Investings AI articles have been copying content directly from competitors like FXStreet without attribution. FXStreet’s head of content noticed the similarities and said it erodes their edge as a financial news site with a team that closely monitors currency developments. Using AI to rewrite exclusive third-party content is a threat to original journalism. Another competitor, The Motley Fool, said while plagiarism has always been an issue, AI has achieved a level that copies quality content but makes it mediocre. This suggests Investing’s AI system is directly copying competitors’ articles wholesale rather than analyzing financial data and writing new original stories, which raises ethical issues around using AI to replicate others’ work without permission.
CoinSwitch is reshaping its business structure by creating a new parent company called PeepalCo. PeepalCo will house CoinSwitch’s crypto trading platform as well as new offerings in wealth management and investment classes. Ashish Singhal, the co-founder of CoinSwitch, will now lead PeepalCo as group CEO. Balaji Srihari will take over leadership of the crypto trading platform. The restructuring is aimed at allowing each business to innovate independently while maintaining high regulatory standards. PeepalCo also plans to enter the stock trading and banking markets. This consolidation under PeepalCo signals CoinSwitch’s ambition to build out a full-fledged wealth-tech platform in India.
Pew Research Center conducted a survey of 1,453 U.S. teens to understand their social media usage. YouTube was the most widely used platform at 90%, followed by TikTok, Snapchat and Instagram in the 60-70% range. Facebook and Twitter have seen declines over the past decade among teens. Usage of platforms like TikTok and Snapchat has remained stable year-over-year. The survey also found that over a third of teens report using at least one site “almost constantly” led by YouTube, TikTok and Snapchat. Some gender, racial, and income differences also emerged such as teen girls favoring Instagram and Snapchat more while boys prefer YouTube, Discord, and Twitch. Nearly all teens have smartphones, and most have access to computers, tablets and gaming consoles.
A jury ruled that Google harmed Epic Games by creating an illegal monopoly on app distribution and in-app billing on Android. The trial revealed revenue-sharing deals between Google and other companies designed to prevent rival app stores. If the ruling stands, Epic would seek to incorporate its own app store and payments while reducing Google’s revenue cut. However, Google plans to appeal and argues it competes with other platforms like Apple. The outcome could lower costs for developers but may not significantly impact Google given its scale. Both Apple and Google are criticized by Epic’s CEO for treating developers as adversaries and hindering their success for financial gain. Overall, the case may reshape the digital app marketplace but changes may be gradual given companies’ resistance.
EY is laying off over 100 partners in its U.S. consulting business, which represents more than 10% of that division, and over 30 partners in its strategy and transactions department. This comes after EY cut 3,000 U.S. jobs in April. The cuts are a result of slowing demand and excess staffing capacity in certain areas. Revenue growth has declined compared to previous years. Consulting demand typically fluctuates with the economy, making the professional services industry cyclical. EY and its competitors have been reducing headcounts as well amid the challenging conditions. The layoffs are part of EY’s efforts to transform its business and focus on clients’ greatest needs.