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2024 is set up to be the biggest global election year in history. It coincides with the rapid rise in deepfakes. In APAC alone, there was a surge in deepfakes by 1530% from 2022 to 2023, according to a Sumsub report.

Fotografielink | Istock | Getty Images

Ahead of the Indonesian elections on Feb. 14, a video of late Indonesian president Suharto advocating for the political party he once presided over went viral. 

The AI-generated deepfake video that cloned his face and voice racked up 4.7 million views on X alone. 

This was not a one-off incident. 

In Pakistan, a deepfake of former prime minister Imran Khan emerged around the national elections, announcing his party was boycotting them. Meanwhile, in the U.S., New Hampshire voters heard a deepfake of President Joe Biden’s asking them to not vote in the presidential primary. 

Deepfakes of politicians are becoming increasingly common, especially with 2024 set up to be the biggest global election year in history. 

Reportedly, at least 60 countries and more than four billion people will be voting for their leaders and representatives this year, which makes deepfakes a matter of serious concern.

Rise of election deepfake risks

According to a Sumsub report in November, the number of deepfakes across the world rose by 10 times from 2022 to 2023. In APAC alone, deepfakes surged by 1,530% during the same period.

Online media, including social platforms and digital advertising, saw the biggest rise in identity fraud rate at 274% between 2021 and 2023. Professional services, healthcare, transportation and video gaming were were also among industries impacted by identity fraud.

Asia is not ready to tackle deepfakes in elections in terms of regulation, technology, and education, said Simon Chesterman, senior director of AI governance at AI Singapore. 

In its 2024 Global Threat Report, cybersecurity firm Crowdstrike reported that with the number of elections scheduled this year, nation-state actors including from China, Russia and Iran are highly likely to conduct misinformation or disinformation campaigns to sow disruption. 

“The more serious interventions would be if a major power decides they want to disrupt a country’s election — that’s probably going to be more impactful than political parties playing around on the margins,” said Chesterman. 

Although several governments have tools (to prevent online falsehoods), the concern is the genie will be out of the bottle before there’s time to push it back in.

Simon Chesterman

Senior director AI Singapore

However, most deepfakes will still be generated by actors within the respective countries, he said. 

Carol Soon, principal research fellow and head of the society and culture department at the Institute of Policy Studies in Singapore, said domestic actors may include opposition parties and political opponents or extreme right wingers and left wingers.

Deepfake dangers

How easy is it to make a deepfake video?

Adam Meyers, head of counter adversary operations at CrowdStrike, said that deepfakes may also invoke confirmation bias in people: “Even if they know in their heart it’s not true, if it’s the message they want and something they want to believe in they’re not going to let that go.”  

Chesterman also said that fake footage which shows misconduct during an election such as ballot stuffing, could cause people to lose faith in the validity of an election.

On the flip side, candidates may deny the truth about themselves that may be negative or unflattering and attribute that to deepfakes instead, Soon said. 

Deepfakes in the 2024 election: What you need to know

Who should be responsible?

There is a realization now that more responsibility needs to be taken on by social media platforms because of the quasi-public role they play, said Chesterman. 

In February, 20 leading tech companies, including MicrosoftMetaGoogleAmazonIBM as well as Artificial intelligence startup OpenAI and social media companies such as Snap, TikTok and X announced a joint commitment to combat the deceptive use of AI in elections this year. 

The tech accord signed is an important first step, said Soon, but its effectiveness will depend on implementation and enforcement. With tech companies adopting different measures across their platforms, a multi-prong approach is needed, she said. 

Tech companies will also have to be very transparent about the kinds of decisions that are made, for example, the kinds of processes that are put in place, Soon added. 

But Chesterman said it is also unreasonable to expect private companies to carry out what are essentially public functions. Deciding what content to allow on social media is a hard call to make, and companies may take months to decide, he said. 

As deepfakes grow, Facebook, Twitter and Google are working to detect and prevent them

“We should not just be relying on the good intentions of these companies,” Chesterman added. “That’s why regulations need to be established and expectations need to be set for these companies.”

Towards this end, Coalition for Content Provenance and Authenticity (C2PA), a non-profit, has introduced digital credentials for content, which will show viewers verified information such as the creator’s information, where and when it was created, as well as whether generative AI was used to create the material.

C2PA member companies include Adobe, Microsoft, Google and Intel.

OpenAI has announced it will be implementing C2PA content credentials to images created with its DALL·E 3 offering early this year.

“I think it’d be terrible if I said, ‘Oh yeah, I’m not worried. I feel great.’ Like, we’re gonna have to watch this relatively closely this year [with] super tight monitoring [and] super tight feedback.”

Sam Altman

CEO OpenAI

In a Bloomberg House interview at the World Economic Forum in January, OpenAI founder and CEO Sam Altman said the company was “quite focused” on ensuring its technology wasn’t being used to manipulate elections.

“I think our role is very different than the role of a distribution platform” like a social media site or news publisher, he said. “We have to work with them, so it’s like you generate here and you distribute here. And there needs to be a good conversation between them.”

Meyers suggested creating a bipartisan, non-profit technical entity with the sole mission of analyzing and identifying deepfakes.

“The public can then send them content they suspect is manipulated,” he said. “It’s not foolproof but at least there’s some sort of mechanism people can rely on.”

But ultimately, while technology is part of the solution, a large part of it comes down to consumers, who are still not ready, said Chesterman. 

Soon also highlighted the importance of educating the public. 

“We need to continue outreach and engagement efforts to heighten the sense of vigilance and consciousness when the public comes across information,” she said. 

The public needs to be more vigilant; besides fact checking when something is highly suspicious, users also need to fact check critical pieces of information especially before sharing it with others, she said. 

“There’s something for everyone to do,” Soon said. “It’s all hands on deck.”

— CNBC’s MacKenzie Sigalos and Ryan Browne contributed to this report.

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Apple stock rallies following strong iPhone 17 sales in U.S. and China

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Apple stock rallies following strong iPhone 17 sales in U.S. and China

A next generation iPhone 17 is held during an Apple special event at Apple headquarters on Sept. 9, 2025 in Cupertino, California.

Justin Sullivan | Getty Images

Apple shares rose nearly 3% on Monday as a new report showed iPhone 17 sales off to a strong start in the U.S. and China.

The iPhone 17 series, which dropped in September, has outsold the iPhone 16 series by 14% in the U.S. and China within its first 10 days of availability, according to data from Counterpoint research.

“The base model iPhone 17 is very compelling to consumers, offering great value for money,” Counterpoint senior analyst Mengmeng Zhang said in the report. “A better chip, improved display, higher base storage, selfie camera upgrade – all for the same price as last year’s iPhone 16. Buying this device is a no brainer, especially when you throw channel discounts and coupons into the mix.”

Bloomberg was first to report the sales numbers.

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The company is positioned to rally with demand for the latest iPhone generation exceeding expectations, according to Loop Capital.

The investment bank upgraded Apple from hold to buy, raising its price target to $315 per share from $226.

“While [Wall] Street is baking in some degree of outperformance from AAPL’s iPhone 17 family of products, we believe there remains material upside to Street expectations through CY2027,” Loop Capital’s Ananda Baruah said in a note to clients on Monday.

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Transportation Secretary Duffy says Musk’s SpaceX is behind on moon trip and he will reopen contracts

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Transportation Secretary Duffy says Musk's SpaceX is behind on moon trip and he will reopen contracts

Transportation Secretary Sean Duffy: SpaceX is behind Artemis III timeline

Transportation Secretary Sean Duffy said Monday that Elon Musk‘s SpaceX is falling “behind” the U.S. timeline to return to the moon with Artemis and he will open the contract to other companies.

“We’re not going to wait for one company,” Duffy, who is currently the acting NASA administrator, told CNBC’s “Squawk Box” on Monday. “We’re going to push this forward and win the second space race against the Chinese. Get back to the moon, set up a camp, a base.”

SpaceX did not immediately return a request for comment.

SpaceX is among the various contractors participating in NASA’s Artemis mission, which aims to establish the “first long-term presence on the Moon” and prepare for missions to Mars. Jeff Bezos’ Blue Origin, Boeing, Lockheed Martin and Northrop Grumman are also supporting the mission.

Read more CNBC tech news

SpaceX won a contract in 2021 to provide a lunar landing system for astronauts on the Artemis III mission.

In December, NASA pushed back the next Artemis missions, with the next launch to send astronauts around the moon and back delayed until April 2026 and the trip to land two astronauts on the south polar region of the Moon moved to 2027.

Duffy said Monday that he thinks the April launch can happen in early February and the agency is looking to get “back to the moon in 2028” with two potential companies. Duffy highlighted Blue Origin as a potential competitor that could take over.

“They push their timelines out, and we’re in a race against China,” Duffy said of SpaceX. “The president and I want to get to the moon in this president’s term, so I’m going to open up the contracts.”

Rocket tests for SpaceX and the space sector haven’t always been smooth sailing.

The company launched its eleventh Starship test rocket earlier this month following a string of stumbling blocks and explosions. Firefly Aerospaces Alpha rocket exploded last month, shortly after the Federal Aviation Administration cleared it to continue testing.

The ongoing government shutdown could put a dent in plans to reopen contracts. CNBC’s request for comment on the contracting process was answered with an automatic reply that the agency was closed.

CNBC previously reported that NASA employees working on the Artemis missions with contractors such as SpaceX and Blue Origin would continue working during the shutdown.

Why the U.S. and SpaceX need each other

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AWS outage, what’s next for bank investors, automaker earnings and more in Morning Squawk

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AWS outage, what's next for bank investors, automaker earnings and more in Morning Squawk

The Zions Bank headquarters in Salt Lake City, Utah, US, on Monday, July 10, 2023.

Kim Raff | Bloomberg | Getty Images

This is CNBC’s Morning Squawk newsletter. Subscribe here to receive future editions in your inbox.

Here are five key things investors need to know to start the trading day:

1. On the banks

Following the discovery of a handful of bad loans from banks, Wall Street has been on the hunt for any other signs of risk in the sector. The regional bank selloff last week overshadowed earnings reports from many major financial institutions.

Here’s what to know:

  • Following the panic, investors have zeroed in on loans made by banks to a non-depository financial institutions, known as NDFIs. While banks themselves don’t make this type of borrowing agreement, they often fund them.
  • Zions, one of the regional banks at the center of these loan concerns, shed $1 billion in valuation in Thursday’s session alone. While shares were able to make up ground on Friday, the stock ended the week down more than 5%.
  • The lending concerns brought flashbacks to 2023’s regional banking crisis sparked by the failure of Silicon Valley Bank.
  • Other regional bank stocks also struggled amid the shakeup, with the SPDR S&P Regional Banking ETF (KRE) ending the week nearly 2% lower.
  • The three major indexes were still able to notch gains last week. Follow live markets updates here.

2. Black out

Rio de Janeiro , Brazil – 4 May 2023; Amazon Web Services branding, during day three of Web Summit Rio 2023 at Riocentro in Rio de Janeiro, Brazil. (Photo By Eóin Noonan/Sportsfile for Web Summit Rio via Getty Images)

Eóin Noonan | Sportsfile | Getty Images

Breaking news this morning: A major Amazon Web Services outage took down several prominent websites. Users had trouble accessing sites such as Disney+, Snapchat and Venmo, according to Downdetector, but Amazon said it was seeing “significant signs of recovery.”

The outage also created headaches for Delta and United customers. Flyers reported that they couldn’t check in for flights or see their reservation and seat assignment information.

3. White House woes

Samuel Boivin | Nurphoto | Getty Images

OpenAI is no longer Anthropic’s only big worry. As CNBC’s MacKenzie Sigalos reports, the artificial intelligence startup has been catching heat from the White House.

Anthropic has rebuked federal government efforts to preempt state-level oversight of AI — a notably different stance than that of OpenAI, which has pushed for less regulation.

David Sacks, President Donald Trump’s AI and crypto czar, said the company runs a “regulatory capture strategy based on fear-mongering” and supports “the Left’s vision of AI regulation.” Anthropic did not comment to CNBC.

4. Charting a path

The current Ford Motor Company world headquarters, known as The Glass House, is seen on Sept. 15, 2025 in Dearborn, Michigan.

Bill Pugliano | Getty Images

It’s been a bumpy ride for automakers this year. Car companies faced inflationary concerns, followed by shocks tied to tariffs and subsequent supply chain ramifications.

Executives and industry watchers say the sector has fared better than expected, but there are now growing worries around the health of consumers and suppliers, CNBC’s Michael Wayland reports. That means the stakes are high for automakers including Ford, General Motors and Tesla who are set to report earnings this week.

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5. What young shoppers want

A Magic: The Gathering card is displayed on a mobile phone during a weekly tournament at the Uncommons hobby shop in New York, U.S., on Thursday, June 27, 2019.

Mark Abramson | Bloomberg | Getty Images

A pair of CNBC stories show just how much young consumers want vintage-esque goods.

CNBC’s Luke Fountain broke down the surge in trading card sales, which could help boost retailers as they gear up for the all-important holiday shopping period. At Target, for instance, the category’s sales have soared nearly 70% year-to-date and are expected to top $1 billion in annual revenue.

When it comes to what young shoppers are wearing, Gildan‘s Comfort Colors brand appears to be winning favor from Gen Z, from women’s soccer fans to college fraternity members. Retro colors and soft fabric are two qualities that are driving shoppers to the label, which saw growth jump around 40% last year.

The Daily Dividend

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