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Draft of new EU law proposes sweeping restrictions on online games
The EU Commission has proposed the EU KIDS Act, which would introduce significant restrictions on online games sold within EU territories. These proposed rules aim to curb excessive use by minors, restrict communication between users, and increase transparency on in-game currencies and lootboxes. Separately, Nex Playground announced securing $150 million in funding as its active console sales surpass one million units, with plans for international expansion.
Nex Playground maker secures over $150 million to expand globally
Nex, the company behind the controller-free Nex Playground console, has secured over $150 million in financing to support its global expansion. The active play system has sold over 1 million units and is targeting Europe and Asia. The company also appointed Jeff Shouger as its new CFO.
Nex Playground announces $150m in new funding as hardware sales pass one million
Nex Team has secured $150 million in Series E funding, co-led by Baillie Gifford and BAI Capital, as sales of its Nex Playground active console surpass one million units. The company's subscriber base has grown sevenfold in 18 months to nearly one million. The new funding will support international expansion, inventory, and go-to-market initiatives, with former Niantic CFO Jeff Shouger and executive Bing Gordon joining the team.
Ex-JPMorgan COO Matt Zames Signs On as Unpaid Social Security Advisor
Former JPMorgan Chase COO Matt Zames has been appointed as an unpaid advisor to the Social Security Administration. He will assist Commissioner Frank Bisignano in modernizing the agency's technology systems. Zames's role is that of a special government employee and is expected to last up to 130 days.
Hyperliquid’s ETF Inflow Streak Fizzles as Regulated Rivals Move In, JPMorgan Warns
JPMorgan analysts report that Hyperliquid's strong ETF inflow streak has ended, citing increased competition from regulated centralized exchanges offering similar derivatives products. While Hyperliquid has been a standout performer in non-bitcoin crypto funds, the bank warns of significant challenges to its market share. The report suggests focusing on fee revenue rather than ETF headlines to gauge the platform's future performance.
EU Commission approves $55bn EA buyout, says it "would not raise competition concerns"
The European Commission has approved the $55 billion acquisition of Electronic Arts by a consortium led by Saudi Arabia's Public Investment Fund, stating it would not raise competition concerns. The deal, which includes Silver Lake and Affinity Partners, was reviewed under the EU Merger Regulation and found to have a limited impact on the markets where the companies are active. This approval follows concerns raised by US lawmakers and labor unions regarding potential labor market impacts and foreign investment.
Why the $55bn acquisition of Electronic Arts isn't your usual leveraged buyout
A consortium led by Saudi Arabia's Public Investment Fund is acquiring Electronic Arts for $55 billion in a record-breaking leveraged buyout. The deal, financed with over $20 billion in debt, raises concerns about future investment in EA's games and its ability to service the debt. Experts suggest the acquisition is a strategic move by Saudi Arabia to gain soft power and bolster its esports initiatives, rather than a typical financial play.
Pathfinder creators Paizo have $10 million of inventory stuck in a warehouse somewhere because of Diamond Comics,…
Paizo, the publisher of Pathfinder 2e, has laid off 12 employees due to significant financial losses stemming from Diamond Comics' bankruptcy. Approximately $10 million worth of Paizo inventory is inaccessible in Diamond's warehouse, pending litigation with JP Morgan Chase. The company experienced nearly $2 million in losses last year, with book-trade sales remaining low.
Anthropic's new Claude Mythos AI model has apparently found thousands of vulnerabilities in 'every major operating system and every major web browser, along with a range of other important pieces of software'
Anthropic's new AI model, Claude Mythos, has identified thousands of high-severity vulnerabilities across major operating systems and web browsers. This discovery was made as part of Project Glasswing, an initiative involving major tech companies aimed at securing critical software. The AI's ability to detect these flaws quickly raises hopes for staying ahead of cyber threats.
Anthropic launches Project Glasswing, an effort to prevent AI cyberattacks with AI
Anthropic has launched Project Glasswing, an initiative aimed at securing critical software against AI-powered cyberattacks, in partnership with major tech companies like Amazon Web Services, Apple, Google, and Microsoft. The project will utilize Anthropic's Claude Mythos Preview model to identify vulnerabilities and develop defensive strategies against malicious AI use. This effort comes amidst broader concerns about AI's impact on cybersecurity and follows a previous incident where Anthropic's Claude was reportedly used in an attack against Mexican government agencies.
Banks working on the SpaceX IPO reportedly have to subscribe to Grok
Banks and law firms working on the upcoming SpaceX Initial Public Offering are reportedly required by Elon Musk to subscribe to his AI chatbot, Grok. Some financial institutions have agreed to this condition, which involves significant financial commitment, as part of the privilege to participate in the IPO. SpaceX's IPO is expected to be a major financial event, potentially raising over $50 billion.