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Twenty years ago today when Jawed Karim uploaded a grainy 19-second clip titled “Me at the Zoo” to his new platform, YouTube, he ushered in a new era in online video.

The video of Karim visiting the San Diego Zoo was the first to appear on YouTube, the video platform founded by him, Steve Chen and Chad Hurley. The trio sold the service to Google in 2006 for $1.65 billion, and in the nearly two decades since, YouTube has evolved from a simple video-sharing site into a global media juggernaut

If it was a stand-alone business, YouTube would be worth between $475 billion and $550 billion, according to analysts at MoffettNathanson. YouTube is the second-most visited website in the world, according to Similarweb, behind only Google, and more than 20 trillion videos — including music, Shorts, podcasts and more — have been uploaded to the site as of April, YouTube said Wednesday.

“This is the streaming winner,” MoffettNathanson founding partner Michael Nathanson told CNBC. “They don’t have to invest in content. They just hope that the creator community comes to them and builds their business.”

YouTube is on track to be the biggest media company by revenue in 2025, beating Disney, Nathanson said. Nielsen’s latest Media Distributor Gauge put YouTube in first place in total TV viewership by company, taking up 12% of time watched, ahead of Disney, Fox and Netflix.

Brad Erickson, RBC Capital Markets internet services senior analyst, agreed with Nathanson’s YouTube valuation, but he said that a sum-of-the-parts viewpoint is not always the best way to value aspects of internet companies on its own.

“YouTube benefits from the fact that it’s inside of Google’s business,” Erickson said. “They have contextual data about their user base from other parts of the business that massively benefit their ability to target and drive value with their advertising.”

YouTube remains a key pillar of Google’s business at a time when its core moneymaker, Search, is facing new pressure from the rise of artificial intelligence chatbots, like OpenAI’s ChatGPT and Anthropic’s Claude, and the company comes under fire from U.S. regulators pursuing antitrust cases.

Along with Google Cloud, YouTube is a critical driver of the company’s near- to medium-term growth, and could be a hedge if and when search ever slows down, Nathanson said. Together, they contribute more than 30% of Alphabet‘s total revenue and are its fastest-growing scaled businesses, according to MoffettNathanson.

The video service’s growth is primarily driven by its Premium, Music and YouTube TV subscription offerings. Nathanson estimates that YouTube Premium and Music have roughly 107 million paid subscribers collectively, and that is expected to grow to 145 million by the end of 2027. YouTube TV, meanwhile, will have roughly 11.5 million subscribers by the end of 2027, according to Nathanson’s estimates.

Neal Mohan, chief executive officer of YouTube Inc., at the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, US, on Wednesday, July 12, 2023.

David A. Grogan | CNBC

The threat of TikTok and antitrust

One of YouTube’s key competitors is TikTok, which gained popularity in the U.S. as a result of pandemic lockdowns in 2020. In response, Google invested in the development of YouTube Shorts, a short-form, vertical video feature within the video platform. Shorts competes with TikTok and also offers an ad-share program for creators.

Though Shorts has helped Google stay competitive in the short-form video market, Nathanson said the format has been a drag on YouTube’s overall revenue due to the ongoing challenges of monetization.

“It’s probably helping them drive engagement, but I don’t think it’s an added benefit to revenues,” said Nathanson.

Despite TikTok’s rise, YouTube continues to play a key role in the creator economy. Between 2021 and 2024, YouTube paid $70 billion to creators, with payouts rising each year, according YouTube CEO Neal Mohan.

Among those creators is Jacklyn Dallas, 23, who has been posting videos to YouTube since 2015 when she was 13 years old. Dallas has amassed nearly a quarter million subscribers since then.

“I think being a YouTuber is the greatest thing of all time,” said Dallas, whose full time job since graduating college is making videos for her NothingButTech channel. “There are all these doors and paths that would never be open previously that you now get to do and it’s all enabled, not only by YouTube, but also by the audience that watches the videos.”

Dallas has posted more than 500 videos to YouTube. Her videos include breakdowns about innovations in tech and interviews with tech executives, including Google CEO Sundar Pichai.

In her 10 years as a creator, Dallas says YouTube has significantly changed how creators can connect with their audiences, how YouTubers are perceived by the media and the value of a subscriber. Looking ahead, Dallas said she’s excited about new features the Google video service could implement to make it easier for creators to reach viewers that have yet to be announced.

“I feel like YouTube is like a knowledge game, and so anyone could become a creator if they put in the repetitions of learning what makes a great video,” Dallas said. “Data gives you the ability to do that.”

A key challenge for YouTube will be how Google parent company Alphabet fares in federal court.

A federal judge last week ruled that Google held illegal monopolies in online advertising markets. It’s unclear what remedies the Justice Department will seek in that case, but YouTube is a key focus and potential asset that Google could be forced to divest.

“Google will have incentives to encourage more competition possibly by loosening certain restrictions on certain media it controls, YouTube being one of them,” Gartner’s Andrew Frank said.

— CNBC’s Jennifer Elias contributed to this report.

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Trump advisor Navarro rips Apple’s Tim Cook for not moving production out of China fast enough

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Trump advisor Navarro rips Apple's Tim Cook for not moving production out of China fast enough

Peter Navarro: 'Inconceivable' that Apple could not produce iPhones outside China

White House trade advisor Peter Navarro chastised Apple CEO Tim Cook on Monday over the company’s response to pressure from the Trump administration to make more of its products outside of China.

“Going back to the first Trump term, Tim Cook has continually asked for more time in order to move his factories out of China,” Navarro said in an interview on CNBC’s “Squawk on the Street.” “I mean it’s the longest-running soap opera in Silicon Valley.”

CNBC has reached out to Apple for comment on Navarro’s criticism.

President Donald Trump has in recent months ramped up demands for Apple to move production of its iconic iPhone to the U.S. from overseas. Apple’s flagship phone is produced primarily in China, but the company has increasingly boosted production in India, partly to avoid the higher cost of Trump’s tariffs.

Trump in May warned Apple would have to pay a tariff of 25% or more for iPhones made outside the U.S. In separate remarks, Trump said he told Cook, “I don’t want you building in India.”

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Analysts and supply chain experts have argued it would be impossible for Apple to completely move iPhone production to the U.S. By some estimates, a U.S.-made iPhone could cost as much as $3,500.

Navarro said Cook isn’t shifting production out of China quickly enough.

“With all these new advanced manufacturing techniques and the way things are moving with AI and things like that, it’s inconceivable to me that Tim Cook could not produce his iPhones elsewhere around the world and in this country,” Navarro said.

Apple currently makes very few products in the U.S. During Trump’s first term, Apple extended its commitment to assemble the $3,000 Mac Pro in Texas.

In February, Apple said it would spend $500 billion within the U.S., including on assembling some AI servers.

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CoreWeave to acquire Core Scientific in $9 billion all-stock deal

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CoreWeave to acquire Core Scientific in  billion all-stock deal

CoreWeave founders Brian Venturo, at left in sweatshirt, and Mike Intrator slap five after ringing the opening bell at Nasdaq headquarters in New York on March 28, 2025.

Michael M. Santiago | Getty Images News | Getty Images

Artificial intelligence hyperscaler CoreWeave said Monday it will acquire Core Scientific, a leading data center infrastructure provider, in an all-stock deal valued at approximately $9 billion.

Coreweave stock fell about 4% on Monday while Core Scientific stock plummeted about 20%. Shares of both companies rallied at the end of June after the Wall Street Journal reported that talks were underway for an acquisition.

The deal strengthens CoreWeave’s position in the AI arms race by bringing critical infrastructure in-house.

CoreWeave CEO Michael Intrator said the move will eliminate $10 billion in future lease obligations and significantly enhance operating efficiency.

The transaction is expected to close in the fourth quarter of 2025, pending regulatory and shareholder approval.

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The deal expands CoreWeave’s access to power and real estate, giving it ownership of 1.3 gigawatts of gross capacity across Core Scientific’s U.S. data center footprint, with another gigawatt available for future growth.

Core Scientific has increasingly focused on high-performance compute workloads since emerging from bankruptcy and relisting on the Nasdaq in 2024.

Core Scientific shareholders will receive 0.1235 CoreWeave shares for each share they hold — implying a $20.40 per-share valuation and a 66% premium to Core Scientific’s closing stock price before deal talks were reported.

After closing, Core Scientific shareholders will own less than 10% of the combined company.

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Apple appeals 500 million euro EU fine over App Store policies

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Apple appeals 500 million euro EU fine over App Store policies

Two young men stand inside a shopping mall in front of a large illuminated Apple logo seen through a window in Chongqing, China, on June 4, 2025.

Cheng Xin | Getty Images

Apple on Monday appealed what it called an “unprecedented” 500 million euro ($586 million) fine issued by the European Union for violating the bloc’s Digital Markets Act.

“As our appeal will show, the EC [European Commission] is mandating how we run our store and forcing business terms which are confusing for developers and bad for users,” the company said in a statement. “We implemented this to avoid punitive daily fines and will share the facts with the Court.”

Apple recently made changes to its App Store‘s European policies that the company said would be in compliance with the DMA and would avoid the fines.

The Commission, which is the executive body of the EU, announced its fine in April, saying that Apple “breached its anti-steering obligation” under the DMA with restrictions on the App Store.

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“Due to a number of restrictions imposed by Apple, app developers cannot fully benefit from the advantages of alternative distribution channels outside the App Store,” the commission wrote. “Similarly, consumers cannot fully benefit from alternative and cheaper offers as Apple prevents app developers from directly informing consumers of such offers.”

Under the DMA, tech giants like Apple and Google are required to allow businesses to inform end-users of offers outside their platform — including those at different prices or with different conditions.

Companies like Epic Games and Spotify have complained about restrictions within the App Store that make it harder for them to communicate alternative payment methods to iOS users.

Apple typically takes a 15%-30% cut on in-app purchases.

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