A company called Hands-Free Automation (HFA) has been accused of improperly relisting properties on Airbnb at higher prices after taking listings from hotel and short-term rental sites, according to a lawsuit filed in February. HFA founder Anthony Agyeman allegedly promised investors returns in 3-6 months for $20,000-30,000 investments in owning stakes in Airbnb listings. However, Airbnb prohibits the practice, and HFA has not been authorized by property owners, CNBC reported this week. The Federal Trade Commission has accused similar companies previously of making false promises of profits. Airbnb said it was unaware of contact from regulators regarding HFA.

Indian tech services giant Infosys has been named as the source of a data leak suffered by the Bank of America. From a report: Infosys disclosed the breach in a November 3, 2023, filing that revealed its US subsidiary Infosys McCamish Systems LLC (IMS) "has become aware of a cyber security incident resulting in non-availability of certain applications and systems in IMS." A data breach notification filed in the US state of Maine this week describes the incident as "External system breach (hacking)" and reveals the improperly accessed data includes "Name or other personal identifier in combination with: Social Security Number."

The notification was submitted by an outside attorney working on behalf of the Bank of America, names IMS as the source, and revealed that information on 57,028 people was leaked. A sample of the letter sent to those impacted by the incident reveals that on November 24, "IMS told Bank of America that data concerning deferred compensation plans serviced by Bank of America may have been compromised. Bank of America's systems were not compromised." Things then get a bit scary: "It is unlikely that we will be able to determine with certainty what personal information was accessed as a result of this incident at IMS. According to our records, deferred compensation plan information may have included your first and last name, address, business email address, date of birth, Social Security number, and other account information."

HP is seeking as much as $4 billion from Autonomy's former bosses following a London judge's finding that they fraudulently boosted the value of the company before its sale. From a report: Founder Mike Lynch was found to have inflated Autonomy's revenue alongside his chief financial officer Sushovan Hussain and induced HP to buy the firm for $11 billion, according to a London civil judgment in 2022. The British tech tycoon is currently waiting to face a criminal trial in the US over the sale after being extradited last year. He was previously investigated by the UK's Serious Fraud Office but the agency dropped its case. Hussain was convicted in the US for his role in the saga. Lawyers for HP calculated the total losses that Lynch and Hussain must pay back as over $4 billion, according to court documents prepared for a hearing Monday. This was revised from a previous calculation of $5 billion at trial due to further evidence.

US companies are discussing cost control on earnings calls at a record rate, amid a push to reallocate funds and invest in new technologies, according to an analysis by Morgan Stanley strategists. From a report: Transcript mentions of "operational efficiency" are at the highest ever in the US during this earnings season as companies focus on expense discipline, but also invest in technologies "that can drive future productivity like AI," a team led by Michael Wilson wrote in a note.

There is a notable overlap among the industries discussing operational efficiency most prevalently and those that are discussing AI, the strategists said. These groups include software, professional services, health care services, and financial services. Pfizer, BlackRock, and Lam Research were among S&P 500 companies touting operational efficiency in their earnings calls this season, according to data compiled by Bloomberg. The rising focus on cost control comes as firms position to protect margins amid hopes for a soft economic landing. Investors have looked for signs of cooling in the jobs market to gauge when the Federal Reserve will lower borrowing costs, although recent hot data has signaled the Fed won't be easing anytime soon.

Thursday a climate technology startup called Twelve "took a major step toward producing sustainable aviation fuel..." reports Bloomberg, "by launching its commercial-scale carbon transformation unit." Twelve is among the emerging companies working on ways to transform captured CO2 into useful products. In the case of the Berkeley, California-based startup, its nascent technology will be critical to cleaning up one of the hardest-to-decarbonize sectors: aviation. Twelve uses a technique called electrolysis that uses electricity to repurpose carbon dioxide and water into various products. When the electricity is generated from renewables, the process is essentially no-carbon. The company's CO2 electrochemical reactor — called OPUS — will be at the center of its first commercial production plant for sustainable aviation fuel, under construction in Moses Lake and set to be completed this year. The plant will run on hydropower and use CO2 captured from a nearby ethanol plant. That CO2 and water will be fed through OPUS and turned into synthetic gas, the basis of sustainable aviation fuel.

Twelve's airline customers can blend it with traditional jet fuel. The resulting carbon credit can be bought by corporate customers like Microsoft to offset their business travel-related emissions...

Although Twelve's carbon transformation technology can be used to make products ranging from spandex pants to car parts, it pivoted to focus more fully on sustainable aviation fuel after the announcement of tax credits for SAF blending, carbon capture and utilization, and hydrogen production, said Twelve co-founder and Chief Science Officer Etosha Cave. Those tax credits helped the company launch this commercial unit. "Without that, we would not be competitive in terms of being able to get to market at the stage we're at," Cave said.
It's still not cost competitive with traditional jet fuel, the article points out, "but airlines are under increasing pressure from governments and their own net zero commitments to integrate SAF into their fuel mix.

"Twelve would not disclose its cost to make the fuel, though it said it expects prices to go down as its technology scales up and eventually reach parity with traditional jet fuel."

InfoWorld reports: Don't look now, but 25% of organizations surveyed in the United Kingdom have already moved half or more of their cloud-based workloads back to on-premises infrastructures. This is according to a recent study by Citrix, a Cloud Software Group business unit. The survey questioned 350 IT leaders on their current approaches to cloud computing. The survey also showed that 93% of respondents had been involved with a cloud repatriation project in the past three years. That is a lot of repatriation. Why?

Security issues and high project expectations were reported as the top motivators (33%) for relocating some cloud-based workloads back to on-premises infrastructures such as enterprise data centers, colocation providers, and managed service providers (MSPs). Another significant driver was the failure to meet internal expectations, at 24%... Those surveyed also cited unexpected costs, performance issues, compatibility problems, and service downtime. The most common motivator for repatriation I've been seeing is cost. In the survey, more than 43% of IT leaders found that moving applications and data from on-premises to the cloud was more expensive than expected.

Although not a part of the survey, the cost of operating applications and storing data on the cloud has also been significantly more expensive than most enterprises expected. The cost-benefit analysis of cloud versus on-premises infrastructure varies greatly depending on the organization... The cloud is a good fit for modern applications that leverage a group of services, such as serverless, containers, or clustering. However, that doesn't describe most enterprise applications.
The article cautions, "Don't feel sorry for the public cloud providers."

"Any losses from repatriation will be quickly replaced by the vast amounts of infrastructure needed to build and run AI-based systems... As I've said a few times here, cloud conferences have become genAI conferences, which will continue for several years."

An anonymous reader shared this report from Reuters: Nvidia is building a new business unit focused on designing bespoke chips for cloud computing firms and others, including advanced AI processors, nine sources familiar with its plans told Reuters. The dominant global designer and supplier of AI chips aims to capture a portion of an exploding market for custom AI chips and shield itself from the growing number of companies pursuing alternatives to its products.

The Santa Clara, California-based company controls about 80% of high-end AI chip market, a position that has sent its stock market value up 40% so far this year to $1.73 trillion after it more than tripled in 2023. Nvidia's customers, which include ChatGPT creator OpenAI, Microsoft, Alphabet, and Meta Platforms, have raced to snap up the dwindling supply of its chips to compete in the fast-emerging generative AI sector. Its H100 and A100 chips serve as a generalized, all-purpose AI processor for many of those major customers. But the tech companies have started to develop their own internal chips for specific needs. Doing so helps reduce energy consumption, and potentially can shrink the cost and time to design.

Nvidia is now attempting to play a role in helping these companies develop custom AI chips that have flowed to rival firms such as Broadcom and Marvell Technology, said the sources, who declined to be identified because they were not authorized to speak publicly...

Nvidia moving into this territory has the potential to eat into Broadcom and Marvell sales.

The French offices of Chinese tech giant Huawei were raided by financial prosecutors this week, the company confirmed Friday. CNN reports: A French judicial source told CNN Thursday that the raid had been carried out as part of a preliminary probe launched by the financial prosecutor's office over alleged "breach of probity," a broad term concerning offenses such as acts of corruption, favoritism and influence peddling. The source did not provide any further details about the investigation. A preliminary investigation does not imply any wrongdoing.

"Huawei has been in France for over 20 years, and has been in compliance with the laws and regulations applicable in the country. While Huawei France does not wish to comment on an ongoing investigation, the company remains confident about its conclusions," a spokesperson said.

Network giant Cisco is planning to restructure its business which will include laying off thousands of employees, as it seeks to focus on high-growth areas, according to three sources familiar with the matter. From the Reuters report: The San Jose, California-based company has a total employee count of 84,900 as of fiscal 2023, according to its website.The company is still deciding on the total number of employees to be affected by the layoffs, one person said.

Ubisoft co-founder and CEO Yves Guillemot has defended the $70 price tag for Skull and Bones, calling it a "quadruple-A game." From a report: During a Q&A session as part of a conference call discussing Ubisoft's Q3 sales for its fiscal year 2024, one caller pointed out that Skull and Bones now appears to be taking a more live service approach -- the game's Year 1 roadmap was recently published, for example. The caller asked why Ubisoft was insisting on charging $70 for the game and potentially limiting the size of its player base, suggesting a free-to-play model may better suit the live service mechanics and give it a better chance of building a community.

Guillemot replied with an assertion that Skull and Bones deserves to be a full-price game because of its scale. "You will see that Skull and Bones is a fully-fledged game," he said. "It's a very big game, and we feel that people will really see how vast and complete that game is. It's a really full, triple... quadruple-A game, that will deliver in the long run."

Amazon has been sued in a proposed U.S. class action that accuses the online retailer of violating consumer protection law by steering shoppers to higher-priced items to earn extra fees. Filed this week in the Seattle federal court, the complaint cites the recent FTC antitrust case against Amazon. It alleges Amazon's algorithm for its "Buy Box" often shows higher-priced options over faster, cheaper alternatives. The suit says shoppers click Amazon's "Buy Now" button nearly 98% of the time, falsely believing its choices offer the best deal. Amazon created the algorithm to benefit third-party sellers that pay "hefty fees" for its Fulfillment By Amazon services, the suit alleges.

Grammarly, the parent firm of eponymous writing assistant service, is laying off 230 employees worldwide as part of a "business restructuring," the company announced this week. From a report: The layoffs are part of Grammarly's efforts to advance its focus on "the AI-enabled workplace of the future," the company says. "To arrive at today's decision, we took a look at our organizational design and the current skillsets of our teams through the lens of our company strategy," Grammarly CEO Rahul Roy-Chowdhury said in a memo to employees. "As we strengthen our focus toward driving the AI-enabled workplace and deepen our technical investments in AI, we will need a different mix of capabilities and skillsets. We also need to redesign our organization to improve the quality and speed of collaboration -- and that means, among other things, restructuring roles and co-locating certain teams." Roy-Chowdhury went on to say that the layoffs are not a cost-cutting measure, noting that Grammarly's financial position is "strong." He says the layoffs affects most Grammarly functions and geographies.

An increasing number of digital-asset startups are offering airline-like loyalty points as they seek to attract more devoted users, even though most have yet to define what the rewards actually entail. From a report: Loyalty programs have sprung up in response to a once-favorite marketing ploy -- the token airdrop -- in which projects give away crypto tokens to users. But the industry is rethinking this tack because many airdrops have done little to retain users while regulatory scrutiny has swelled over tokens themselves. The fledgling points programs already have their detractors, with many users bemoaning a lack of transparency -- most haven't explained how their points can be used -- while experts warn they may pose regulatory risks of their own.

The trend took off in November when new blockchain project Blast lured users by rewarding them with points. Even without a live blockchain, Blast has since attracted more than $1.3 billion worth of crypto from users who can only speculate what the points can be used for later. In a post thread on social-media platform X, Blast said only that the points can be redeemed on May 24. The crypto community has criticised the Blast points programme as a marketing ploy to get people to commit their tokens and refer new users. Some critics have even said the approach is reminiscent of a Ponzi scheme, which Blast's founder Tieshun Roquerre has denied.

Sam Altman was already trying to lead the development of human-level artificial intelligence. Now he has another great ambition: raising trillions of dollars to reshape the global semiconductor industry. From a report: The OpenAI chief executive officer is in talks with investors including the United Arab Emirates government to raise funds for a wildly ambitious tech initiative that would boost the world's chip-building capacity, expand its ability to power AI, among other things, and cost several trillion dollars, according to people familiar with the matter. The project could require raising as much as $5 trillion to $7 trillion, one of the people said.

The fundraising plans, which face significant obstacles, are aimed at solving constraints to OpenAI's growth, including the scarcity of the pricey AI chips required to train large language models behind AI systems such as ChatGPT. Altman has often complained that there aren't enough of these kinds of chips -- known as graphics processing units, or GPUs -- to power OpenAI's quest for artificial general intelligence, which it defines as systems that are broadly smarter than humans. Such a sum of investment would dwarf the current size of the global semiconductor industry. Global sales of chips were $527 billion last year and are expected to rise to $1 trillion annually by 2030. Global sales of semiconductor manufacturing equipment -- the costly machinery needed to run chip factories -- last year were $100 billion, according to an estimate by the industry group SEMI.

Sarah Perez reports via TechCrunch: Fresh on the heels of its $40 million fundraise, streaming media company Plex is today announcing its expansion into a new business: a movie rentals storefront. The addition, which will initially be offered to U.S. customers, will give the streamer another means of generating revenue beyond its subscription products and ad-supported streaming -- a diversification that will prove critical as the ad market continues to be unpredictable.

At launch, the marketplace will offer movies from top studios, including WB, Paramount, MGM, Lionsgate and A24, which means Plex users will be able to rent titles like "Barbie," "Wonka," "Aquaman and the Lost Kingdom," "Mission: Impossible -- Dead Reckoning," "The Color Purple," "Expend4bles," "PAW Patrol: The Mighty Movie," "Hunger Games: The Ballad of Songbirds and Snakes," "Mean Girls" and others. Plex says there will be just over 1,000 titles available to rent starting at $3.99, but the number of titles will grow over time. Titles will also move in and out of windows, so the number of rentals will fluctuate over time, as well. [...]

Once users rent a movie, they have 30 days to watch. After starting the rental, you'll have 48 hours to finish viewing it, similar to other marketplaces. The movie will also appear in the "Continue Watching" section on Plex's home screen if you don't finish watching it upon your first go. The company plans to add more studio partners to its movie rentals store over time, it says. [...] The new movie marketplace will launch across platforms, Plex notes, including its apps on Amazon Fire TV, Apple TV, Android TV/Google TV, Roku, smart TVs (LG, Hisense, Samsung, Sony, VIZIO), game consoles and Apple and Android smartphones and tablets.

In a first for Uber since becoming a public company, the ride-hailing service posted its first full-year profit and its stock hit an all-time high Wednesday. "Like its final year as a private company, the last time Uber turned a profit, it got a huge tailwind from investments that helped fuel profits, $1 billion in 2023," reports the Associated Press. "The difference is that Uber has started making money from operations." From the report: Uber and other ride-share companies struggled through the COVID-19 pandemic. The company, whose stock recently joined the S&P 500 index, saw its ride-hailing business stymied as government lockdowns kept millions at home. But Uber has focused on cutting costs and, during the pandemic, building up a then-nascent food-delivery division, which has since become a major revenue driver. Uber's ride-hailing service, meanwhile, has gradually bounced back and the numbers from the fourth quarter suggest both are trending in the right direction.

Delivery revenue grew 6%, and revenue for the ride-share part of the business climbed 34%. Industry analysts also noted growth in the company's membership platform. "Uber One now has roughly 19 million members across 25 countries, wrote William Blair's Ralph Schackart. "Uber One members generate roughly 30% of mobility and delivery gross bookings, up roughly 700 basis points year-over-year." Revenue totaled $9.94 billion, beating Wall Street projections for $9.75 billion. Gross bookings surged 22% from the prior-year period to $37.6 billion. For the year, Uber posted a profit of $1.89 billion, or 87 cents per share, on revenue of $37.28 billion.

A radio station in Alabama has been forced to temporarily shut down after thieves stole a 200ft radio tower. The Guardian reports: WJLX, a station in Jasper, Alabama, was ordered to go off air by the Federal Communications Commission (FCC) after thieves took the station's AM tower last week, the Guardian first learned. "In all my years of being in the business, around the business, everything like that, I have never seen anything like this," WJLX's general manager, Brett Elmore, told the Guardian. "You don't hear of a 200ft tower being stolen," he added.

Elmore said the theft was first discovered last week by a landscaping crew that regularly manages the area nearby the tower, WBRC reported. "They called me and said the tower was gone. And I said, 'What do you mean, the tower is gone?'" Elmore said. The radio tower was previously located in a wooded area, behind a local poultry plant. Elmore said that thieves had cut the tower's wires and somehow removed it. Thieves also stole the station's AM transmitter from a nearby building.

For the small radio station, the theft has had a significant impact. Elmore said the station's property was not insured. Replacing the tower could cost the station anywhere between $100,000 to $150,000, which is "more money than we have," Elmore said. The FCC also notified WJLX on Thursday morning that the station would have to go off the air because of the theft. While WJLX still has its FM transmitter and tower, it is not allowed to operate its FM transmitter while the AM station is off the air. "I had a guy from Virginia call yesterday and say, 'You know, I think a helicopter grabbed [the tower],'" Elmore said. He's hoping that surveillance video from the nearby poultry plant or witnesses nearby can help figure out who stole the station's tower.

The Federal Trade Commission isn't happy with the outcome of Microsoft's $68.7 billion acquisition of Activision Blizzard, telling a court on Wednesday that Microsoft's recent layoffs contradict promises it made to get the merger approved. From a report: In a letter to the clerk of the Ninth Circuit Court of Appeals, the FTC criticized Microsoft for the layoff of 1,900 workers in January, which represented about 8% of its gaming division. The layoffs largely affected employees at Activision Blizzard. The antitrust regulator explained that the layoffs were "inconsistent with Microsoft's suggestion to this Court that the two companies will operate independently post-merger."

"As we move forward in 2024, the leadership of Microsoft Gaming and Activision Blizzard is committed to aligning on a strategy and an execution plan with a sustainable cost structure that will support the whole of our growing business," Microsoft Gaming chief Phil Spencer said in a memo announcing the layoffs in January. "Together, we've set priorities, identified areas of overlap, and ensured that we're all aligned on the best opportunities for growth." The letter comes two weeks after Sen. Elizabeth Warren, D-Massachusetts, urged the FTC to maintain its firm stance against the merger.

Mozilla, which manages the open-source Firefox browser, announced today that Mitchell Baker is stepping down as CEO to focus on AI and internet safety as chair of the nonprofit foundation. Laura Chambers, a Mozilla board member and entrepreneur with experience at Airbnb, PayPal, and eBay, will step in as interim CEO to run operations until a permanent replacement is found. Fortune: Baker, a Silicon Valley pioneer who co-founded the Mozilla Project, says it was her decision to step down as CEO, adding that the move is motivated by a sense of urgency over the current state of the internet and public trust. "We want to offer an alternative for people to have better products," says Baker, who wants to draw more attention to policies, products and processes to challenge business models built on fueling outrage. "What are the connections between this global malaise and how humans are engaging with each other and technology?"

Chambers says she plans to focus on building out new products that address growing privacy concerns while actively looking for a full-time CEO. Prior to being recruited to the Mozilla board three years ago, Chambers says she was feeling "pretty disillusioned" about society because of the influence of money in politics and the growing power of the tech giants. "I was confused about what to do and this felt like a genuine way to make an impact." Chambers says she won't be seeking a permanent CEO role because she plans to move back to Australia later this year for family reasons. "I think this is an example of Mozilla doing the right role modelling in how to manage a succession," says Chambers.

In a recent interview with Bloomberg, 23andMe CEO Anne Wojcicki said the company was considering splitting its consumer and therapeutics businesses in an effort to boost its stock price and maintain its listing. From a report: Bloomberg noted that the stock has lost more than 90% of its value since the company went public in 2021 through a SPAC merger. Bloomberg said the therapeutics business could be an attractive asset for a larger healthcare company. The business currently has two drug candidates in clinical trials and just received approval to commence testing for a third. The company's DNA database of more than 14 million customers is one of the world's largest. Currently, 23andMe derives most of its revenue from its consumer business, Bloomberg added.

23andMe's stock has been trading below $1 since December, hurt by revelations that hackers were able to access the personal information of around 50% of its subscribers. The company is also facing mounting litigation over the incident. The company is expected to release its Q4 earnings report after market close on Wednesday.