Pink piggy bank and coin in a male hand on a gray background.
In today's ExchangeWire news digest: Microsoft considers a USD$10bn (~£8.22bn) investment in ChatGPT maker OpenAI; Meta announces restrictions to how teenagers are served ads on its platforms; and the EU Commission's Thierry Breton launches a charm offensive for his Clean Tech Act.
Software giant Microsoft Corp. is reportedly in talks to invest up to USD$10bn (~£8.22bn) in ChatGPT developer OpenAI. The rumoured investment comes as the tech giant seeks to integrate OpenAI into its Bing search engine.
Under the proposal, Microsoft would provide funds to ChatGPT over several years. The Washington-based company would then take a 75% cut of OpenAI’s profits, dropping to 49% once it has recouped its investment.
Facebook-parent Meta is changing how it collects data on and serves ads to underage users of its apps. From February, the social media giant will end targeted advertising to teenagers based on gender, and prevent advertisers from targeting under-18s with ads based on their in-app activity, such as who they follow on Instagram.
Following the changes, Meta has stated that personalised ads on Facebook and Instagram will only be served to teenage users based on age and location. These incremental changes follow lengthy scrutiny from Ireland’s Data Protection Commission into how Instagram handles the accounts of underage users.
The industry chief of the European Commission is attempting to woo EU capitals with new legislation to stave off American rivals. Thierry Breton’s Clean Tech Act comes as a direct response to the Biden administration’s Inflation Reduction Act, a USD$369bn (£303.4bn) commitment to helping US companies transition to sustainable practices.
Through the Clean Tech Act, Breton hopes to channel money from Europe into home-grown businesses. Backed by his home nation, France, Breton is launching a charm offensive on European nations more wary of state intervention, such as the Nordics, to garner wider support.
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€405m (~£357m) - the amount Ireland's DPC fined Instagram for violating children's privacy.
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