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CrowdStrike to Answer for Global IT Outage Impacting Healthcare and Travel

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CrowdStrike to Answer for Global IT Outage Impacting Healthcare and Travel

CrowdStrike, the US cybersecurity company, is set to face questions in the US Congress over a global IT outage on 19 July that left millions of systems using Microsoft software crippled. The incident, triggered by a rogue software update, affected up to 8.5 million computers worldwide, disrupting key services, including healthcare and transportation.

Among those hit were General Practitioners (GPs) in the UK, who struggled to access patient records and manage appointments. Dr. David Wrigley, a GP of 22 years, expressed concerns that the outage might have caused delays in critical treatments, including for cancer patients. GPs using the EMIS system, a vital tool for managing appointments and prescriptions, were unable to provide care during the disruption.

The outage also affected air travel, stranding passengers as planes were unable to depart, and small businesses lost substantial revenue due to system failures. Adam Meyers, a senior executive at CrowdStrike, will testify before Congress on Tuesday to explain the cause of the outage and outline steps the company will take to prevent similar incidents in the future.

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Bitcoin Surpasses $100,000: What’s Next for the Cryptocurrency Giant?

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Bitcoin Surpasses $100,000: What’s Next for the Cryptocurrency Giant?

Bitcoin has shattered the long-anticipated $100,000 milestone, surging to $103,400 early Thursday before retreating slightly. The achievement has sparked widespread speculation about the cryptocurrency’s future trajectory and its ability to sustain such historic highs amidst its well-known volatility.

Dan Coatsworth, an investment analyst at AJ Bell, hailed the milestone as a “magic moment” and linked the price surge to Donald Trump’s election victory. Trump, who has championed pro-cryptocurrency policies, celebrated on social media, declaring, “Congratulations Bitcoiners” and “You’re welcome!”

The president-elect’s pledge to make the United States a “crypto capital” and appoint pro-crypto figures like former SEC commissioner Paul Atkins has been pivotal in driving investor optimism. Atkins, widely regarded as more favorable to cryptocurrencies than current SEC chief Gary Gensler, is expected to foster regulatory clarity, potentially encouraging broader adoption.

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Andrew O’Neill, a digital assets expert at S&P Global, noted that anticipation of crypto-friendly policies under the new administration is fueling Bitcoin’s upward trend. “This momentum is likely to carry forward into the new year,” O’Neill said.

However, the cryptocurrency’s unpredictable nature remains a cautionary tale. While many have reaped significant gains, analysts like Coatsworth warn that Bitcoin’s speculative and volatile nature could lead to sharp corrections.

Despite the risks, Bitcoin’s breakthrough reflects growing mainstream acceptance and the evolving role of cryptocurrencies in global finance.

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Microsoft Faces £1 Billion Class Action in UK Over Alleged Overpricing of Software

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Microsoft Faces £1 Billion Class Action in UK Over Alleged Overpricing of Software

Microsoft is at the center of a £1 billion class action lawsuit in the UK, with thousands of businesses potentially in line for compensation. The claim, led by regulation expert Dr. Maria Luisa Stasi, alleges that Microsoft overcharged companies for its Windows Server software, a key tool in cloud computing operations.

  • The lawsuit accuses Microsoft of unfair pricing practices, claiming the company leveraged its dominant position to inflate costs for businesses.
  • Over £1 billion in damages is being sought on behalf of UK businesses.
  • The case is filed on an opt-out basis, meaning all UK businesses using Microsoft’s software are automatically included unless they choose otherwise.

This lawsuit is the latest in a wave of class action cases targeting tech giants in the UK, including Facebook and Google. Such claims, enabled by legislation introduced in 2015, are still relatively novel, and outcomes remain uncertain.

The legal process is expected to take years to resolve, with little precedence available to predict success rates.

The case coincides with an ongoing investigation by the UK’s Competition and Markets Authority (CMA) into the cloud computing sector.

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  • Cloud services are integral to modern businesses, providing solutions for data storage, software licensing, and streaming services. Microsoft’s Azure, Amazon Web Services, and Google Cloud dominate the sector.
  • Google previously raised concerns with the CMA, accusing Microsoft of using restrictive licensing practices that increase costs for competitors and undermine their ability to compete effectively.
  • The company has denied these allegations, stating that its licensing terms do not significantly impact rivals’ costs or competitiveness.

If successful, the lawsuit could mark a landmark decision for tech regulation in the UK, reinforcing scrutiny on the practices of dominant players in critical digital infrastructure markets. Businesses across the nation stand to benefit from compensation, with the case also potentially influencing licensing and competition policies in the cloud computing industry.

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SoftBank Invests $1.5 Billion in OpenAI as Employees Offered Tender Opportunity

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SoftBank Invests $1.5 Billion in OpenAI as Employees Offered Tender Opportunity

SoftBank has made a $1.5 billion investment in OpenAI, enabling the AI powerhouse’s employees to sell shares in a new tender offer, according to sources familiar with the matter. The tender offer, which has not been previously reported, gives employees until December 24 to decide on participation.

The deal was initiated by SoftBank’s billionaire CEO Masayoshi Son, who reportedly pushed for a larger stake in OpenAI after investing $500 million in its last funding round. This move highlights Son’s growing focus on artificial intelligence and his intent to back leading private companies in the sector.

SoftBank’s Vision Fund 2 has been actively investing in AI startups, including Glean, Perplexity, and Poolside. Across its two Vision Funds, the company manages approximately 470 portfolio companies with assets totaling $160 billion.

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Even without SoftBank’s substantial financial backing, OpenAI has demonstrated remarkable fundraising capabilities. Its valuation has surged to $157 billion in the two years since the release of ChatGPT. The company has raised around $13 billion from Microsoft, closed a $6.6 billion funding round in October (led by Thrive Capital, with participation from Nvidia and others), and secured a $4 billion revolving credit line, bringing its total liquidity to over $10 billion.

Despite these significant inflows, OpenAI anticipates operating losses of $5 billion on projected revenue of $3.7 billion for 2024, reflecting the immense costs associated with advancing AI technologies.

Masayoshi Son, who has previously invested in major tech companies like Apple, Qualcomm, and Alibaba, recently expressed his intent to reserve “tens of billions of dollars” for AI investments.

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