal information. Beijing, for its part, said regulators are putting pressure on companies listed abroad to misuse data and endanger national security.

“If the privacy law goes into effect in November, technology control will be much stronger than any other major economy,” said Julian Evans-Prihard, senior Chinese economist at Capital Economics. “If the opposite is true, it is a remarkable change just a year or so ago. “

Hong Kong’s Hong Kong has fallen sharply to a record high of 20 percent in recent days.

The impact of Beijing’s permanent bolts on the country’s technology giants is even more obvious.

It has been more than nine months since Alibaba, an ally of Alibaba, cut off public relations following a dust storm between Chinese regulators and co-founder Jack Ma. However, the company’s shares continued to suffer.

Hong Kong’s stock market, which traded 2.6% on Friday, lost more than $ 180 billion and fell 32 percent year-on-year.

Shares in New York tell the same story this year, losing 31%.

Another Chinese e-commerce company,, fell 2% in Hong Kong on Friday. A.D. By 2021, it is down 29%.

There is a growing consensus that more pain will be experienced. “There are legitimate concerns about the motivation behind the emergency and the large-scale efforts to intervene in the private sector and promote the government’s position,” he said.

Meanwhile, the companies involved in the conflict have made it clear that they will only be strengthened by the campaign of regulators.

“New rules must come soon,” Tentent, China’s gaming and social media giant, said Wednesday.

“Supervisors are focused on identifying and adjusting industrial behavior, as well as efficient regulations,” said Tennessee President Martin Law. They emphasize respect, social responsibility, and fair and just behavior.

Lao said the company is trying to avoid trouble.

“There will be short-term instability and many new laws will come, but we are very confident that we can be obedient,” he said.

But that did not stop the company’s shares from falling 9.5% this week. They are declining 25 percent from year to year.

U.S. regulators are waging another war to destroy Facebook

The Federal Trade Commission will not back down from its bid to demolish Facebook.

Recent: Supervisors filed a revised federal lawsuit on Thursday alleging that technology alone dominated social media and hurt competition, CNN Business correspondent Brian Fung reported.

The new complaint comes after a federal judge ruled that Facebook did not provide sufficient evidence that Facebook had a monopoly on social media.

The new version – up to 50% longer – allows controllers to go elsewhere. Facebook has banned the use of anti-virus purchases, particularly on Instagram and WhatsApp, and has banned third-party apps from reaching Facebook.

In a statement, Facebook called the dress “nonsense.” The deadline for responding to court is early October.

There was no real claim that the company “Facebook was a monopoly” – and that has not changed. Our Instagram and WhatsApp purchases were reviewed and cleaned many years ago, and our forum guidelines were legal.

Go back – the pins are high. The Facebook social media empire is one of the biggest legal challenges ever, at a time when the United States and abroad are under intense scrutiny. If successful, Facebook could force it to run Instagram or WhatsApp.

Leading the case is FBC Chair Lina Khan, a vocal critic of the tech industry who last year claimed that Facebook, along with Amazon, Apple and Google, was abusing its market share. On Thursday, FCC called the company, but Khan said it would not comment on Facebook.

Investor Awareness – Investors are not intimidated. Shares of the company have increased by 30% so far this year. But the added rule remains one of the biggest risks to Facebook business.

Tesla is building an artificial robot

What is the answer to “boring, repetitive, and dangerous” work? Build an artificial robot, according to Elon Musk.

Tesla’s chief executive said on Thursday that the company was working on a model that could be available next year, according to CNN business partner Matt McFarland.

He did not say how much music was sold or how much. The robot will have a human face screen to display “useful information.”

Human-like robots have long been popular in pop culture. But it has proved to be extremely difficult to create a device that can perform human tasks. Artificial intelligence has improved rapidly, but it is far behind the general abilities of even human teens. Robotics applications are limited to basic tasks in simple environments, such as carrying items in a factory, or auto-empty.

Look at this place: Musk says the robot will have a “profound” impact on the economy. He said physical work would eventually be an option and that a basic basic income would be needed.

Do you think it looks like a scary science fiction novel? Musk does not agree (although I would like to see an estimated 71,000 employees from the company).

“We hope this will not be the case in dystopian science fiction,” he said.


They report the results of the Dere and Foot Lock report before the US markets open.

Coming next week – Do Federal Reserve officials point to plans to reverse the stimulus at the annual Jackson Hole summit?

The CNN-Wire
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