📉 Rising Rates Impact Tech Jobs, Chip Rules, TikTok Bans

Good morning. It’s Wednesday, July 17. Today we are covering:

• What is Old is New Again

• US Floats Idea of Tougher Trade Rules in Chip Crackdown on China

• TikTok loses legal fight in Europe; may still face US and EU bans

• Google, Amazon and the problem with Big Tech's climate claims

• Google is ending an experiment that let you annotate search results

Let’s dive in

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What is Old is New Again

By Gergely Orosz via The Pragmatic Engineer

• Tech industry shifts: Rising interest rates have significantly impacted tech jobs, VC funding, IPOs, and Big Tech layoffs.

• Historical parallels: The smartphone and cloud revolutions drove past growth, while the current high-interest environment shapes the future of generative AI and tech startups.

• Career impact: Software engineers face a tougher job market, slower career advancement, and a shift towards more conservative technologies.

𝕏: I gave this year's annual talk at @CraftConf. It's my best attempt to pinpoint what caused sudden changes across the tech industry, and how the software engineering industry will change as a result. - Gergely Orosz (@GergelyOrosz)

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US Floats Idea of Tougher Trade Rules in Chip Crackdown on China

By Mackenzie Hawkins via Bloomberg 

• Biden administration considers severe trade restrictions: The US may use the foreign direct product rule (FDPR) to impose controls on foreign-made products with American technology if companies like Tokyo Electron Ltd. and ASML Holding NV continue supplying China.

• Pushback from US companies: Companies such as Lam have urged the administration to adopt a softer approach during recent meetings.

• Leverage with allies: The US is seeking support from allies to strengthen its stance on restricting China's access to advanced semiconductor technology.

𝕏: Biden considering imposing “draconian” FDPR on semiconductor technology exports by allies — with Netherlands, Japan, Korea key targets. Germany’s Zeiss & Trumpf might also be affected by new US efforts to keep “as large a lead as possible” over China. - Thorsten Benner (@thorstenbenner)

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TikTok loses legal fight in Europe; may still face US and EU bans

By Ben Lovejoy via 9to5Mac 

• TikTok loses European court case: TikTok must comply with the EU's Digital Markets Act after a failed legal challenge; Bytedance has started working on compliance.

• Potential EU ban: Despite compliance with antitrust laws, TikTok may still face a ban for breaching child protection rules, as European Commission President Ursula von der Leyen labeled the app "dangerous."

• US ban possible: The US government may ban TikTok or force its sale to an American company, with a fast-tracked court case on this issue set for September.

𝕏: Huge win for EU in fight against Big Tech. EU judges just upheld a decision to designate TikTok (ByteDance) under #DMA. TikTok said it was a "challenger" service to the big platforms. Court said EC was right to find it was a "gatekeeper." @vestager & @breton will be happy. - Lewis Crofts (@lewis_crofts)

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Google, Amazon and the problem with Big Tech's climate claims

By James Temple via MIT Technology Review

• Google vs. Amazon climate strategies: While both companies are falling short, Google's approach to reducing greenhouse gas emissions is considered more defensible than Amazon's reliance on carbon credits and renewable energy credits (RECs).

• Challenges of net-zero goals: Corporate net-zero plans often lead to perverse incentives, where companies pursue cheap offsets rather than making real emissions reductions, undermining the actual climate benefits.

• Emerging climate strategies: A new approach, the "contribution model," suggests companies should focus on directly cutting emissions and funding impactful climate projects, moving beyond the flawed net-zero model.

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Google is ending an experiment that let you annotate search results

By Jay Peters via The Verge

• Google ends Notes experiment: The experiment, which allowed users to annotate search results, will not be launching and will end soon.

• Feature description: Notes let users add text and image annotations to search results, similar to X’s Community Notes.

• Future plans: Google will continue to explore ways to connect users with authentic voices and integrate learnings from Notes into future products.

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• Nvidia, Pfizer lead $80 mln funding for Israeli medical AI tech firm CytoReason

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Take care and see you tomorrow!

— Jose Montes de Oca

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