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Meta, the parent company of Facebook, has published instructions for advertisers to use a workaround to avoid paying a 30% service charge to Apple. This workaround specifically applies to "boosted posts," a type of advertisement that Meta offers for both Facebook and Instagram. Meta will begin charging U.S. advertisers an additional 30% surcharge if they continue to purchase boosted posts from apps on iPhones and iPads. To avoid this charge, Meta is encouraging advertisers to purchase boosted posts from the websites of Facebook and Instagram instead. The conflict between Meta and Apple has been ongoing for years, with Apple recently changing its App Store rules to treat boosted posts as in-app purchases. [Extracted from the article]

Senators from both political parties are urging the U.S. Food and Drug Administration (FDA) to take action against the marketing of prescription drugs on social media. They criticized the FDA for not updating its guidance on prescription drug promotion on social media for nearly a decade, citing a Wall Street Journal investigation that revealed misleading ads by telehealth companies. The senators have requested that the FDA address their concerns and questions by March 27. They also expressed concerns about the promotion of drugs by paid influencers and celebrities on social media platforms. [Extracted from the article]

Stocks rose on Thursday, driven by renewed optimism about the economic outlook. The Dow Jones Industrial Average increased by 0.9%, reaching its second-highest close ever. The S&P 500 added 0.6%, achieving its 11th record of the year, while the Nasdaq Composite gained 0.3%. However, weakness in large technology stocks limited the overall gains. Economic data, including a decline in retail sales and mixed results in other sectors, had little impact on the market. Analysts believe that the recent rebound in stocks may be due to one-off factors and a broader rotation of market gains beyond the tech sector. [Extracted from the article]

The Budweiser Clydesdales, famous for their appearances in Super Bowl ads, are highly sought after by advertising directors. They are known for their professionalism and ability to take direction, making them a career pinnacle for industry veterans. Horse trainer Robin Wiltshire is credited with turning the Clydesdales into stars, using praise and preparation to get them to perform. The Clydesdales are well-cared for, with a team of handlers ensuring their comfort and grooming them for up to five hours before shoots. Directors who have worked with the Clydesdales praise their majesty and ease of working with them. [Extracted from the article]

The article discusses the limitations of parental controls in protecting children online and suggests alternative approaches to keeping teens safe. It highlights the challenges parents face in navigating different control settings across various apps and platforms. The article also mentions the efforts made by social media companies to introduce default protections for underage users. It emphasizes the importance of educating teens about online dangers and promoting open conversations between parents and teens. The American Academy of Pediatrics recommends a collaborative approach between parents and teens in setting tech guidelines and addressing disturbing content. [Extracted from the article]

Temu, a China-backed company, has become one of America's top shopping apps through its strategy of offering low prices and spending billions on advertising. This has driven up digital advertising costs and posed a threat to U.S. retailers like Etsy and dollar stores. Temu's marketing bill is estimated to reach $3 billion in 2024, contributing to an average loss of $7 per order. While Temu's aggressive advertising has attracted users and taken market share from competitors, it faces challenges such as geopolitical tensions and regulatory risks. Analysts believe that Temu could be a potential threat to Amazon in the future. [Extracted from the article]

Sheryl Sandberg, former COO of Meta Platforms, is currently in Israel filming a documentary on sexual violence during the Oct. 7 attacks. Sandberg has been interviewing survivors and witnesses and viewing photos of victims that show signs of sexual violence. The documentary aims to draw attention to the Israeli victims of sexual violence and condemn the use of sexual violence as a tool of war. Sandberg describes this work as the most important of her life and hopes that her involvement will make people around the world more inclined to listen. [Extracted from the article]

The article discusses trends in Super Bowl advertisements, specifically focusing on the increasing use of multiple celebrities in commercials. Over 40% of ads during last year's game featured multiple stars, a significant increase from 2010. Brands are relying on celebrities to stand out and generate buzz on social media. However, there is a challenge in connecting the celebrity to the brand. The article also mentions the high cost of Super Bowl advertising and the dominance of candy and snack-food makers in this year's commercials. The Super Bowl has become a cultural phenomenon, with commercials generating weeks of publicity leading up to the game. [Extracted from the article]

Spotify's losses have narrowed in the final quarter of 2023 due to increased advertising revenue and a price increase. The company reduced its loss to 70 million euros and saw a 16% growth in revenue to 3.67 billion euros. Subscription revenue increased by 17% and revenue from advertising reached an all-time high of 501 million euros. Spotify also experienced strong subscriber growth, with paid subscribers rising by 15% to 236 million. The company expects further growth in the first quarter of 2024. [Extracted from the article]

Social-media apps are increasing the number of notifications they send to users, even if they are not very active. This is because people are posting and interacting less publicly on social media, so companies are using notifications to encourage more engagement. However, this strategy can also create annoyance and ill will among users. Users can customize their notification settings to reduce unwanted alerts, but the responsibility is on the individual to make these changes. The companies are expanding notifications to maintain engagement and preserve income streams. [Extracted from the article]

Apple reported a sales increase for the holiday quarter, ending a streak of declines. The company's revenue was about $120 billion, up 2.1% from the same period the previous year, and net income was $34 billion, up 13%. Apple's iPhone business grew nearly 6% and exceeded analyst expectations. However, sales in China declined by about 13%, which has been a concern for investors. Apple plans to invest in artificial intelligence and share details of its work later this year. The company's services division, once seen as a future growth engine, slightly missed analyst estimates with revenue of $23.1 billion. Apple's new product, the Vision Pro virtual-reality headset, has started shipping to customers, but it is not expected to contribute significantly to overall sales in the near future. [Extracted from the article]

Publicis Health, a subsidiary of Publicis Groupe, has agreed to pay $350 million to settle claims that its advertising campaigns for Purdue Pharma contributed to the opioid crisis. The settlement, reached with the office of New York State Attorney General Letitia James, also prohibits Publicis from accepting future contracts related to the marketing or sale of opioids. The payment is part of a larger effort to hold companies accountable for their role in fueling the opioid epidemic, with fines directed towards opioid abatement, treatment, and prevention. Publicis is the first advertising agency to be held responsible in this way. [Extracted from the article]

McKinsey, a leading consulting firm, is facing internal challenges as its top leader, Bob Sternfels, narrowly survives an attempt to unseat him. The firm's governance structure, which allows partners to choose their leader every three years, has come under scrutiny as dissatisfaction among partners is revealed. McKinsey has faced criticism for misjudging future demand for its services and has been working to repair its reputation following scandals. Despite these challenges, the demand for high-end consulting services remains strong. Sternfels, a 30-year veteran of the firm, will begin his second and final term in July. [Extracted from the article]

During a Senate Judiciary Committee hearing, tech CEOs, including Mark Zuckerberg of Meta Platforms, faced criticism from senators who argued that social media platforms should bear more legal liability for harm caused to children online. Senators shared stories of sexual exploitation and suicide linked to social media platforms, with some referencing The Wall Street Journal's reporting on the dangers to children. While lawmakers acknowledged the limitations of their legislative response, they highlighted the wave of lawsuits filed by parents and state attorneys general seeking to hold platforms accountable. The hearing also addressed issues related to data protection and encryption on social media platforms. [Extracted from the article]

Google's parent company, Alphabet, reported a 4% drop in stock price despite a rebound in sales. While advertising sales fell short of expectations, the company saw strong growth in other areas of its business. Google's ad revenue increased by 11% from the previous year, marking a turnaround from the pandemic-induced drop in ad revenue. The company's cloud-computing business also saw a 26% increase in sales. Alphabet plans to continue cost-cutting measures and invest in artificial intelligence systems. Overall, the company reported a 13% increase in revenue for the fourth quarter. [Extracted from the article]

Negative advertising is often effective in politics, but a study suggests that it can do more harm than good for consumer brands. While negative advertising can benefit the attacking firm, it tends to harm all companies involved and sometimes the consumers as well. Historical accounts of negative advertising wars show that they erode consumer confidence in the product category overall. The study also found that negative advertising can lead to reduced innovation and product assortment in certain markets. However, in politics, negative advertising is more effective because politicians aim to beat their opponents rather than maximize their total vote count. [Extracted from the article]

Amazon is facing competition from low-price apparel competitors such as Temu, TikTok, and Shein, but the company is focusing on profit expansion. Amazon has launched advertising into its Prime Video streaming service, which could generate over $2 billion in video ad dollars next year. The company is regaining momentum in other areas of its business, with expected revenue growth of 11% for 2023 and record-high operating income. While challengers like Temu and Shein are shipping a million packages a day each in the US, Amazon's huge fulfillment network and Prime membership program give it an advantage. [Extracted from the article]

Meta Platforms, the parent company of Facebook, is optimistic about competition from Apple's upcoming Vision Pro headset. Meta has struggled to gain widespread consumer adoption for its Quest devices, with its Reality Labs division accounting for less than 1% of overall revenue. Executives at Meta believe that Apple's entry into the market will validate their vision and attract more consumers. The competition between Meta and Apple will likely center around software developers and the development of applications that will draw more users. Apple's Vision Pro headset combines virtual reality and augmented reality and is priced at $3,500, while Meta's Quest 3 headset is priced at $500. [Extracted from the article]

Netflix has reported strong fourth-quarter results, surpassing expectations by adding 13.1 million net new paid subscribers, 50% more than projected. This solidifies Netflix's position as the leader in the streaming industry, with over 260 million paying subscribers globally. The company's market value is now 13% higher than the combined value of Disney, Warner, and Paramount. However, Netflix may face competition from Amazon, which plans to launch an ad-supported tier for its Prime Video streaming service. Despite this, Netflix remains focused on its ad-free model and is investing in live programming. [Extracted from the article]

The largest tech stocks, known as the Magnificent Seven, have once again rallied and pulled the S&P 500 to record highs. These stocks, including Google, Amazon, Apple, Meta Platforms, Microsoft, Nvidia, and Tesla, have returned 4.4% so far this month and outperformed the S&P 500. Investors are pouring money into tech shares, with approximately $4 billion invested in tech funds in the past two weeks. The Magnificent Seven stocks more than doubled in value last year, adding a combined $5.1 trillion in market value. The group's size plays a significant role in the overall market, accounting for 28% of the S&P 500's market cap-weighted index. The belief that the Federal Reserve has successfully slowed inflation without causing a sharp economic slowdown has fueled this trade. The largest tech companies are attractive to investors due to their outsize profits and low debt. Additionally, the enthusiasm surrounding artificial intelligence has received a boost, with Taiwan Semiconductor Manufacturing Co. expecting a 20% revenue growth this year. However, Tesla, one of the Magnificent Seven, has been the group's biggest laggard, down 16% in January. Wall Street analysts recommend these stocks but expect slower gains, projecting an average return of 8.6% for the group over the next 12 months. Some investors believe the rally has pulled forward a lot of returns, while others see long-term potential in tech shares if artificial intelligence lives up [Extracted from the article]

Children using Instagram and Facebook have been frequent targets of sexual harassment, according to an internal presentation by Meta Platforms. The presentation estimated that 100,000 minors each day received sexually abusive content. The lawsuit filed by New Mexico alleges that Meta's platforms recommend sexual content to underage users and promote underage accounts to predatory adults. The lawsuit also claims that Meta failed to address widespread predation on its platform and falsely assured the public of its safety. Meta has declined to comment on the allegations. [Extracted from the article]

The annual World Economic Forum in Davos, Switzerland brings together CEOs, billionaires, intellectuals, and world leaders for networking and dealmaking. The event offers a unique opportunity for powerful individuals to connect and exchange ideas. Tips from Davos regulars include strategically choosing locations to maximize encounters, using technology to remember names and contact information, finding common interests to initiate conversations, politely ending conversations with less important individuals, and prioritizing meetings and events. The article emphasizes the importance of authenticity and the willingness of influential people to engage with others. [Extracted from the article]

The S&P 500 index inched closer to its record high, with a 0.6% increase, while the Nasdaq Composite rose 0.8% and the Dow Jones Industrial Average was up 0.5%. The stock market had a positive week after a decline in the first week of 2024. Investors are awaiting the release of consumer-price data for December to gauge the inflation outlook. Analysts have expressed concerns about persistent inflation, citing rising wages as a significant risk. Treasury yields remained stable, and Bitcoin rose about 1% to just under $46,000. Earnings season is set to begin on Friday, with major banks reporting their results. [Extracted from the article]

The Nasdaq Composite index increased for the third consecutive day, with shares of Nvidia, Amazon.com, and Google parent Alphabet seeing gains. The tech-heavy index is down 1% in 2024 after starting the year with declines. The S&P 500 slipped 0.1% and the Dow Jones Industrial Average lost 0.4%. Analysts predict that companies in the S&P 500 will report a second consecutive quarter of earnings growth. [Extracted from the article]

Meta Platforms, the parent company of Instagram and Facebook, is implementing mandatory restrictions on teen accounts to curb harmful content and unwanted interactions. The new content filtering will automatically restrict teen accounts from accessing videos and posts about self-harm, graphic violence, and eating disorders. This change comes as more than 40 states are suing Meta, alleging that the company misled the public about the dangers its platforms pose to young people. The new restrictions will place teen accounts into the most restrictive content settings, ensuring a more age-appropriate experience for younger users. [Extracted from the article]

The stock market's performance in 2024 is uncertain, but there are indications of how it might fare over the next decade. While the market recovered most of its losses from 2022, high valuations suggest lower long-term returns. Expensive technology stocks have not performed well in the early days of 2024, while cheaper "value" stocks have seen gains. Price/earnings ratios across all S&P 500 industry groups, except for energy, real estate, and communication services, are above the historical median since 1999. While valuations are not reliable indicators of when to sell equities, they can predict the magnitude of long-term returns. Investing at the start of an economic growth cycle tends to yield greater rewards, while entering the market during periods of mania can lead to losses. The current challenge for investors is determining where the global economy stands in its cycle. If the market replicates the performance of the past decade, valuations would need to reach 28-32 times to achieve similar gains, but historical trends suggest they are more likely to compress to around 21 times, resulting in lower annual price returns. Ultimately, stocks remain an important part of portfolios, but savers should temper their expectations compared to the past decade. [Extracted from the article]

A series of attacks by Houthi militants on commercial ships passing through the Red Sea has caused traffic congestion around the Suez Canal. This has led to a significant increase in shipping rates and a boost in shipping stocks. However, experts believe that the reactions may be overdone, as new shipping capacity is expected to come online soon, easing the bottleneck. While rates could still rise in the coming weeks, the relief is likely to be temporary unless the situation in the Middle East worsens or global trade improves. [Extracted from the article]

Sarah Personette, a former executive at Twitter, has been appointed as the CEO of news startup Puck. Puck, which focuses on covering power brokers in tech, media, finance, and politics, has gained 40,000 subscribers and generated over $10 million in revenue in 2023. Personette will be responsible for expanding Puck's coverage areas and markets, including events, podcasts, and potentially new categories such as the art business. Puck aims to create a sustainable business model for news through subscriptions, advertising, and events. [Extracted from the article]

Antitrust cases against tech giants Google and Meta Platforms are expected to reach a conclusion in 2024, potentially shaping the legacies of Biden administration regulators. The case against Google focuses on claims that its search engine is an unlawful monopoly, with a verdict expected in late 2024. Another case against Google involves claims of being an illegal monopolist in the ad tech market. The Federal Trade Commission's case against Meta Platforms, formerly known as Facebook, alleges that it unlawfully suppressed competition through acquisitions. These cases will have significant implications for the tech industry and antitrust regulation. [Extracted from the article]

Google is implementing changes to how companies track users online by eliminating cookies, a technology used by advertisers to target users with relevant ads. The changes, which will be rolled out gradually, have been met with resistance from marketers, advertising-technology companies, and web publishers who feel that Google has not adequately prepared the market for the transition. While Google's efforts aim to improve user privacy, some industry executives believe that the elimination of cookies will have a negative impact on the overall value of online advertising. [Extracted from the article]

Netflix is considering ways to generate revenue from its gaming division, according to sources familiar with the discussions. Currently, Netflix games are free for all subscribers, but the company is exploring options such as in-app purchases, charging for more sophisticated games, or offering games with ads to subscribers of its ad-supported tier. This potential shift in strategy marks a departure from Netflix's previous stance of avoiding ads or in-app purchases in its games. While the number of users downloading Netflix games remains small, the company's gaming strategy is a long-term bet, with plans to create console-quality games in the future. [Extracted from the article]

The article discusses the limits of U.S. influence over Israel and the potential consequences of placing conditions on American aid to the country. It highlights the historical context of U.S.-Israel relations and the role of public opinion in shaping Israeli policy choices. The article emphasizes the importance of understanding Israel's security concerns and the threats it faces in the region. It argues that the best way for the U.S. to influence Israel is to build credibility with its public and leaders, rather than imposing conditions on aid. The article concludes by suggesting that the U.S. should strike the right balance in its approach to Israel, criticizing actions that undermine the possibility of a Palestinian state while recognizing Israel's trauma and security needs. [Extracted from the article]

The stock market's recent rally has led some investors to question the quality of the companies they are investing in. However, analysts argue that the recent gains in low-quality companies and "meme" stocks are part of a broader market rally rather than a speculative frenzy. While some stocks with fragile balance sheets have performed well, the overall correlation between performance and balance-sheet problems has been weak. The rally is seen as a broadening of the market, with investors turning their attention to medium and small caps that were trading at low valuations since the pandemic. [Extracted from the article]

The Federal Trade Commission (FTC) has proposed new limits to protect children from invasive surveillance tactics used by tech companies. The proposed rule would require targeted ads for children to be turned off by default, limit push notifications, and restrict surveillance in schools. The FTC aims to shift the responsibility of ensuring children's safety online from parents to service providers. The proposed rule is open for public comment for 60 days before it is finalized. Some advocates have expressed concerns about the limitations of the existing law and the need for clarification on surveillance tactics that target children. [Extracted from the article]

According to a survey conducted by Challenger, Gray & Christmas and reported by The Wall Street Journal, fewer companies are giving year-end bonuses this year, with 34% of companies surveyed stating that they will not be giving bonuses, up from 27% last year. This is the highest number of companies not giving bonuses since 2019. The decrease in bonus payments is particularly felt on Wall Street, with investment bankers and equities traders projected to see significant declines in their bonuses. The decrease in bonuses reflects a difficult year for white-collar professionals, with layoffs and shrinking pay becoming more common. However, not all industries are cutting bonuses, with professional-services firms such as law and accounting planning to award higher or the same level of bonuses as last year. [Extracted from the article]

The S&P 500 extended its winning streak to seven weeks, the longest since 2017, as investors remain optimistic about potential interest-rate cuts. The index rose 0.5%, while the Nasdaq Composite increased by 0.6% and the Dow Jones Industrial Average reached a record close. The rally began in late October due to hopes that the Federal Reserve will achieve a "soft landing" by returning inflation to its target while avoiding a recession. The market is currently driven by momentum and positioning, with major data on inflation, household income, and spending expected to be released later in the week. Large technology companies, such as Meta Platforms and Nvidia, led the market rally, while Apple experienced a decline after halting sales of its smartwatch due to an import ban. U.S. Steel also saw a significant increase in its stock price after agreeing to a sale to Japan's Nippon Steel. Brent crude oil futures rose by 1.8% due to tensions in the Middle East, and the yield on the 10-year U.S. Treasury note increased slightly. [Extracted from the article]

The stock market in 2023 has been heavily influenced by perception rather than reality, leading to a nervous atmosphere and lackluster stock performance. However, there are still investment opportunities to be found, particularly in sectors that have been sold off due to heightened fears. Investors are advised to avoid falling into market traps such as obsessively watching the Federal Reserve's interest rate decisions and buying into hype surrounding certain celebrity stocks. Instead, they should take a longer-term view, look for overlooked opportunities in smaller-cap stocks, and not be anchored to current trends. Additionally, volatility should be seen as an opportunity rather than a reason to panic, and investors should have faith in the resiliency of the American economy. [Extracted from the article]

Companies are investing billions of dollars in carbon removal technologies to meet their climate goals. These technologies aim to remove carbon dioxide from the atmosphere and neutralize emissions that cannot be eliminated. The investments are being supported by government grants, tax credits, and a federal purchasing program for carbon removal credits. While the current investments are not enough to address the scale of carbon removal needed, they are helping to lower costs and accelerate the development of these technologies. Wall Street is also recognizing the potential profitability of the industry, as seen by BlackRock's recent investment in a major carbon removal plant. Startups are pursuing various techniques, such as direct-air capture, using leftover plant materials, and reforestation, to reduce costs and make carbon removal more affordable. [Extracted from the article]

X, the social-media platform formerly known as Twitter, is seeking to attract smaller advertisers after alienating big brands due to controversial statements made by owner Elon Musk. Major brands stopped advertising on X after ads appeared near pro-Nazi content on the platform, and Musk's relations with brands hit a new low. X is now exploring partnerships with Amazon and ad-tech company PubMatic to expand its advertiser base and appeal to small and midsize businesses. X's customer base has already shifted, with over 80% of active advertisers being small and medium-size businesses. However, X faces challenges in competing with tech giants like Meta and Google in terms of ad effectiveness and content moderation. [Extracted from the article]

Elon Musk has continued his public feud with Disney CEO Bob Iger, accusing Iger of endorsing child exploitation material and calling for his firing. Musk's criticism comes after Disney suspended advertising on Musk's social media platform, X, due to concerns about antisemitic and Nazi content. Disney declined to comment on Musk's remarks, but previously stated that it cares about brand safety and uses strict parameters for its ads. The feud between Musk and Iger has been ongoing, with both exchanging barbs in recent weeks. [Extracted from the article]

A group of 10 Wisconsin Republicans who attempted to overturn the 2020 presidential election by submitting false elector paperwork pledging their support for Donald Trump have withdrawn their filings and acknowledged that President Biden won the election. This settlement, announced by legal advocacy groups representing the plaintiffs, is the first by unauthorized electors to formally withdraw their filings. The settlement marks a milestone in ongoing litigation against pro-Trump operatives in battleground states. The individuals covered by the settlement include Andrew Hitt, former chairman of the Wisconsin Republican Party, and Robert Spindell, a GOP activist. The defendants did not pay any money as part of the settlement and agreed to cooperate with the Justice Department's investigation into efforts to keep Trump in power. [Extracted from the article]

Meta Platforms, the parent company of Facebook and Instagram, has announced that it is fully encrypting messages on Facebook by default. This move towards end-to-end encryption has raised concerns among law enforcement and other groups, who worry that it could hide illegal activity by child predators and criminals. However, many privacy advocates have long advocated for encryption as a way to protect communications from outsiders. Meta has already implemented encryption as an optional service on its platforms and is now rolling out the changes globally. The company is working to address encryption concerns and ensure privacy and safety go hand-in-hand. [Extracted from the article]

A lawsuit filed by the state of New Mexico alleges that Facebook and Instagram, owned by Meta Platforms, steer predators to children and promote sexual content to underage users. The suit claims that Meta has failed to implement protections for children under 13 and has targeted the vulnerabilities of children to increase advertising revenue. The New Mexico attorney general's office conducted an investigation using test accounts and found that Meta's algorithms recommended sexual content to these accounts and inundated them with explicit messages. Meta has stated that it works diligently to protect young users and has established a child-safety task force, but the lawsuit argues that the company has allowed its platforms to become a marketplace for predators. [Extracted from the article]

The bond rally continued on Tuesday, causing yields on 10-year U.S. Treasury notes to reach their lowest level since the summer. This led to a rise in technology shares, although the broader stock market experienced a decline. The Nasdaq Composite increased by 0.3%, while the S&P 500 and Dow Jones Industrial Average both saw slight decreases. The value of Apple's stock exceeded $3 trillion for the first time since August. The bond market's influence on stocks was highlighted by the performance of bond-trading firm MarketAxess Holdings, which was the top gainer in the S&P 500. In other news, CVS Health announced a move to a simpler pricing model for its drugs, Alaska Air rebounded from a selloff, and J.M. Smucker and Ferguson reported positive quarterly earnings. Oil prices declined for the fourth consecutive trading session, and Asian stock indexes experienced losses. Moody's Investors Service also downgraded China's credit rating outlook to "negative." [Extracted from the article]

The article discusses the dominance of seven high-growth technology-related companies, known as the "Magnificent Seven," in the stock market. These companies, including Apple, Microsoft, and Amazon, have contributed significantly to the S&P 500's performance this year. However, this concentration poses a challenge for investors seeking diversification, as these stocks are trading at high valuations compared to the broader market. The article also explores the potential benefits of investing in small-cap stocks and the uncertainties surrounding the future performance of the Magnificent Seven. [Extracted from the article]

Meta Platforms and IBM have launched the AI Alliance, a coalition of over 50 artificial intelligence companies and research institutions. The alliance aims to promote an "open" model of AI, emphasizing open innovation and open science. Members of the alliance include Intel, Oracle, Cornell University, and the National Science Foundation. The alliance seeks to provide alternatives to closed, proprietary AI systems and offer more choice to businesses in the AI market. The alliance will focus on areas such as regulation and safety, and plans to release a benchmarking tool for AI safety and model validation. [Extracted from the article]

McKinsey & Co., a prominent consulting firm, has reduced the size of its new partner class by approximately 35% compared to the previous year. Around 250 individuals will become partners in early 2024, down from the 380 named in 2022. This decrease reflects the impact of economic conditions on the demand for high-priced consultants. McKinsey, along with other top consulting firms, experienced a surge in demand during the pandemic but has since faced challenges due to corporate overhead reductions and a slowdown in the economy. Despite these changes, McKinsey is still expected to achieve mid-single-digit percentage growth in revenue this year. [Extracted from the article]

Adam D'Angelo, a former Facebook executive and founder of Quora, is the only director who played a role on both sides of the surprise ouster and restoration of Sam Altman as chief executive at OpenAI. D'Angelo was one of four board members who fired Altman but was also named to the new board of the artificial-intelligence company. He will now help shape the future governance of the company as Altman returns as CEO. D'Angelo is known for his principled nature and ability to ask direct questions, and he will ensure active oversight and communication with employees on the new board. [Extracted from the article]

Meta Platforms, the parent company of Facebook, Instagram, and WhatsApp, has filed a lawsuit against the Federal Trade Commission (FTC) in an effort to block new restrictions on how it can monetize user data. Meta argues that the FTC's use of its in-house courts violates due-process guarantees, as the regulator has a dual role as prosecutor and judge. The company is seeking an injunction to prevent the FTC from implementing the proposed restrictions, which include a blanket prohibition on monetizing data of children and teens under 18. This lawsuit follows a federal judge's decision to allow the FTC to proceed with the new limits by modifying a 2020 settlement with Meta. The Supreme Court's conservative majority has previously expressed skepticism towards the use of administrative courts within federal agencies. [Extracted from the article]