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The Morning Risk Report: Microsoft CEO Says Google’s Agreements With Apple Unfairly Harmed Bing
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Endorsing DOJ theory on case: Testifying in a packed courtroom in Washington, Nadella endorsed the Justice Department’s theory that Google, a unit of parent company Alphabet, cemented its dominance of internet search through agreements with Apple that have made Google’s search engine the default on Apple’s Safari web browser.
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Dominance over marketplace: Nadella said Microsoft is trapped in a “vicious cycle” where Google uses its roughly 90% market share to continually improve its search results and bolster its bottom line, which in turn further reinforces its monopoly. The notion that there is real choice in the search engine market is “bogus,” Nadella said, calling Google’s agreement with Apple a “fantastic, simple oligopolistic arrangement.”
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Could AI help? At one point, the judge jumped in to pepper Nadella with questions about whether a startup could use innovation in artificial intelligence to wrest market share from Google. Nadella responded that Silicon Valley sees internet search as “the biggest no-fly zone of all”—that is, the hardest market to crack, adding that there were limits to how much artificial intelligence can reshape the market as it exists today.
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Nadella's concerns: “The distribution advantage Google has today doesn’t go away,” Nadella said. “In fact, if anything, I worry a lot that—even in spite of my enthusiasm that there is a new angle with AI—this vicious cycle that I’m trapped in could even become even more vicious because the defaults get reinforced.”
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Content from our Sponsor: DELOITTE
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Construction Risk: How Can Technology Help?
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What should capital construction project leaders and teams expect from the technology they use to mitigate risk? Among other capabilities, they should consider tech that funnels insights upward. Keep Reading ›
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WSJ Pro Sustainable Business Forum
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The WSJ Pro Sustainable Business Forum on Oct. 12 will include a discussion about risk and resilience in corporate sustainability programs with Maryam Golnaraghi, director of climate change and environment at The Geneva Association, and Torolf Hamm, head of physical catastrophe and climate risk management at Willis Towers Watson.
Other sessions will cover reporting to U.S. and European standards, the role of artificial intelligence and what corporate decarbonization measures are proving effective. Register here.
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FTX founder Sam Bankman-Fried faces criminal charges related to the demise of the crypto exchange. AMR ALFIKY/REUTERS
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Sam Bankman-Fried and the FTX collapse: What to know before the trial.
The trial of Sam Bankman-Fried, the founder of collapsed crypto exchange FTX, starts on Tuesday.
Bankman-Fried faces more than half a dozen criminal charges related to his company’s swift demise last year. Prosecutors are calling it one of the biggest financial-fraud cases in U.S. history. Here is what you need to know as the trial gets under way.
In case you missed it this weekend: The Wall Street Journal's Corinne Ramey and James Fanelli focused in on the coming testimony of Bankman-Fried's top deputy and former girlfriend, which is expected to be particularly personal and raw.
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Justice Clarence Thomas recused himself Monday from a Jan. 6-related appeal filed by his former law clerk, John Eastman, a onetime law professor facing several legal actions resulting from his efforts to help Donald Trump nullify President Biden’s victory in the 2020 elections.
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Donald Trump appeared in a Manhattan court Monday for the start of a civil fraud trial that has the potential to cripple his business, calling it the “single greatest witch hunt of all time.”
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Business risks associated with generative AI include everything from cybersecurity issues to the potential for copyright infringement, inaccurate or biased outputs and misinformation and the leaking of proprietary data. PHOTO: GRAHAM HUGHES/BLOOMBERG NEWS
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Is your AI model going off the rails? There may be an insurance policy for that.
The many ways a generative artificial intelligence project can go off the rails poses an opportunity for insurance companies, even as those grim scenarios keep business technology executives up at night.
Taking a page from cybersecurity insurance, which saw an uptick in the wake of major breaches several years ago, insurance providers have started taking steps into the AI space by offering financial protection against models that fail.
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Dollar’s resurgence is a headache for the rest of the world.
The dollar has bounced back with a vengeance, threatening global central bankers’ tricky task of bringing down inflation while protecting fragile economic growth.
The greenback on Monday reached its highest level of the year, bringing its gain since mid-July to 6.6%. The dollar’s strength has been driven by surging Treasury yields. Investors have grown more convinced of the U.S. economy’s resilience—and that the Federal Reserve is likely to keep borrowing costs higher for longer than it would do in a typical business cycle.
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Corporate chiefs are watching the final quarter of 2023 for important signals indicating which retailers will keep the gains that came from the pandemic and whether consumers will fully shift back to their pre-Covid spending habits.
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A surge in interest rates likely worsened unrealized losses on bonds and loans held by U.S. banks in the third quarter, further straining their balance sheets as they face pressure to pay more to keep depositors.
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Ford Motor and General Motors have laid off an additional 500 workers combined, knock-on effects from the United Auto Workers’ ongoing strike.
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Office attendance in big cities is still barely half of what it was in 2019, and company get-tough measures are proving largely ineffective at boosting that rate much higher—another blow to office owners who are struggling with vacancy rates near record highs.
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The cost of student loans isn’t just affecting young Americans. It is rippling through generations of families at once, hampering the ability to build wealth and prepare for retirement.
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The surge in Americans quitting their jobs has fallen from record highs it hit during the pandemic. Quits trending down can be worrisome. The quits rate fell in each of the past three recessions.
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European leaders face a question they had hoped to avoid: If the U.S. steps back from leading Western support for Ukraine, could they fill the gap?
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China’s goal of becoming a major player in the Arctic has long been frustrated by its neighbor Russia, which has closely protected its dominant role in the region. Now, along with the ice that encases the earth’s northern pole, Moscow’s resistance is beginning to thaw.
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Ericsson names new compliance chief. Ericsson has appointed Jan Sprafke as chief compliance officer. Sprafke will report to Group Chief Legal Officer Scott Dresser.
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Sprafke, who has served as acting compliance chief since February, previously worked as the Swedish telecommunications company’s head of compliance for Europe and Latin America.
Ericsson in March agreed to pay $206.7 million in a foreign bribery settlement with the U.S. Justice Department and plead guilty to the original charges it faced following its breach of a 2019 deferred prosecution agreement. Its previous compliance chief, Laurie Waddy, left the company in February.
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Rep. Matt Gaetz (R., Fla.) and House Speaker Kevin McCarthy (R., Calif.) have been on a collision course since the start of the year. This week, the two lawmakers’ ambitions will finally square off in the Capitol.
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The last-minute turnabout in Congress that staved off a government shutdown reflects one of the most significant conundrums in American politics: Voters can’t decide if they want their leaders to compromise or to fight.
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California Gov. Gavin Newsom appointed Emily’s List President Laphonza Butler to succeed the late Sen. Dianne Feinstein.
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Hundreds of companies have promised to produce large amounts of green hydrogen, but none have succeeded. Electric Hydrogen believes the secret to success is finding a better way to split a molecule.
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Artificial intelligence is about to change how entrepreneurs start companies—and the odds of making them successful.
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