🎵 How Will THIS End For TikTok?

Good morning. US stock futures dipped in Thursday morning trading as the major indices looked to wrap up their best first quarter performance in five years.

🎵 FTC probes TikTok over security practices  

📝 Our report: Seems like TikTok is in the FTC's hot seat as they're getting grilled over their data and security practices. According to people familiar with the matter, the ongoing probe could lead to a settlement or a lawsuit against the social media company.  

 🔑 Key points:

• In its investigation, the FTC has been looking into whether TikTok violated a portion of federal law that prohibits “unfair and deceptive” business practices by denying that individuals in China had access to U.S. user data, said the person, who is not authorized to discuss the investigation.

• The agency also is scrutinizing the company over potential violations of the Children’s Online Privacy Protection Act, which requires kid-oriented apps and websites to get parents’ consent before collecting personal information of children under 13.

• Legislation that could determine TikTok’s fate in the U.S. was approved in the House this month. But the bill has already run into roadblocks in the Senate, where there is little unanimity on how to best approach concerns over the social platform.

💡 So what: An FTC investigation into TikTok's security practices means that the Federal Trade Commission is scrutinizing the way TikTok handles user data and ensures the security of its platform. This investigation could potentially lead to legal action against TikTok if the FTC finds evidence of violations of consumer protection laws or inadequate security measures. It could result in fines, consent decrees, or other enforcement actions aimed at addressing any identified issues and ensuring compliance with relevant regulations.

Thursday - US GDP

Friday - Fed Chair Jerome Powell Speaks

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🤝🏽 Chinese president meets with US business execs

WHAT: In a bid to patch up relations and boost economic morale, Chinese President Xi Jinping held a pow-wow with a bunch of American business bigwigs in Beijing. China is looking to be ramp up outreach to foreign investors as it seeks to achieve an annual growth target of around 5%, a goal deemed ambitious by some economists.

WHY: China is trying to show it welcomes foreign businesses, but whipsawing tensions with Washington, a shaky economic recovery and raids on consulting firms have damped investor enthusiasm.

💰 SEC gets greenlight to proceed with crypto lawsuit

WHAT: A federal judge in New York gave the green light for the US Securities and Exchange Commission to take Coinbase Inc., the heavyweight of American crypto-trading platforms, to court over allegations of forgetting to register as a securities business. The decision is a blow to Coinbase and other cryptocurrency players who have argued the SEC has no power to regulate them because they don’t traffic in “securities” that have to be registered.

WHY: The SEC sued Coinbase in June of last year, claiming that, beginning in 2019, Coinbase made billions of dollars illegally promoting the sale of securities. The SEC claims Coinbase has failed to register, as required, as an exchange, a broker and a clearing agency.

🤖 Amazon ups investment in AI startup

WHAT: Looks like Amazon is doubling down on Anthropic, tossing in another $2.75 billion to make it rain a total of $4 billion on the artificial intelligence startup. Under the deal, Anthropic will use AWS as its “primary” cloud provider and use Amazon's custom chips to build, train and deploy AI models. It will also provide AWS customers, which are mostly businesses, with access to models on an Amazon service called Bedrock.

WHY: The investment is the latest example of how Big Tech companies are spending on artificial intelligence startups amid growing public and business interest in the technology. Earlier this year, U.S. antitrust regulators said they were reviewing these investments.

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