Key Facts
- Google dodges breakup & faces payout: A U.S. judge refused to break up Google in an antitrust case, sparking a 9% surge in Alphabet’s stock ts2.tech. Separately, a California jury hit Google with a $425 million verdict for invading users’ privacy after they thought they opted out of tracking ts2.tech. Google insists it did nothing wrong and plans to appeal ts2.tech.
- Europe fines tech giants: France’s privacy watchdog CNIL levied a €325 million fine on Google over unsolicited Gmail ads and tracking cookies ts2.tech, and fined fast-fashion giant Shein €150 million for planting cookies after users opted out ts2.tech. Shein blasted the penalty as “wholly disproportionate” and “politically motivated,” vowing to appeal ts2.tech.
- EU data pact upheld: Europe’s General Court approved a new EU–US Data Privacy Framework, allowing transatlantic data transfers to continue ts2.tech ts2.tech. The court ruled U.S. surveillance safeguards now meet EU standards, a relief to thousands of companies – though privacy activists like Max Schrems remain skeptical and may appeal ts2.tech.
- Trump hosts tech titans: U.S. President Donald Trump wined and dined more than two dozen Silicon Valley leaders – including Apple’s Tim Cook, Meta’s Mark Zuckerberg, Google’s Sundar Pichai and others – at a White House Rose Garden dinner on Sept 4 ts2.tech. The gathering signals a detente after past clashes; “the president looks forward to… many dinners to come on the new, beautiful Rose Garden patio,” a spokesman said ts2.tech. Notably absent was Elon Musk, amid reports of a rift ts2.tech.
- Trump threatens chip tariffs: Ahead of the dinner, Trump announced plans for “a very substantial tariff” on imported semiconductors from firms that don’t move production to the U.S. [1]. “If they are not coming in, there is a tariff,” Trump warned, adding that companies investing in U.S. fabs (like Apple, which pledged $600 billion domestically) would be exempt [2]. The tariff could be ~100% and come “very shortly,” underscoring Trump’s push to onshore tech manufacturing [3] [4].
- Instagram finally on iPad: After years of pleas, Meta launched an Instagram app optimized for iPads – focused heavily on full-screen Reels videos ts2.tech ts2.tech. The tablet app lets users watch a “lean-back” feed of TikTok-style clips (Reels now account for 20% of Instagram use) and offers iPad-centric features like split-screen layouts and resizable windows ts2.tech ts2.tech. (Meta says an Android tablet version is coming soon ts2.tech.)
- Tesla opens robotaxi app to public: Tesla released its Robotaxi ride-hailing app on the Apple App Store, inviting anyone to download it and join the waitlist for its autonomous taxi service [5] [6]. Until now, the pilot was limited to a small group in Austin, Texas – with safety operators in each vehicle. CEO Elon Musk had predicted a public app launch in September, and Tesla is now eyeing Arizona, Florida and Nevada for expansion as it navigates regulatory hurdles [7] [8].
- BYD slashes EV goal amid cooling market: China’s electric vehicle leader BYD cut its 2025 sales target by up to 16% – from 5.5 million down to ~4.6 million vehicles ts2.tech. The revised goal, shared with suppliers, would be BYD’s slowest growth in 5 years ts2.tech. Insiders cite intensifying competition and an EV price war eroding margins ts2.tech. Last week BYD reported its first profit drop in 3 years, and its shares fell 3% as news of the lower target broke ts2.tech ts2.tech.
- JPMorgan’s digital bank goes global: JPMorgan Chase will launch its Chase digital retail bank in Germany in 2026, making it the first U.S. megabank to take on Germany’s retail banking market ts2.tech ts2.tech. The mobile-only bank (which JPMorgan debuted in the UK in 2021) aims to attract younger, tech-savvy Germans. CEO Jamie Dimon admits “this is going to be a battle,” as local giants like Deutsche Bank dominate the low-margin market ts2.tech.
- Record cyberattack foiled: Internet security firm Cloudflare said it automatically blocked the largest DDoS attack ever recorded, which blasted 11.5 Tbps of junk traffic at a client – equal to streaming 12,000 HD movies at once ts2.tech ts2.tech. The onslaught lasted ~35 seconds and was mostly generated by hijacked cloud servers via a UDP flood. “Cloudflare’s defenses have been working overtime,” the company noted, having fended off hundreds of massive attacks in recent weeks ts2.tech.
- Space launch milestones:SpaceX pulled off a rapid-fire double launch of 52 Starlink satellites from California and Florida just 8 hours apart ts2.tech, bringing its total active satellites above 8,000 – the largest constellation in history ts2.tech. The first mission’s Falcon 9 booster (on its 14th flight) landed successfully at sea ts2.tech. Meanwhile, Amazon’s rival Project Kuiper signed up JetBlue as its first airline partner to provide in-flight Wi-Fi via Amazon’s low-Earth orbit satellites starting in 2027 [9] [10], taking on SpaceX’s Starlink (which is partnering with airlines like Southwest via T-Mobile) [11].
- Crypto lifeline for Venezuela: Strangled by U.S. sanctions, Venezuela’s government is quietly tapping cryptocurrency to keep commerce alive. Since June, it authorized private banks to sell Tether (USDT) stablecoins for local bolívars ts2.tech ts2.tech, effectively creating a parallel dollar market that Washington can’t freeze. Businesses bought an estimated $119 million in USDT in July alone ts2.tech ts2.tech. Officials have hinted at these “non-traditional mechanisms” for stabilizing the bolívar ts2.tech, marking a dramatic turnaround for a regime that once railed against crypto.
Google Dodges Breakup, But Faces $425 Million Privacy Verdict
Alphabet’s Google scored a major legal victory in its landmark U.S. antitrust case, avoiding a forced breakup of its empire. On Sept 2, Judge Amit Mehta ruled against splitting up Google’s core businesses, allowing it to retain control of Android, Chrome, Search and more ts2.tech. The judge opted for lighter remedies (like curbing certain exclusive deals) instead of the “scorched-earth” approach of dismantling the company. Markets rejoiced – Alphabet shares rocketed 9%, adding over $200 billion in value ts2.tech. Analysts called it a pragmatic outcome. “This removes a significant legal overhang and signals the court is favoring pragmatic remedies rather than drastic measures,” said Hargreaves Lansdown analyst Matt Britzman ts2.tech. Crucially, Google can continue paying partners (e.g. Apple) to make Google the default search engine, preserving a lucrative arrangement ts2.tech. The ruling cited emerging search competition as one reason a breakup wasn’t necessary. For Google – which was sued in 2020 for monopolizing online search – the decision leaves its core business intact and lifts a huge cloud of uncertainty ts2.tech.
Google’s legal battles don’t end there. In a separate California case, a federal jury found Google liable for violating user privacy, awarding a hefty $425 million in damages ts2.tech. The class-action lawsuit revealed that Google continued collecting data from users’ phones even after they turned off the “Web & App Activity” tracking setting ts2.tech. Over eight years, millions of users were tracked without proper consent, the plaintiffs argued. Jurors agreed Google “invaded privacy” on multiple counts ts2.tech, delivering one of the largest privacy verdicts on record. Google escaped punitive damages (the violations weren’t found to be willful ts2.tech), but the verdict is a black eye on its reputation for data practices. Google insists it did nothing wrong and will appeal, saying the decision “misunderstands how our products work” ts2.tech. The plaintiffs’ attorney David Boies lauded the outcome, noting they were “obviously very pleased with the verdict” ts2.tech – even though it’s a fraction of the $31 billion originally sought. The case underscores mounting pressure on Big Tech to honor user consent, hot on the heels of other privacy settlements (Google recently paid $1.4 billion to settle similar claims in Texas ts2.tech).
Europe Slaps Google and Shein with Privacy Fines
European regulators delivered a one-two punch to tech firms over data abuses. In France, the CNIL (data protection authority) fined Google €325 million (≈$381 million) for breaching consumer consent rules ts2.tech. Regulators found that Google showed personalized ads in Gmail inboxes and placed tracking cookies during account sign-up – without users’ prior consent ts2.tech. CNIL ordered Google to stop displaying ads in Gmail by default and to obtain explicit opt-in before creating any ad-related user accounts ts2.tech. If Google fails to comply within 6 months, it faces additional penalties of €100,000 per day ts2.tech. Google says it’s reviewing the decision and pointed out it has already made changes, like easier ad opt-outs ts2.tech. This fine adds to a growing list of EU enforcement actions testing Google’s adherence to privacy laws.
On the same day, France went after Chinese-founded retail phenom Shein for its own data transgressions. CNIL fined Shein €150 million (~$160 million) after discovering the fast-fashion app was “sneaking” tracking cookies onto users’ devices even after they rejected them ts2.tech. In other words, Shein’s consent banner was a sham – opting out didn’t actually stop tracking. Regulators deemed this a blatant violation of EU e-Privacy rules. The €150 million fine represents roughly 2% of Shein’s annual revenue in Europe ts2.tech, a sizable sum meant to sting. Shein blasted the decision as unfair and vowed to fight it: the company “firmly contests” CNIL’s findings, calling the penalty “wholly disproportionate” and “politically motivated” ts2.tech. Shein claims it had already brought its cookie practices into full compliance and had cooperated with investigators ts2.tech. CNIL, however, emphasized Shein’s massive French user base (12 million monthly visitors) to justify the fine ts2.tech – sending a message that no matter how popular, companies must obey EU consent rules. These twin French actions underscore Europe’s aggressive stance on digital privacy enforcement, even as sanctioned companies push back hard.
EU Greenlights Transatlantic Data Transfer Pact
In a closely watched decision, Europe’s General Court upheld the EU–US Data Privacy Framework, restoring a legal basis for companies to transfer personal data across the Atlantic ts2.tech. The court ruled on Sept 3 that the new framework – adopted in 2023 – provides “adequate protection” for Europeans’ data in the U.S. ts2.tech. This pact replaces the earlier Safe Harbor and Privacy Shield agreements, which were struck down in 2015 and 2020 after privacy activists (led by Max Schrems) raised concerns about U.S. surveillance. The latest deal introduces safeguards like a U.S. Data Protection Review Court to oversee intelligence agencies, convincing judges that American privacy protections now meet EU standards ts2.tech ts2.tech. The ruling brings relief and legal certainty to thousands of companies – from tech giants to banks – that depend on seamless data flows between Europe and the U.S. ts2.tech ts2.tech.
Not everyone is satisfied: Schrems and other privacy advocates remain skeptical and signaled they may appeal to the European Court of Justice ts2.tech. They argue the framework still might not sufficiently safeguard Europeans from U.S. spying. But for now, the court’s blessing means businesses can keep using services like U.S.-based cloud platforms or ad tools without fear of violating EU law ts2.tech. The decision eases a major point of tension in transatlantic commerce. It shows a pragmatic compromise – balancing privacy rights with the practical need for global data exchange. Even as debate continues around U.S. surveillance reforms, the new pact buys time and stability for transatlantic tech operations.
Trump Hosts Tech CEOs at Glitzy White House Dinner
Donald Trump welcomed a who’s who of tech and business leaders to the White House on Sept 4, marking the first major Silicon Valley outreach of his current term. The event – an exclusive Rose Garden dinner – saw over two dozen VIPs rubbing shoulders under string lights on the renovated patio ts2.tech ts2.tech. Among the attendees: Apple’s Tim Cook, Meta’s Mark Zuckerberg, Google’s Sundar Pichai, Microsoft co-founder Bill Gates, Oracle’s Safra Catz, and even OpenAI’s Sam Altman and Greg Brockman ts2.tech. “The president looks forward to welcoming top … tech leaders for this dinner and the many dinners to come,” said White House spokesman Davis Ingle, touting the new outdoor venue ts2.tech. The soirée suggests a thawing in Trump’s relationship with Big Tech.
Just a few years ago, Trump was famously at odds with tech companies over issues like social media moderation and antitrust scrutiny. But since his 2024 re-election, both sides have shown pragmatism. Tech executives are eager to mend fences and find common ground with the administration ts2.tech. Many have aligned with Trump’s policies on deregulation and other business matters, hoping to stay in favor ts2.tech. (Reportedly, earlier that day some CEOs even attended a White House forum on tech issues hosted by First Lady Melania Trump ts2.tech.) Noticeably absent from the dinner was Elon Musk. Despite Musk having advised Trump in the past, he didn’t score an invite this time, amid rumors of a falling-out ts2.tech. The glamorous gathering – with tech moguls dining at umbrella-covered tables inspired by Mar-a-Lago’s decor ts2.tech – underscores how interwoven tech leadership and political power have become. For Trump, it was a chance to showcase influence over the titans of industry; for the CEOs, an opportunity to advocate their interests directly to the president over dinner.
Trump Vows “Substantial” Tariffs to Boost U.S. Chipmaking
On the same evening as the CEO dinner, President Trump sent a stark warning to semiconductor companies: build in America or pay the price. Speaking to reporters, Trump announced his administration will impose new tariffs on imported semiconductors from firms that haven’t shifted production to U.S. soil [12] [13]. “We will be putting a tariff very shortly,” Trump said, describing it as “fairly substantial” but “not that high” – with the crucial caveat that companies investing in U.S. manufacturing will be exempt [14]. “If they are coming in, building, planning to come in, there will not be a tariff. If they are not coming in, there is a tariff,” he declared bluntly [15] [16].
This tariff threat isn’t out of the blue. In August, Trump floated the idea of a 100% tariff on imported chips – essentially doubling their cost – unless manufacturers ramp up U.S. factories [17]. Major chipmakers like TSMC, Samsung, and SK Hynix have already been pressured into announcing new U.S. plants in states like Arizona and Texas [18]. Trump’s latest remarks indicate he’s ready to follow through on the tariff stick to complement those carrots. As he spoke, Apple’s Tim Cook was literally sitting across the table [19]. “Tim Cook would be in pretty good shape,” Trump noted, referencing Apple’s $600 billion U.S. investment pledge and implying Apple (which relies on TSMC’s chips) might dodge the duty due to its domestic contributions [20]. The timing of Trump’s pronouncement – just before dining with the tech elite – underscores his message: even the biggest players must bring high-tech manufacturing home. The tariff plan still faces legal uncertainty (many of Trump’s prior tariffs have been challenged in court [21]), but it has already injected anxiety into the industry’s long-term supply chain planning [22]. Trump is effectively leveraging U.S. market access to force tech supply chains onshore, a move likely to raise tensions with trading partners and potentially costs for consumers, but which he argues is essential for American tech self-reliance.
Instagram (Finally) Launches an iPad App – with Reels Front and Center
Instagram is no longer an iPhone-only experience. On Sept 3, Meta released a dedicated Instagram app for iPad, addressing a years-long demand from users and tech pundits. Previously, iPad owners had to use a blown-up phone app – which looked pixelated and lacked features. The new app is optimized for large tablets and notably opens straight into Reels, Instagram’s TikTok-like short video feed ts2.tech ts2.tech. In fact, the entire interface has been reimagined around a “lean-back” video consumption experience, taking full advantage of the iPad’s screen. When you launch Instagram on an iPad now, you’re immediately immersed in an autoplaying, full-screen stream of Reels videos ts2.tech, with Instagram Stories accessible via a top bar. This design underscores Meta’s push to capture more user attention with short-form video – a battle with TikTok that Instagram is eager to win. (Reels already make up over 20% of time spent on Instagram ts2.tech, and that was before tablet users had a native option.)
The iPad app isn’t just about Reels. It also brings tablet-specific enhancements to other parts of Instagram. Users can, for instance, view content in a two-pane layout – browsing posts in one half of the screen while reading comments or managing DMs in the other ts2.tech. There’s a new Following tab with options to sort posts chronologically or algorithmically, and you can even reorder the navigation tabs to your liking. Meta also refined the commenting interface: on iPad, you can expand and reply to comment threads without pausing the video you’re watching ts2.tech. Essentially, Instagram is treating the iPad not just as a bigger phone, but as a different class of device for multi-tasking and “lean-back” viewing. The app requires iPadOS 15.1 or later and is available globally via the App Store ts2.tech. (Meta noted that an Android tablet version is in the works too ts2.tech.) After years of insisting an iPad app wasn’t a priority, Instagram’s turnabout now reflects the rising importance of tablets in content consumption. It also shows Meta’s commitment to showcasing Reels everywhere possible – even if it means redesigning the beloved photo app for a bigger canvas.
Tesla Opens Robotaxi App to Everyone – But Rides Are Still Limited
In a milestone for autonomous driving ambitions, Tesla announced that its Robotaxi app is now open to the general public – no invite needed. On Sept 4, Tesla’s official Robotaxi account posted on X (formerly Twitter) that the iOS app is “now available to all,” linking to its App Store page [23] [24]. Anyone with an iPhone can download it and join the waitlist for Tesla’s robotaxi service. This marks the first time the wider public can sign up, after a few months where the service was restricted to a select group of Tesla shareholders, influencers, and testers in Austin, Texas [25].
Elon Musk had promised back in July that the robotaxi app would go public by September – a timeline that Tesla met right on cue [26]. However, summoning a driverless Tesla isn’t as simple as downloading an app. Currently, joining the app’s waitlist doesn’t guarantee an immediate ride. Tesla’s robotaxi fleet remains in a limited pilot phase. In Austin, where Tesla launched the service in June, about 10–20 Model Y SUVs are operating as robo-taxis [27]. Crucially, they aren’t fully driverless yet: each vehicle has a Tesla safety operator on board. Originally, the safety driver sat in the passenger seat, but as the program expanded to highway routes, Tesla moved the chaperones to the driver’s seat (ready to take control if needed) [28]. Essentially, these cars use Tesla’s Full Self-Driving beta software to navigate, but with human minders as backup. The Robotaxi service also runs in a limited area of the San Francisco Bay Area, though there it’s more of a conventional rideshare using Tesla’s driver-assistance features under supervision [29] [30].
Tesla is treating Austin as the testbed for true driverless rides, in competition with Waymo and Cruise (which have their own robotaxi operations). The company has laid out a “Good Conduct Policy” for riders – asking them to behave as if “your mom is watching” – and requires users to be 18+ (13+ minors must be with an adult) [31]. Looking ahead, Musk said Tesla is eyeing Arizona, Florida and Nevada as the next regions to roll out robotaxis [32]. The company has already applied for autonomous vehicle permits in Arizona and held discussions with Nevada officials [33]. Still, regulatory hurdles abound: fully driverless taxis require state approvals and even federal exemptions (Tesla eventually wants to deploy a custom “Cybercab” with no steering wheel or pedals [34] [35]). Not to mention, Tesla is under scrutiny by the U.S. safety regulator (NHTSA) after early testers filmed some robotaxis blowing through red lights and breaking traffic laws on Day 1 [36]. All that said, opening the app to the masses is a significant step. It signals that Tesla is preparing to scale up its robotaxi experiment – turning what was a private beta into something that, with time (and a lot of regulatory green lights), could become a mainstream driverless ride service.
China’s EV Champion BYD Scales Back Ambitions as Market Cools
For the past few years, BYD has been on an electric tear – surging to become China’s top EV maker and a rival to Tesla. But now even BYD is hitting the brakes on growth projections. According to insiders, the Shenzhen-based automaker slashed its 2025 sales target by up to 16%, from 5.5 million vehicles down to roughly 4.6 million ts2.tech. BYD quietly shared the revised goal with suppliers last month. While 4.6 million EVs would still be about 7% higher than BYD’s 2024 tally, it represents the company’s slowest annual growth in five years ts2.tech ts2.tech. This is a notable downshift for a brand accustomed to double-digit (even triple-digit) leaps.
Why the caution? Cracks are forming in China’s once white-hot EV market. Demand is no longer growing at breakneck speed, and competition is intensifying. BYD – which sells everything from budget $10k EV compacts to luxury models – faces fierce pressure from all sides. Upstart rivals like Nio, Xpeng, Geely and others have been slashing prices and launching new models, eating into BYD’s market share ts2.tech. A massive EV price war in China this year, fueled by Tesla’s price cuts and government subsidy changes, forced everyone (BYD included) to offer discounts that squeezed margins ts2.tech. BYD’s sales, while still growing overall, have seen some hiccups: its cheaper EV models actually saw a ~10% drop in sales in July year-on-year ts2.tech as customers had more choices and became price-sensitive.
Financially, the strain is showing. Just last week BYD reported a 30% plunge in quarterly profit – its first profit decline in over 3 years ts2.tech. That sent a chill through investors. BYD’s stock tumbled over 3% when Reuters broke news of the internal target cut ts2.tech. In response, BYD has reportedly slowed production lines and delayed some factory expansion plans to avoid oversupply ts2.tech. It’s a reality check that even China’s EV juggernaut isn’t immune to industry growing pains. BYD is still on track to potentially outsell Tesla globally this year (BYD’s lineup includes plug-in hybrids in addition to pure EVs), and at ~4.6 million in 2025 it would rival the annual output of GM or Ford ts2.tech. But the era of effortless, hyper-growth in the EV market seems to be cooling. As one industry insider put it, EVs are entering a new phase – from “sell every unit you make” to a more normal, competitive market where efficiency and differentiation matter. BYD’s trimmed ambitions reflect a maturing sector that’s still growing, but no longer in a constant state of electric euphoria.
JPMorgan Banks on a Digital-Only Expansion into Germany
In a bold fintech play, JPMorgan Chase announced it is bringing its app-based Chase consumer bank to Germany – marking the first time an American banking giant will compete in the German retail market with a purely digital offering ts2.tech ts2.tech. The U.S.’s largest bank plans to roll out Chase in Germany by Q2 2026. German customers would be able to open checking accounts, save, invest, and more through a mobile app, as Chase attempts to replicate the success it has seen in the UK. (Chase UK, launched in 2021, has attracted over a million users with features like 1% cashback and fee-free banking ts2.tech.)
Germany won’t be an easy win. It’s Europe’s biggest economy, but its banking sector is famously crowded and conservative. Local heavyweights like Deutsche Bank, Commerzbank and scores of regional Sparkassen (savings banks) dominate a low-margin market ts2.tech. Foreign banks have historically struggled to lure German retail customers away from domestic institutions ts2.tech. However, JPMorgan sees an opening in the digital realm: younger Germans and urban professionals might be tempted by an intuitive app and perks from a global brand. The bank has been quietly preparing this move for years – building a Berlin-based team and obtaining necessary licenses. It chose Germany partly for its affluent population and stable regulatory environment, and because Germany is already JPMorgan’s third-largest market by revenue (thanks to investment banking) ts2.tech.
CEO Jamie Dimon has been candid that expanding overseas consumer banking is a major challenge – “This is going to be a battle,” he said about venturing beyond U.S. borders ts2.tech. True to that, competition is heating up. Spain’s BBVA also plans to launch a digital bank in Germany soon ts2.tech, and local online banks like N26 and Deutsche Bank’s Tomorrow are well-established. Chase will likely dangle attractive interest rates or cashback to get a foothold. For German consumers long used to banking fees and minimal interest, an infusion of Silicon Valley-style digital banking could be appealing. And for JPMorgan, cracking Germany would validate its strategy that in the smartphone era, a U.S. bank can win customers anywhere without opening a single branch. Success could spur further expansions across Europe. Conversely, if it stumbles, it will prove just how hard it is to transplant a banking franchise into foreign soil – even with a cutting-edge app and Wall Street’s heft behind it.
Figma’s First Post-IPO Earnings Underwhelm Wall Street
It’s been about two months since design-software darling Figma went public with a splashy IPO, and now the honeymoon may be over. Figma reported its first earnings as a public company on Sept 3, and while the numbers were solid, they weren’t enough to justify the sky-high expectations baked into its stock price ts2.tech ts2.tech. For Q2, Figma posted $249.6 million in revenue, up 41% year-on-year and slightly above analysts’ forecast of ~$248.8 million ts2.tech. Adjusted profits were $0.09 per share, a penny better than expected ts2.tech. Normally, that kind of beat is cause for celebration – but Figma’s stock has been “priced for perfection,” as one analyst put it ts2.tech.
Indeed, Figma’s share price tripled on its first day of trading in July, one of the hottest tech IPOs in recent memory ts2.tech. That euphoria set a very high bar. When Figma merely met its lofty guidance (and only slightly raised its full-year outlook to ~$1.03 billion revenue ts2.tech ts2.tech), investors were disappointed. The stock dropped about 13% in after-hours trading following the earnings report ts2.tech ts2.tech. “The stock had been priced for perfection at over two hundred times expected earnings, which means even solid numbers cannot carry that many layers without some flattening,” quipped Michael Ashley Schulman of Running Point Capital ts2.tech. In other words, Figma’s valuation was so extreme that anything less than spectacular would send it tumbling – and that’s what happened.
Beyond the headline numbers, analysts zeroed in on Figma’s spiraling expenses and ambitious expansion plans. The collaborative design platform is aggressively rolling out new products – four in the past year alone – including Figma Make, an AI-powered tool that converts text prompts into app designs ts2.tech. Such innovation is exciting but comes with high R&D costs and puts Figma in competition with larger players. The company’s forecast for fiscal 2025 revenue of ~$1.02 billion was only a hair above consensus, signaling growth may be leveling off ts2.tech ts2.tech. With rivals like Adobe (which tried and failed to acquire Figma) and others in the design collaboration space, Figma will need to prove it can keep winning big enterprise customers and expand internationally to sustain its valuation. The IPO pop showed huge optimism; this first earnings flop showed the reality check. Now Figma faces the grind of justifying its $20+ billion market cap one quarter at a time – a challenge many hyped startups-turned-public companies have struggled with in their freshman year on Wall Street.
Venezuela Turns to Crypto as U.S. Sanctions Squeeze Dollar Supply
Faced with a dire shortage of hard currency, Venezuela is embracing an unlikely savior: cryptocurrency. Over the past few months, President Nicolás Maduro’s government has quietly begun using the stablecoin Tether (USDT) as a lifeline to keep the economy running ts2.tech ts2.tech. U.S. sanctions have severely limited Venezuela’s access to U.S. dollars – the lifeblood for importing food, medicine, and raw materials. Normally, Venezuelan companies exchange local bolívars for dollars through the central bank, which gets dollars from oil exports. But with Washington sanctioning Venezuela’s oil industry and blocking many bank transactions ts2.tech ts2.tech, the central bank’s dollar reserves have dried up. Enter crypto: Since June, government-authorized exchanges and banks have been allowed to sell USDT (a stablecoin pegged 1:1 to the dollar) for bolívars to private businesses ts2.tech ts2.tech.
In practice, it works like this: A business that needs dollars to pay an overseas supplier can go to a sanctioned local exchange and buy Tether tokens with bolívars (at the official exchange rate). They load these USDT into approved digital wallets ts2.tech. Because Tether is widely accepted by international suppliers (it’s essentially a digital dollar), Venezuelan importers can then pay foreign partners in USDT, neatly bypassing the traditional banking system that the U.S. can monitor or freeze ts2.tech. According to private estimates, Venezuelan exchanges sold about $119 million worth of crypto (mostly USDT) in July alone to meet pent-up demand ts2.tech. Even Venezuela’s state oil company PDVSA has reportedly upped its use of crypto for certain oil sales, finding workarounds to receive payment without touching the U.S. banking system ts2.tech.
The government hasn’t officially announced this pivot, likely to avoid admitting economic weakness. But Vice President Delcy Rodríguez hinted in August that Venezuela was using “non-traditional mechanisms” to stabilize the forex market ts2.tech – a nod to crypto channels. It’s a remarkable about-face, considering the socialist regime once lambasted cryptocurrencies as tools of capitalism (even as it launched its own failed “Petro” coin). Now, Venezuela is essentially running a parallel dollar economy via Tether, outside the reach of U.S. sanctions ts2.tech. This strategy has helped the bolívar’s value hold steadier in recent months, and kept imports flowing when dollars were otherwise unattainable ts2.tech. Of course, there are downsides: relying on crypto brings its own volatility and transparency issues (the public doesn’t know how much USDT the central bank might be injecting). And if Tether itself ever faced problems, Venezuela’s stopgap could crumble. But for a country in economic emergency, crypto has provided a critical pressure release valve. As one local businessman described it, when one channel is cut off, you find alternative “operations” to keep things moving ts2.tech ts2.tech. In 2025, for Venezuela, that operation is Tether.
Cloudflare Thwarts a Record 11.5 Tbps Cyberattack – The Largest Ever
The escalating arms race between cyber attackers and defenders hit a new milestone this week. Cloudflare, a major internet infrastructure and security company, revealed that it deflected the biggest distributed denial-of-service (DDoS) attack in history ts2.tech. At its peak, the attack blasted an unprecedented 11.5 terabits per second of junk traffic at an undisclosed Cloudflare customer’s website ts2.tech. To put that in perspective, 11.5 Tbps is like streaming over 12,000 high-definition movies simultaneously at a target – a crushing tidal wave of data intended to knock the site offline ts2.tech.
According to Cloudflare’s report, the deluge began suddenly and lasted only about 35 seconds before petering out ts2.tech. But thanks to Cloudflare’s always-on DDoS mitigation systems, the target site experienced no downtime. The malicious traffic was automatically detected and filtered out in real time across Cloudflare’s network ts2.tech. “Cloudflare’s defenses have been working overtime,” the company noted in an X (Twitter) post, explaining that in recent weeks it has blocked “hundreds of hyper-volumetric DDoS attacks” similar to this one ts2.tech. The sheer scale is what stands out – just two months ago, the previous record DDoS attack was around 10 Tbps ts2.tech. This new attack was 15% bigger, indicating that the capacity for havoc is growing fast.
Initial analysis traced much of the traffic to compromised cloud servers, particularly instances on Google Cloud Platform, which were hijacked to fire off a UDP flood (a type of network flood) ts2.tech. However, Cloudflare later clarified that it wasn’t just Google Cloud – a mix of malware-infected IoT devices and other cloud providers’ servers were also conscripted into this botnet attack ts2.tech. In essence, attackers amassed a gigantic zombie network to bombard the target. Cloudflare plans to release a detailed report on the incident, including breakdowns of which botnets and techniques were used ts2.tech.
This event is a stark reminder that DDoS attacks are soaring to new extremes. A few years ago, a 1 Tbps attack was headline news; now we’re above 11 Tbps. The motives can range from cybercrime and extortion to state-sponsored disruption. Whatever the case here, the takeaway for online businesses is clear: robust DDoS protection is more critical than ever ts2.tech. Many companies rely on providers like Cloudflare, Akamai, and Google to absorb these attacks on their behalf – because few individual organizations could withstand a terabit-scale hit on their own. The good news is, in this round, the defenders came out on top. Cloudflare was able to shrug off the largest cyber barrage on record without users even noticing. It’s an encouraging sign for internet resilience, even as attacker capabilities continue to scale up. But it also feels a bit like a warning: the next record is likely just around the corner, and it will be even bigger.
SpaceX’s Marathon Launch Day Tops 8,000 Satellites in Orbit
SpaceX has long been setting records for launch frequency, but early September saw Elon Musk’s company notch an especially eye-popping feat: two orbital launches in the span of a workday. In an 8-hour, 24-minute window, SpaceX launched one batch of Starlink satellites from California and another from Florida, collectively deploying 52 new satellites into orbit ts2.tech. The whirlwind started on the evening of Sept 2 (Pacific Time) when a Falcon 9 lifted off from Vandenberg Space Force Base carrying 24 Starlink internet satellites. Then, before the sun even fully rose on Sept 3 in Florida, another Falcon 9 thundered off from Cape Canaveral at dawn, carrying 28 more Starlinks ts2.tech. Such a rapid turnaround approached SpaceX’s all-time record for shortest time between two orbital launches (the current record is just under 7 hours, set by SpaceX in 2023).
The achievement underscores SpaceX’s unrivaled launch cadence and the extreme reusability of its Falcon 9 rockets. In the Florida mission, the first-stage booster was on its 14th flight – and it still succeeded in landing on the droneship “A Shortfall of Gravitas” in the Atlantic for recovery ts2.tech. SpaceX’s ability to reuse boosters again and again has enabled it to launch satellites at a relentless pace. With these back-to-back missions, SpaceX has now lofted over 8,000 Starlink satellites into low Earth orbit to date ts2.tech – by far the largest satellite constellation ever assembled. (For comparison, the second-largest active constellation is likely < 1/10th that size.) Not all 8,000 remain operational – many older Starlinks have deorbited as planned – but SpaceX is rapidly approaching its initial goal of ~12,000 satellites for global broadband coverage, with long-term plans for 40,000+. The company is essentially launching near-daily, sometimes multiple times a day, making spaceflight seem almost routine.
Each Starlink launch expands the reach of SpaceX’s satellite internet network, which already serves users in 60+ countries. This week’s additions will bolster capacity as the service gains subscribers (and as SpaceX begins offering direct-to-cell coverage via Starlink for T-Mobile customers in the near future). The frenetic launch pace also cements SpaceX’s dominance in the global launch market – it has completed over 70 launches in 2025 alone, outpacing entire nations’ space programs.
And SpaceX wasn’t the only one busy in orbit. In rival satellite news, Amazon’s Project Kuiper – a forthcoming competitor to Starlink – announced its first airline partnership. JetBlue signed on to use Project Kuiper’s satellite network to power free in-flight Wi-Fi for passengers, with service expected to start in 2027 [37] [38]. Amazon has already launched 100+ Kuiper satellites in the past four months as it races to deploy its planned 3,236-satellite constellation [39]. The JetBlue deal indicates Amazon’s strategy to compete directly with Starlink in the lucrative airline connectivity market. (SpaceX, via a deal with T-Mobile, is enabling complimentary Starlink Wi-Fi on Southwest Airlines flights starting next month [40], and Starlink is already in use on Delta and Hawaiian Airlines.) The satellite internet space race is clearly heating up – not just in orbit, but in the commercial arena of airline and enterprise customers.
Meanwhile, elsewhere above Earth, Israel quietly launched a spy satellite on Sept 2 – an Ofek-19 reconnaissance satellite – which made headlines when surprised Israelis mistook the launch’s eerie glow for a UFO or missile attack ts2.tech. And looking beyond Earth orbit, NASA confirmed that an interstellar comet named 3I/ATLAS is on a trajectory to zip through our solar system, making a close pass by Mars next month ts2.tech. It’s only the third known comet from interstellar space, and astronomers are buzzing about the chance to study such a rare visitor. All told, the start of September has been remarkably eventful both in Earth’s skies and beyond – from record-breaking launch blitzes to cosmic interlopers – highlighting the ever-quickening pace of humanity’s reach into space ts2.tech.
Sources: Reuters ts2.tech ts2.tech ts2.tech ts2.tech ts2.tech ts2.tech [41] [42]; Hindustan Times (Reuters) [43] [44]; TS2 Space ts2.tech ts2.tech [45] [46] ts2.tech ts2.tech ts2.tech ts2.tech ts2.tech ts2.tech ts2.tech ts2.tech ts2.tech ts2.tech ts2.tech ts2.tech ts2.tech; Tom’s Hardware [47] [48]; MobileWorldLive [49] [50] [51] [52]; Insurance Journal (Bloomberg) [53] [54].
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