Technology

Why a new UK internet safety law is causing an outcry on both sides of the Atlantic

Published

1 day ago

August 12, 2025

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As of July 25, porn sites are required to implement effective age verification methods for U.K. users.

Jack Taylor | Getty Images

It was well intentioned but a U.K. law mandating age verification on adult sites and a number of other platforms has sparked a backlash from both internet users in the country, and U.S. politicians and tech giants.

Last month, new provisions in the Online Safety Act requiring large online platforms to implement age checks to prevent children from accessing pornographic and appropriate material came into force.

The measures have led PornHub, RedTube and other porn sites to force U.K. visitors to sign up and verify their age to gain access to their services.

What is the Online Safety Act?

Broadly, the Online Safety Act is a law that imposes a duty of care on social media firms and other user-generated content sites to ensure they take responsibility for harmful content uploaded and spread on their platforms.

In particular, the legislation aims to prevent children from being exposed to pornographic content and material that promotes suicide, self-harm, eating disorders or abusive and hateful behaviour.

The regulation has been years in the making and faced numerous delays in its development — not least due to concerns that it may infringe internet users’ right to privacy and result in censorship.

Why has it led to backlash?

The latest measures have been imposed with the aim of ensuring children aren’t able to view harmful and inappropriate content.

However, they have led to complaints from internet users due to the requirement of having to share personal information such as their ID, credit card details and selfies — in some cases for platforms that don’t even qualify as porn sites.

Spotify, Reddit, X and a number of other platforms have introduced their own respective age verification systems to stop users under the age of 18 from consuming explicit content.

These moves have subsequently led to providers of virtual private networks (VPNs) to report that their services, which allow users to mask their location, are surging in the U.K.

Meanwhile, on Monday, Wikipedia was dealt a legal blow in the U.K. as a High Court judge ruled the platform should be treated as a “category one” service, which would subject to certain user verification requirements.

The Online Safety Act requires category one platforms to offer users the ability to verify their identity and access tools that reduce their exposure to content from non-verified users.

Wikimedia, the parent company of Wikipedia, has said previously that it could limit visitor numbers from the U.K. in order to exempt it from category one status.

U.S. politicians weigh in

A number of U.S. politicians have blasted the new rules in recent days. Last week, Vice President JD Vance — who has previously criticized the U.K.’s internet safety rules — again raised concerns with the law, fearing it could unfairly restrict American tech companies.

“I just don’t want other countries to follow us down what I think was a very dark path under the Biden administration,” Vance told reporters during a trip to the country last week.

House Judiciary Chairman Jim Jordan, R-Ohio, who also visited the U.K. recently, said in a statement after his return that sweeping online safety laws in Europe are having “a serious chilling effect on free expression and threaten the First Amendment rights of American citizens and companies.”

There has been speculation over whether the U.S. may press Britain to relax the regulations during trade talks — however, U.K. officials say the issue is not open to debate.

Could other countries follow suit?

Other countries are already adopting their own respective internet age verification laws.

Australia and Ireland have both passed similar age verification measures, while Denmark, Greece, Spain, France and Italy have started testing a common age verification app to protect users online.

In the U.S., Louisiana passed a law in 2022 requiring age verification on websites where at least a third of the content is of an adult nature, while several other states are seeking to pass similar legislation.

Technology

Chinese tech giant Tencent’s quarterly revenue jumps 15% on AI investments, gaming unit boost

Published

3 hours ago

August 13, 2025

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Chinese tech giant Tencent's quarterly revenue jumps 15% on AI investments, gaming unit boost

The Tencent logo is displayed on the exterior of a building at the company’s headquarters, with a surveillance camera visible in the foreground, on November 30, 2024, in Shenzhen, Guangdong Province, China.

Cheng Xin | Getty Images News | Getty Images

Tencent on Wednesday reported a 15% jump in second-quarter revenue as a strong performance in its gaming unit and AI investments boosted growth.

Here’s how Tencent did in the first quarter of 2025:

Revenue: 184.504 billion Chinese yuan ($25.7 billion), compared to 161.117 billion Chinese yuan in the same period last year
Operating profit: 63.052 billion yuan, versus 57.313 billion yuan last year

Domestic games revenue, which accounts for sales from China, rose 17% year-on-year to 40.4 billion yuan thanks to the performance of the company’s newly-released “Delta Force” game and evergreen titles such as “Honor of Kings,” “VALORANT” and “Peacekeeper Elite.”

Revenue from its international gaming business totaled 18.8 billion yuan, a 35% year-on-year increase driven by games such as “PUBG Mobile,” and the recently-released “Dune: Awakening.”

Meanwhile, Tencent said that AI-driven improvements to the company’s advertising platform and Weixin transaction ecosystem helped boost marketing services revenue by 20% in the quarter to 35.8 billion yuan.

“During the second quarter of 2025, we delivered double-digit revenue and non-IFRS operating profit growth on a year-on-year basis, as we invested in, and also benefitted from, utilising AI,” said Tencent CEO Ma Huateng.

Tencent said its capital expenditures surged 119% to 19.1 billion yuan in the second quarter, as the tech giant invested in AI upgrades for advertising, its gaming business and social media service Weixin.

The Shenzhen-headquartered company’s music unit posted better-than-expected results thanks to growth in strong growth from subscription and non-subscription online music revenue, according to Citi’s Alicia Yap. The firm said Tencent Music had 124 million music subscribers, up slightly from 123 million subscribers noted in Tencent’s first-quarter report.

Looking ahead to the second half of the year, Tencent Music “continues to drive high-quality growth in subscription revenues, growth momentum from fans economy, concert and ad revs will support faster-than-previously expected full year growth,” Yap said in a note.

Tencent, like other cloud computing firms, has put a higher focus on selling artificial intelligence tools as a way to boost revenue and differentiate its offerings from those of its rivals.

Earlier this summer, Tencent revealed it is looking to bring its cloud computing capabilities to Europe, pitching it against U.S. hyperscalers Amazon, Microsoft and Alphabet-owned Google, which collectively make up 70% share of Europe’s cloud market.

“We are striving to bring further benefits of AI to consumers and enterprises through powering more use cases within Weixin, driving usage of our AI native app Yuanbao, and upgrading the capabilities of our HunYuan foundation models,” Huateng said in the Wednesday earnings release.

— CNBC’s Arjun Kharpal contributed to this report.

Technology

Circle shares fall after stablecoin issuer says it will offer 10 million shares

Published

15 hours ago

August 12, 2025

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Circle shares fall after stablecoin issuer says it will offer 10 million shares

Circle Internet Group Initial Public Offering at the New York Stock Exchange in New York City, U.S., June 5, 2025.

NYSE

Circle Internet Group stock tumbled more than 5% in extended trading Tuesday after it said it would offer 10 million Class A shares to the public.

Of the total stock being offered, 2 million shares will be offered by Circle. The remaining 8 million shares will be sold by stockholders.

The stablecoin issuer’s shares have soared more than 450% since it went public on June 5.

As part of the offering, Circle is offering its underwriters a 30-day option to buy an additional 1.5 million shares.

Circle shares closed Tuesday up 1.3% after the company reporting its first quarterly results as a publicly traded company. While charges tied to its IPO weighed on its second-quarter results and led to a loss of $4.48 per share, it saw revenue rise 53% on the back of strong stablecoin growth.

Don’t miss these cryptocurrency insights from CNBC Pro:

Technology

CoreWeave shares drop even as revenue tops estimates

Published

16 hours ago

August 12, 2025

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CoreWeave shares drop even as revenue tops estimates

Mike Intrator, co-founder and CEO of CoreWeave, speaks at the Nasdaq headquarters in New York on March 28, 2025.

Michael M. Santiago | Getty Images News | Getty Images

CoreWeave shares fell about 6% in extended trading on Tuesday even as the provider of artificial intelligence infrastructure beat estimates for second-quarter revenue

Here’s how the company did in comparison with LSEG consensus:

Earnings per share: Loss of 21 cents
Revenue: $1.21 billion vs. $1.08 billion expected

Revenue more than tripled from $395.4 million a year earlier, CoreWeave said in a statement. The company registered a $290.5 million net loss, compared with a $323 million loss in second quarter of 2024. CoreWeave’s earnings per share figure wasn’t immediately comparable with estimates from LSEG.

CoreWeave’s operating margin shrank to 2% from 20% a year ago due primarily to $145 million in stock-based compensation costs. This is CoreWeave’s second quarter of full financial results as a public company following its IPO in March.

CoreWeave pointed to an expansion in business with OpenAI, a major client and investor. Also during the quarter, CoreWeave acquired Weights and Biases, a startup with software for monitoring AI models, for $1.4 billion.

In May, management touted 420% revenue growth, alongside widening losses and nearly $9 billion in debt. The stock still doubled anyway over the course of the next month.

CoreWeave shares became available on Nasdaq at the end of the first quarter, after the company sold 37.5 shares at $40 each, yielding $1.5 billion in proceeds. As of Tuesday’s close, the stock was trading at $148.75 for a market cap of over $72 billion.

A CoreWeave data center project with up to 250 megawatts of capacity is set to be delivered in 2026, the company said in the statement.

Executives will discuss the results and issue guidance on a conference call starting at 5 p.m. ET.

This is breaking news. Please check back for updates.

WATCH: Citi’s Tyler Radke’s bullish call on CoreWeave, upgraded to buy