The California State Assembly and Senate have passed one the of the first major artificial intelligence regulations in the United States on Thursday, calling for companies operating in the state to implement a number of precautions before training their large language models. The bill, named the Safe and Secure Innovation for Frontier Artificial Intelligence Models Act (SB 1047), will require developers to test their models' ability to cause critical harm and put in place "common-sense guardrails to help mitigate against risk." The bill would also establish a new public cloud computing cluster, CalCompute, to enable startups, researchers, and other community groups to "participate in the responsible develop of large-scale AI systems." “It is long past due that we hold Big Tech accountable for their outsized influence and unchecked power,” said Teri Olle, Director of Economic Security California Action. “We need legislative solutions like SB 1047 to flip the script and ensure the public can decide how critical technology benefits society as a whole.

Buy Now, Pay Later firm Klarna reported Tuesday it has posted a profit in the first half of the year, reporting an adjusted operating profit of 673 million Swedish krona (about $66.1 million) in the six month through June 2024; the company said its adjusted operating income is its primary metric for profitability as it better demonstration its "underlying business activity." That compares to its loss of 456 million krona ($44.9 million) in the same period a year ago, marking a sharp turnaround as the company moves closer towards its highly anticipated initial public offering. Moreover, Klarna reports its revenue grew 27% annually to 13.3 billion krona ($1.31 billion), with its net income posted a 333 million krona ($32.8 million) loss. "Klarna's massive global network continues to expand rapidly, with millions of new consumers joining and 68K new merchant partners," CEO Sebastian Siemiatkowski said in a statement. Klarna's competitors include Block's (NYSE: SQ) Afterpay, PayPal (NASDAQ: PYPL) and Affirm (NASDAQ: AFRM).

Apple (NASDAQ: AAPL) announced Monday it will replace Chief Financial Officer Luca Maestri with the company's CP of Financial Planning and Analysis Kevan Parekh on Jan.1. Maestri, who has been Apple's CFO since 2014, will continue to lead IT, security, and real estate development teams with Apple upon the end of his tenure. Apple stock increased over 800% since Maestri became CFO, with the company benefiting from annual sales more than doubling; Apple saw about $183 billion annual sales in 2014 compared with $383 billion reported last year. Parekh joined the company in 2013, having previously worked with General Motors (NYSE: GM) and Thomson Reuters. "For more than a decade, Kevan has been an indispensable member of Apple's finance leadership team, and he understands the company inside and out. His sharp intellect, wise judgement, and financial brilliance make him the perfect choice to be Apple's next CFO," CEO Tim Cook said in a statement.

Microsoft (NASDAQ: MSFT) announced Friday it would hold a summit in September to discuss its plans to improve cybersecurity systems, in wake of the global IT outage that affected nearly 8.5 million Windows devices stemming from a CrowdStrike (NASDAQ: CRWD) update last month. "The CrowdStrike outage in July presents important lessons for us to apply as an ecosystem," Microsoft said in a blog post. The event, called the Windows Endpoint Security Ecosystem Summitt, will be held on Sept. 10 at the Microsoft's headquarters in Redmond, Washington, and will host executives of security companies and government officials, the blog post said. Earlier this month, Delta Air Lines (NYSE: DAL) said it is pursuing legal claims against both Microsoft and CrowdStrike, claiming the outage cost the airline at least $500 million in losses from mass flight cancellations. CrowdStrike has also been sued by its shareholders, who alleged that the cybersecurity company has defrauded them by concealing how its software testing could cause the outage.

Disney's (NYSE: DIS) "Deadpool & Wolverine" became the highest-grossing R-rated film of all time as of Thursday, raking in $516.8 million in domestic ticket sales and $568.8 million internationally, bringing its current global box office to $1.085 billion. This new box office record surpassed Warner Bros.' "Joker," which amassed a global box office of $1.074 billion during its 2019 theatrical run. This feat showcases Marvel Studio's continued strength at the box office, as well as Disney's successful diversification of its media content which typically is focused on more family-friendly content. "The success of their first R-rated film opens up a lot of opportunities for Disney and Marvel," said Shawn Robbins, founder and owner of Box Office Theory, quoted by CNBC. It’s important to remember that the rating was organic and necessary for the characters. That’s helped audiences and fans respond so favorably. They knew going in that this wouldn’t be a watered-down translation of a formula which has already proven itself.”

The World Health Organization (WHO) declared Mpox a global health emergency for the second time in two years on Wednesday, as an outbreak in the Democratic Republic of Congo has spread to nearby countries. Shares of vaccine makers Bavarian Nordic (OTC: BVNRY) and Emergent Biosolutions (NYSE: EBS) rose on Thursday as demand for their Mpox vaccines -- the only two recommended by the U.S. Centers for Disease Control -- increases in response to the spreading zoonotic disease. Bavarian Nordic CEO Paul Chaplin told the Financial Times that the company can increase its vaccine supply to 2 million doses by the end of this year and 10 million by the end of 2025. Mpox can spread through close contact, causing flu-like symptoms and pus-filled lesions on the body. The infection is usually mild, but can be fatal in rare cases.

The U.S. Federal Trade Commission (FTC) announced Wednesday a final ruling on banning fake reviews, including prohibiting marketers from using censoring honest negative reviews, AI-generated reviews, and buying or selling reviews. Additionally, reviewers connected to the company they are reviewing need to disclose that connection, with managers and other leaders being prohibited from giving testimony and cannot ask employees to solicit reviews from others. Businesses are also barred from issuing legal threats or intimidation to reviewers to delete negative reviews, and cannot misrepresent the review section of their website to suppress negative reviews. Moreover, businesses are banned from selling or buying fake engagement on social media, including followers, likes or views. The final ruling holds the maximum civil penalty at $51,744 per violation.

Google (NASDAQ: GOOGL) (NASDAQ: GOOG) announced Tuesday the roll out of new artificial intelligence features for Android devices, including voice chat with Gemini Live that can be "free-flowing" between the user and the device. "We've completely rebuilt the assistant experience with Gemini, so you can speak to its naturally the way you would with another person," Sameer Samat, president of Android Ecosystem, in a blogpost on Tuesday. "It can understand your intent, follow your train of thought and complete complex tasks." Google has also added 10 new Gemini voices to choose from, with the Gemini app being accessible in the background of other apps or when a phone is locked. Moreover, Google is launching other features for its AI assistant, including new extensions for apps like Keep, Tasks, Utilities and YouTube Music, as well as on screen options like "Ask about this video," or "Ask about this screen," in which Gemini will give users more information.

TikTok announced Monday it is adding group chats to its video-sharing platform, challenging similar offerings from Meta Platforms (NASDAQ: META) like WhatsApp. Users can now create group chats with up to 32 people to watch, comment, and react to content on TikTok together, instead of linking out to chats on other messaging apps. Group chats are only available to users above the age of 15, with users only able to add mutual followers to a chat. Users also have access to muting and blocking tools and are able to report messages or chats if they believe the content violates TikTok's Community Guidelines. Alongside group chats, TikTok also announced it is rolling out custom stickers for Direct Messages, allowing users to create and upload their own custom stickers for everyone to use. This move signals that TikTok is moving away from its core service as an entertainment platform, making the app more social between users.

Stellantis (NYSE: STLA) plans to layoff up to 2,450 U.S. factory workers this year as it discontinued production of the older version of its Ram 1500 pickup truck called the Tradesman at the Warren Truck Assembly Plant in Michigan. The model's current version, which was recently updated for the year 2025, is produced at the nearby Sterling Heights Assembly Plant, with Stellantis spokesperson Jodi Tinson telling reporters that the expected job cuts will be lower due to early retirement offers and seniority bumping rights. The discontinuation of this Ram 1500 model was not unexpected, but the automaker has yet to announce a new model to replace the truck, drawing concern from the United Auto Workers union, which represents the Warren plant. The layoffs are expects to begin as soon as October.

Delta Air Lines (NYSE: DAL) said Thursday that CrowdStrike's (NASDAQ: CRWD) widespread outage last month caused a $380 million revenue hit, according to a filing with the U.S. Securities and Exchange Commission (SEC), as the airline experienced about 7,000 canceled flights over five days. The airline said the revenue impact was "primarily driven by refunding customers for cancelled flights and providing customer compensation in the form of cash and SkyMIles." The outage also imposed a $170 million expense, "associated with the technology-driven outage and subsequent operational recovery." Separately, Delta is facing a class action lawsuit filed Tuesday in the U.S. District Court Northern District of Georgia on behalf of customers whose flights were cancelled by the outage. The suit alleges Delta refused or ignored requests for prompt refunds for canceled or delayed flights and failed to provide impacted passengers with meal, hotel and transportation vouchers.

Berkshire Hathaway (NYSE: BRK.A) owns more U.S. Treasury bills than the U.S. Federal Revenue as Warren Buffett's conglomerate brings its cash holdings to a record level. The company owned $234.6 billion in short-term investments through Treasury billions in the second quarter, and held over $42 billion of cash and cash equivalents, according to its recent quarterly results. That compares with the central bank's $195.3 billion in Treasury bills owned as of July 31. Earlier this week, Berkshire Hathaway revealed it sold more than 49% of its stake in Apple (NASDAQ: AAPL), its largest stock stake, with its holdings now valued at $84.2 billion as the company sale more than $75 billion in equities during the quarter. The company also sold some of its stake in its second largest holding, Bank of America (NYSE: BAC), starting in July. Market participants speculate that Buffett's recent moves signal he is bearish on stocks and the broader U.S. economy.

Disney (NYSE: DIS) announced its raising the prices of its streaming platforms Disney+, Hulu and ESPN+ on Tuesday as the entertainment giant looks to generate growth from increased service bundles and increased subscriber offerings. Starting in October, Disney+ basic and premium will cost $9.99 and $15.99 per month, respectively; Hulu's ad-supported tier will cost $9.99 and its ad-free tier will be priced at $18.99; and ESPN+ will cost $11.99 per month. Disney currently offers bundles of Disney+ and Hulu, with ads at $10.99 per month and without ads at $19.99. The company has also partnered with Warner Bros. Discovery (NASDAQ: WBD) to offer a bundle with Disney+, Hulu and Max at $16.99 with ads and $29.99 without. Moreover, Disney is also launching continuous playlists starting with ABC News Live and a collection of preschool content for subscribers starting Sept. 4 "Playlists are the latest example of how we're providing the best value and experience for our subscribers every time they open Disney+," said Alisa Bowen, president of Disney+, in a release.

U.S. Federal Judge Amit Mehta of the U.S. District Court for the District of Columbia ruled Monday that Alphabet's Google (NASDAQ: GOOG) (NASDAQ: GOOGL) has violated Section 2 of the Sherman Act, which outlaws monopolies. The court ruled that Google holds monopolies in both search and text advertising by creating high barriers to entry and a feedback loop to sustain its dominant position. "After having carefully considered and weighed the witness testimony and evidence, the court reaches the following conclusion: Google is a monopolist, and it has acted as one to maintain its monopoly," Mehta wrote in his opinion filed Monday. However, the ruling found that general search advertising is not currently a market, so Google cannot hold monopolist control. Google plans to appeal the ruling, Kent Walker, president of global affairs at Google, said in a statement, claiming "this decision recognizes that Google offers the best search engine, but concludes that we shouldn't be allowed to make it easily available."

The U.S. Federal Trade Commission (FTC) and the Department of Justice have filed a lawsuit against TikTok and ByteDance, alleging that the companies have violated the Children's Online Privacy Protection Act (COPPA). The law requires digital media platforms to obtain parents' consent before collecting and using personal data from children aged 13 years or younger. The FTC wrote in a press release that TikTok had a policy of maintaining accounts of children it knew were under the age of 13 unless other conditions were met and, "TikTok human reviewers allegedly spent an average of only five to seven seconds reviewing each account to make their determination of whether the account belonged to a child." The platform then stored and used that data in ad targeting to underage users, according to the FTC. The FTC and DoJ propose fining TikTok and ByteDance civil penalties up to $51,744 per violation per day and a permanent injunction to prevent future violations.