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The TikTok logo is seen outside the Chinese video app company’s Los Angeles offices on April 4, 2025 in Culver City, California.

Robyn Beck | AFP via Getty Images

TikTok has been fined 530 million euros ($601.3 million) by Ireland’s privacy regulator for sending user data to China.

The Irish Data Protection Commission (DPC) — which leads on privacy oversight for TikTok in the EU — said Friday that TikTok infringed the bloc’s GDPR data protection law over transfers of European user data to China.

The regulator ordered TikTok to bring its data processing into compliance within six months and said it would suspend TikTok’s transfers to China if processing is not brought into compliance within that timeframe.

“TikTok’s personal data transfers to China infringed the GDPR because TikTok failed to verify, guarantee and demonstrate that the personal data of EEA users, remotely accessed by staff in China, was afforded a level of protection essentially equivalent to that guaranteed within the EU,” Graham Doyle, deputy commissioner at the DPC, said in a statement Friday.

“As a result of TikTok’s failure to undertake the necessary assessments, TikTok did not address potential access by Chinese authorities to EEA personal data under Chinese anti-terrorism, counter-espionage and other laws identified by TikTok as materially diverging from EU standards,” he added.

The DPC said it also found TikTok had provided inaccurate information to its inquiry when it claimed it hadn’t stored European users’ data on servers located in China. TikTok informed the regulator this month that it discovered an issue in February where limited European user data had been stored on servers in China, contrary to its prior statements.

The DPC takes the issue “very seriously” and is considering what further regulatory action may be warranted in consultation with its fellow EU data protection authorities, Doyle said.

China likely to demand a 'big concession' on tariffs for a TikTok deal: Eurasia Group

TikTok said it disagrees with the Irish regulator’s decision and plans to appeal in full.

In a blog post Friday, Christine Grahn, TikTok’s head of public policy and government relations for Europe, said the decision failed to take into account Project Clover, a 12-billion-euro data security initiative aimed at protecting European user data.

“It instead focuses on a select period from years ago, prior to Clover’s 2023 implementation and does not reflect the safeguards now in place,” Grahn said.

“The DPC itself recorded in its report what TikTok has consistently said: it has never received a request for European user data from the Chinese authorities, and has never provided European user data to them,” she added.

TikTok has previously acknowledged that staff in China can access user data.

In 2022, it said in an update to its privacy policy that employees in countries where it operates — including China, Brazil, Canada and Israel — are permitted access to users’ data to ensure their experience is “consistent, enjoyable and safe.”

Western policymakers and regulators are concerned TikTok’s transfers of user data could lead to Beijing accessing the data to spy on users with the app. Under Chinese law, tech companies are required to hand over user data to the Chinese government if requested to assist with vaguely-defined “intelligence work.”

For its part, TikTok has insisted that it has never sent user data to the Chinese government. In 2023, TikTok boss Shou Zi Chew said in written testimony for a U.S. Congress hearing that the app “has never shared, or received a request to share, U.S. user data with the Chinese government.”

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CNBC Daily Open: AI firms are getting money while their stocks are losing value

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CNBC Daily Open: AI firms are getting money while their stocks are losing value

Several AI applications can be seen on a smartphone screen, including ChatGPT, Claude, Gemini, Perplexity, Microsoft Copilot, Meta AI, Grok and DeepSeek.

Philip Dulian | Picture Alliance | Getty Images

Money keeps flowing into artificial intelligence companies but out of AI stocks.

In what looks like — once again — a scenario of the left hand scratching the right, Microsoft and Nvidia will be investing a combined $15 billion into Anthropic, while the OpenAI competitor has committed to buying compute power from its two newest stakeholders. At this point, it seems as if a big proportion of AI news can be summarized as: “Company X invests in Company Y, and Company Y will buy things from Company X.”

Okay, that’s unfair. There are a lot of developments in the AI world that are not about investments but, well, development. Google unveiled the third version of Gemini, its AI model, which Demis Hassabis, CEO of Google’s AI unit DeepMind, said “will be “trading cliché and flattery for genuine insight.” (But I still want an AI chatbot to compliment me on my curiosity when I ask how to cut a pear, so I’m not sure if that’s a pro for me.)

Investors, however, still appear skeptical about AI. Major names such as Nvidia, Amazon and Microsoft tumbled Tuesday stateside, giving the S&P 500 its fourth straight session in the red — the longest decline since August.

And if Nvidia — “the top company within the top industry within the top sector,” as CFRA’s chief investment strategist Sam Stovall puts it — fails to satisfy investors’ expectations when it reports earnings Wednesday, we might be seeing the S&P 500’s slide extend.

What you need to know today

The S&P 500 falls for a fourth consecutive day. Other major indexes also moved lower Tuesday stateside, while bitcoin prices dropped below $90,000 before recovering. Asia-Pacific markets dropped Wednesday, dragged down by technology stocks.

Anthropic signs deal with Microsoft and Nvidia. Microsoft announced Tuesday it will invest up to $5 billion in the startup, while Nvidia will put in up to $10 billion. That puts Anthropic’s valuation around $350 billion, according to a source.

Google announces its latest AI model Gemini 3. Alphabet CEO Sundar Pichai said Tuesday it will require “less prompting” for desired answers. The update comes eight months after Google introduced Gemini 2.5, and will be rolled out in the coming weeks.

U.S. Senators urge investigation into Trump-linked crypto firm. World Liberty Finance, heavily owned and run by the Trump family, sold tokens to a North Korean hacking organization, an Iranian crypto exchange and others, according to a corporate watchdog.

[PRO] One firm dominates a corner of the AI supply chain. That’s according to Goldman Sachs, which thinks the company could more than double its 2030 revenue forecast.

And finally…

People walk in a shopping mall in the Sanlitun area in Beijing, China, on April 4, 2025.

Kevin Frayer | Getty Images News | Getty Images

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Tesla obtains permit to operate ride-hail service in Arizona

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Tesla obtains permit to operate ride-hail service in Arizona

A Tesla Inc. robotaxi on Oltorf Street in Austin, Texas, on June 22, 2025.

Tim Goessman | Bloomberg | Getty Images

Tesla has obtained a permit to operate a ride-hailing service in Arizona, the state’s department of transportation said.

The electric vehicle company applied for a “transportation network company” permit on Nov. 13, and was approved on Monday, ADOT said in an emailed statement. Additional permits will be required before Tesla can operate a robotaxi service in Arizona.

In July, Tesla applied to conduct autonomous vehicle testing and operations in Phoenix, with and without human safety drivers on board. A month earlier, Tesla started a robotaxi pilot in Austin, Texas, with safety valets and remote operators. Tesla also operates a more traditional car service in the San Francisco Bay Area.

Tesla didn’t immediately respond to a request for comment.

Tesla plans to take human safety drivers out of its cars in Austin before the end of this year. The company is aiming to operate a commercial robotaxi service in Phoenix and several other U.S. cities before the end of 2026.

According to the National Highway Traffic Safety Administration’s website, Tesla cars equipped with automated driving systems were involved in seven reported collisions following the launch of the company’s pilot in Texas.

Competitors including Alphabet’s Waymo in the U.S. and Baidu’s Apollo Go in China are way ahead in the nascent robotaxi ride-hailing market. In the Phoenix area, Waymo operates a sizable commercial business, with at least 400 autonomous vehicles, the company previously told CNBC. In May, Waymo said it had surpassed 10 million driverless trips served to riders across the U.S.

Baidu said in an earnings update on Tuesday that its Apollo Go service “provided 3.1 million fully driverless operational rides in the third quarter of 2025,” representing year-over-year growth of 212%.

Musk has been promising that Tesla will “solve” autonomy for years without reaching its goals. The world’s richest person has continued with the lofty pronouncements.

At the company’s 2025 shareholder meeting earlier this month, Musk said the “killer app” for self-driving technology is when people can “text and drive,” or “sleep and drive.”

“Before we allow the car to be driven without paying attention, we need to make sure it’s very safe,” Musk said. “We’re on the cusp of that. I know I’ve said that a few times. We really are at this point.”

WATCH: Baidu to ramp up global exports as robotaxi service grows in China

Baidu to ramp up global exports as robotaxi service grows in China

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CNBC Daily Open: The flow of money in AI appears one-way at this point

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CNBC Daily Open: The flow of money in AI appears one-way at this point

The Anthropic website on Friday, Aug. 22, 2025.

Gabby Jones | Bloomberg | Getty Images

Money keeps flowing into artificial intelligence companies but out of AI stocks.

In what looks like — once again — a scenario of the left hand scratching the right, Microsoft and Nvidia will be investing a combined $15 billion into Anthropic, while the OpenAI competitor has committed to buying compute power from its two newest stakeholders. At this point, it seems as if a big proportion of AI news can be summarized as: “Company X invests in Company Y, and Company Y will buy things from Company X.”

Okay, that’s unfair. There are a lot of developments in the AI world that are not about investments but, well, development. Google unveiled the third version of Gemini, its AI model, which Demis Hassabis, CEO of Google’s AI unit DeepMind, said “will be “trading cliché and flattery for genuine insight.” (But I still want an AI chatbot to compliment me on my curiosity when I ask how to cut a pear, so I’m not sure if that’s a pro for me.)

Investors, however, still appear skeptical about AI. Major names such as Nvidia, Amazon and Microsoft tumbled Tuesday stateside, giving the S&P 500 its fourth straight session in the red — the longest decline since August.

And if Nvidia — “the top company within the top industry within the top sector,” as CFRA’s chief investment strategist Sam Stovall puts it — fails to satisfy investors’ expectations when it reports earnings Wednesday, we might be seeing the S&P 500’s slide extend.

What you need to know today

The S&P 500 falls for a fourth consecutive day. Other major indexes also moved lower Tuesday stateside, while bitcoin prices dropped below $90,000 before recovering. Europe’s regional Stoxx 600 sank 1.72% and touched its lowest level in a month.

Anthropic signs deal with Microsoft and Nvidia. Microsoft announced Tuesday it will invest up to $5 billion in the startup, while Nvidia will put in up to $10 billion. That puts Anthropic’s valuation around $350 billion, according to a source.

Google announces its latest AI model Gemini 3. Alphabet CEO Sundar Pichai said Tuesday it will require “less prompting” for desired answers. The update comes eight months after Google introduced Gemini 2.5, and will be rolled out in the coming weeks.

U.S. Senators urge investigation into Trump-linked crypto firm. World Liberty Finance, heavily owned and run by the Trump family, sold tokens to a North Korean hacking organization, an Iranian crypto exchange and others, according to a corporate watchdog.

[PRO] Potentially resilient stocks amid AI slump. There are some global stocks and non-equity assets that could weather the turbulence in U.S. tech names happening recently, strategists told CNBC.

And finally…

Oleksii Liskonih | Istock | Getty Images

Diplomatic spat between Tokyo and Beijing threatens Japan’s already fragile economy

Miffed over Japanese Prime Minister Sanae Takaichi’s comments related to Taiwan, China on Friday advised its citizens against travelling to the country. Japanese tourism-exposed stocks fell in the aftermath of that warning, while experts caution the impact could be more severe over a longer duration.

Takahide Kiuchi, executive economist at Nomura Research Institute, said tensions between the two Asian powers could result in a 1.79 trillion yen drop in Japan’s GDP over the course of one year — a 0.29% decline in the country’s GDP.

— Lim Hui Jie

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