Meta, Google, and TikTok sue California over youth social media law (META:NASDAQ)

The UK Competition Appeal Tribunal has asked Meta to disclose costs related to a £3.1 billion collective action lawsuit. The class representative claims Meta's £71.5 million disclosure bill could jeopardize the case, according to Gormsen.

Google is being sued by the parents of a 13-year-old girl who used its Gemini AI chatbot on a school Chromebook to plan a suicide attempt. The lawsuit claims Google failed to warn of the AI's dangers and pushed its products on students. Google says it works with experts to provide support and is reviewing the claims. The company will turn off Gemini by default for student accounts.

Google, Meta, and TikTok sued California to block a law restricting addictive features on youth-focused social media platforms. The companies argue the law violates free speech and Section 230 of the Communications Defense Act. Meta previously settled with US states for $18 billion over privacy concerns.

Meta acquired AI coding startup Conductor to enhance its AI developer products. The deal, confirmed by Conductor's CEO, aims to attract and retain developers. According to Axios, this acquisition aligns with a broader trend of AI companies buying startups to build platform-specific tools. Anthropic's Claude Code generated over $2.5B in annualized revenue by February, and the company acquired Stainless in May.

Meta (META) warns U.S. midterm elections may hinder data-center construction, a key part of its AI expansion. Opposition to data centers contributed to Democratic wins, with Texas governor-elect calling for a pause on new approvals. Needham suggests tighter regulation could benefit established hyperscalers like Meta, Amazon, and Google by slowing supply growth. Investors added value to major hyperscalers post-election, anticipating slower construction.

Meta (META) and Sandisk (SNDK) announced their first-ever stock splits within eight days, aiming to make shares more accessible to retail investors. Meta's split involves a new share class, while Sandisk's is an eight-for-one split. Both companies are linked to AI, adding to market sentiment. Meta's split takes effect January 19, and Sandisk's on November 19.