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Lawmakers on the Senate Judiciary Committee found rare alignment at a recent hearing about how Congress can help protect kids from online harms.

The hearing on Tuesday, which included a parent who lost a child to suicide after cyberbullying, representatives from the National Center for Missing & Exploited Children and the American Psychological Association, points to the importance the new Congress is putting on protecting kids on the internet.

They’re speaking out in support of the Kids Online Safety Act (KOSA), which would require sites likely to be accessed by kids 16 or younger to maintain certain privacy and safety protections by default. The bill passed unanimously out of the Senate Commerce Committee last year and was reportedly considered as part of the year-end legislation, though it ultimately didn’t make the cut.

“We must and we will double down on the Kids Online Safety Act,” Sen. Richard Blumenthal, D-Conn., who co-sponsored the bill with Sen. Marsha Blackburn, R-Tenn., said at the hearing.

Blackburn and Blumenthal both held up a newly released 2021 study on youth risks from the Centers for Disease Control and Prevention, which showed that mental health is worsening. The survey found 20% of girls and 11% of boys reported being bullied online over the past year.

President Joe Biden is putting his voice behind the movement for change. Following remarks he made at last week’s State of the Union address, Biden said at an event on Tuesday that, “We have to pass legislation on the damaging technologies having an effect on our kids.”

The level of solidarity on the issue is a rarity in a deeply divided Congress. Though lawmakers have shared similar goals in other discussions around regulating tech, when it comes to protecting kids online, they’re more united in the types of action they want to see take place.

Even so, KOSA and similar measures at the state level have prompted criticism from outside groups, some arguing that the rules would be too difficult to implement in a fair and feasible way.

The groups said last year that vague language requiring platforms to prevent harm to minors could result in restricting too much content, cutting kids off from important information, especially for the LGBTQ community and others that may have limited places to turn. They also warn that some parental consent measures could endanger kids who are experiencing abuse at home.

Evan Greer, director of digital rights advocacy group Fight for the Future, tweeted her displeasure with the legislative efforts on Tuesday.

“I feel outraged that lawmakers like @SenBlumenthal continue to ignore overwhelming opposition from human rights groups and push the same problematic bills we’ve already explained will do more harm than good, and then blames# tech company lobbying when they don’t pass,” Greer wrote.

Blumenthal and Blackburn revised KOSA last year but failed to completely subdue critics.

Mitch Prinstein, chief science officer at the American Psychological Association, said it’s critical to protect kids without cutting them off from useful resources.

“It’s very important to recognize that online discrimination does have an effect on mental health directly,” Prinstein said. “It is important, however, to recognize that the online community also provides vital health information and does provide social support that can be beneficial to this community.”

All six witnesses at Tuesday’s hearing said they support KOSA and see it as an important step toward protecting children on the internet.

At the end of the hearing, Judiciary Committee Chair Dick Durbin, D-Ill., promised the panelists a markup of legislation on the topic, and said the committee would have to work out questions of jurisdiction with the Commerce Committee.

“That doesn’t sound like much but it is,” Durbin said. “It means that we’re going to come together as a Judiciary Committee and put on the table pieces of legislation to try to decide as a committee if we can agree on common goals.”

Durbin said, “I think we can do this, just sensing what I heard today.”

There’s no shortage of concern in Washington, D.C., and beyond surrounding kids on the internet. U.S. Surgeon General Vivek Murthy recently said that 13, the current age allowed to own a social media account, is “too early” to join such platforms.

Sen. Josh Hawley, R-Mo., introduced the MATURE Act (which stands for Making Age Verification Technology Uniform, Robust, and Effective) on Tuesday. The bill would make 16 the legal age to open a social media account and would put the onus on the platforms to stay compliant.

Legislators in Utah also sought to bar social media accounts under age 16. However, a bill that recently passed the state’s House of Representatives removed that provision, instead allowing for consumers to sue social media companies that knowingly cause harm.

The issue of an age limit and its potential effectiveness was a big topic on Tuesday.

Rose Bronstein, whose son Nate died by suicide last year at age 15 after being subject to cyberbullying, told CNBC in a phone interview after the hearing that raising the age limit would make it easier for parents to keep their kids off of social media. Their kids wouldn’t risk isolation because their peers also wouldn’t be allowed to join.

Christine McComas said age limits would have a limited impact.

“Kids are always three steps ahead of us with any kind of tech,” said McComas, whose daughter Grace died by suicide at age 15 in 2012 after experiencing cyberbullying. “We need to really keep talking about all of it and think about it as a societal shift.”

Bronstein and McComas have been pushing their state legislatures in Illinois and Maryland, respectively, to pass statewide protections. California has already instituted its Age-Appropriate Design Code, which shares similar goals as KOSA. On Monday, Maryland introduced its own version of the bill.

“I think people are more aware now than they’ve ever been before,” McComas said. “And certainly, it’s not all talk. We heard congressional members on both sides of the aisle, from ultra conservative to liberal liberal, who see the problem and feel like something needs to be done.”

But other advocates say it’s time for more action.

Kristin Bride, who testified at the hearing, lost her son Carson at age 16 to suicide in 2020 after cyberbullying. Bride said she and other parents are sick of seeing legislation on the issue fail to advance.

“It is so difficult to tell our stories of the very worst day of our lives over and over and over again and then not see change,” Bride told lawmakers. “We’re done with the hearings, we’re done with the stories. We are looking to you all for action and I am confident that you can all come together and do this for us and for America’s children.”

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CEO of Southeast Asia’s largest bank warns investors: ‘Buckle up, we’re in for a volatile ride’

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CEO of Southeast Asia's largest bank warns investors: 'Buckle up, we're in for a volatile ride'

Tan Su Shan is the CEO and director of DBS Group.

Bloomberg | Bloomberg | Getty Images

With valuations in the U.S. stock market becoming increasingly stretched, the chief executive of Southeast Asia’s largest bank is warning investors to expect turbulence ahead.

“We’ve seen a lot of volatility in the markets. It could be equities, it could be rates, it could be foreign exchange,” DBS CEO Tan Su Shan told CNBC, adding that she expects that volatility to continue.

Tan, who took over the helm of DBS from longtime CEO Piyush Gupta in March, said that investors were particularly worried about the lofty valuations of artificial intelligence stocks, especially the so-called “Magnificent Seven.”

The Magnificent Seven — Amazon, Alphabet, Meta, Apple, Microsoft, Nvidia and Tesla — are some of the major U.S. tech and growth stocks that have driven much of Wall Street’s gains in recent years.

“You’ve got trillions of dollars tied up in seven stocks, for example. So it’s inevitable, with that kind of concentration, that there will be a worry about. ‘You know, when will this bubble burst?'”

Earlier this week, at the Global Financial Leaders’ Investment Summit in Hong Kong,  it was likely there would be a 10%-20% drawdown over the next 12 to 24 months.

Morgan Stanley CEO Ted Pick said at the same summit that investors should welcome periodic pullbacks, calling them healthy developments rather than signs of crisis.

Tan agreed. “Frankly, a correction will be healthy,” she said.

Recent examples include Advanced Micro Devices and Palantir, both of which posted stronger-than-expected quarterly results on Tuesday, yet their shares — and the wider Nasdaq — fell.

Her remarks follow similar warnings by the International Monetary Fund and central bank chiefs Jerome Powell and Andrew Bailey, who have all cautioned about inflated stock prices.

Singapore as diversification play

Tan advised investors to diversify rather than concentrate holdings in one market. “Whether it’s in your portfolio, in your supply chain, or in your demand distribution, just diversify.”

Tan, who has over 35 years of experience in banking and wealth management, noted that Asia could attract more investment from the U.S.—and that it’s not a bad thing.

Singling out Singapore and the country’s central bank’s efforts to boost interest in the local markets, Tan described the city-state as a “diversifier market.”

“We’ve got rule of law. We’re a transparent, open financial system and stable politically. We’re a good place to invest…. So I don’t think we’re a bad place to think about diversifying your investments.”

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Elon Musk says Tesla needs to build ‘gigantic chip fab’ to meet AI and robotics needs

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Elon Musk says Tesla needs to build 'gigantic chip fab' to meet AI and robotics needs

Tesla CEO Elon Musk attends the Saudi-U.S. Investment Forum, in Riyadh, Saudi Arabia, May 13, 2025.

Hamad I Mohammed | Reuters

Tesla CEO Elon Musk says the company will likely need to build a “gigantic” semiconductor fabrication plant to keep up with its artificial intelligence and robotics ambitions.

“One of the things I’m trying to figure out is — how do we make enough chips?” Musk said at Tesla’s annual shareholders meeting Thursday.

Tesla currently relies on contract chipmakers Taiwan Semiconductor Manufacturing Company and Samsung Electronics to produce its chip designs. Musk said he was also considering working with U.S. chip company Intel

“But even when we extrapolate the best-case scenario for chip production from our suppliers, it’s still not enough,” he said.

Tesla would probably need to build a “gigantic”  chip fab, which Musk described as a “Tesla terra fab.” “I can’t see any other way to get to the volume of chips that we’re looking for.” 

Microchips are the brains that power almost all modern technologies, including everything from consumer electronics like smartphones to massive data centers, and demand for them has been surging amid the AI boom.

Tech giants, including Tesla, have been clamoring for more supply from chipmakers like TSMC — the world’s largest and most advanced chipmaker. 

According to Musk, Tesla’s potential fab’s initial capacity would reach 100,000 wafer starts per month and eventually scale up to 1 million. In the semiconductor industry, wafer starts per month is a measure of how many new chips a fab produces each month.

For comparison, TSMC says its annual wafer production capacity reached 17 million in 2024, or around 1.42 million wafer starts per month.

While Tesla doesn’t yet manufacture its own microchips, the company has been designing custom chips for autonomous driving for several years.

It is currently outsourcing production of its latest-generation “AI5” chip, which Musk said will be cheaper, power-efficient, and optimized for Tesla’s AI software.

The CEO also announced on Thursday that Tesla will begin producing its Cybercab — an autonomous electric vehicle with no pedals or steering wheel — in April.

Musk’s statements underscore Tesla’s shift into AI and robotics — industries the CEO sees as the future of the global economy. 

“With AI and robotics, you can actually increase the global economy by a factor of 10, or maybe 100. There’s not, like, an obvious limit,” Musk said at the shareholder meeting. 

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CNBC Daily Open: Tech had a rough day in the markets — its employees had a worse October

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CNBC Daily Open: Tech had a rough day in the markets — its employees had a worse October

Traders works on the floor of the New York Stock Exchange.

NYSE

October’s job losses in the U.S. were nearly twice as high as a month earlier — the steepest for any October since 2003, data from outplacement firm Challenger, Gray & Christmas showed.

The technology sector was the hardest hit, with 33,281 cuts, almost six times September’s total.

Being laid off is an awful feeling — and it must feel bitterly ironic to work in a field that’s developing the very technology making you redundant.

One person spared both redundancy fears and existential doubt is Tesla CEO Elon Musk, who just had a nearly $1 trillion pay package approved by Tesla shareholders.

To earn the full trillion, though, Musk has to meet a chain of performance targets, culminating in Tesla reaching an $8.5 trillion valuation.

Its market cap is currently $1.54 trillion — by contrast, the world’s most valuable company now is Nvidia, which briefly hit a $5 trillion valuation last Wednesday.

After Thursday’s slump in tech stocks, however, Nvidia’s market cap has dipped to a “mere” $4.57 trillion.

Other tech companies, such as Microsoft, Broadcom and Palantir Technologies, also fell broadly over concerns that their stock prices are too high. Those moves dragged the tech-heavy Nasdaq Composite down by 1.9%.

For most tech workers and investors, Thursday was another reminder of volatility’s sting. For Elon Musk, it was just another day on the road to the stratosphere.

What you need to know today

And finally…

A panoramic view of Riyadh, Saudi Arabia.

Alessio Gaggioli Photography | Moment | Getty Images

Inside the Gulf’s trillion-dollar AI gamble

After raking in trillions of dollars in oil revenue, the Gulf monarchies have become known for splashing cash on big-ticket projects like sci-fi-worthy cities in the desert, major sports franchises, and advanced military hardware.

Now, though, as they face prolonged lower crude prices, some of the region’s leaders are looking at leveraging their vast sovereign capital to build domestic artificial intelligence industries.

— Emma Graham

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