Nepal second flood warnings | Dolly Parton dies | Meta to pay $18bn | Robot revolution?

Meta Platforms (META) is in settlement talks with states over a lawsuit alleging Facebook and Instagram were designed to be addictive to children. The trial involves 29 states accusing Meta of violating consumer protection and children's privacy laws. Meta denies the claims, stating social media addiction is not a recognized disorder. META shares closed at $570.05 on Tuesday, up 1.97%.

Sandhya Devanathan, Meta's VP for India and Southeast Asia, is joining OpenAI as its senior leader for Southeast Asia and Australia. She will oversee consumer growth, enterprise adoption, partnerships, and regulatory engagement. Devanathan's experience in navigating local markets and regulations is seen as valuable for OpenAI's expansion in the region, which includes over 600 million people with diverse markets and regulatory environments. OpenAI has also recently hired other regional executives

U.S. and Iran tensions persist, with Strait of Hormuz partially closed, yet oil prices remain below feared levels. U.S.-Canada trade tensions escalate, impacting $20B in goods. Nvidia's strong earnings and AI investments boost its stock, while Meta settles lawsuits for $18B. Fed's PCE inflation data exceeds expectations, raising bond yields ahead of Jackson Hole symposium.

Google acquired Spirit Airlines' data for $10M to train AI models. OpenAI enabled ChatGPT to interact with iMessages. Nvidia agreed to buy Hugging Face for $12.9B. Meta settled a social media addiction case for up to $18B. Boston Scientific faced a cyberattack, causing its shares to drop 5.9%. Several executive appointments and IPOs were announced.

Meta agreed to pay up to $18 billion to settle a trial over social media addiction and will implement child-safety measures on its platforms. Nvidia reported strong quarterly earnings, pleasing Wall Street. The EPA plans to eliminate a requirement for public feedback on air pollution permits for data centers.

Meta (FB) announced new restrictions on teen usage of its platforms (Instagram, Facebook, WhatsApp) as part of an $18bn settlement with US states over social media's effects on children. Measures include daily time limits, hidden likes, and muted notifications. Parents and teens express mixed views on the changes.