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Syrian President Bashar al-Assad has resigned and fled the country as rebel forces successfully seized Damascus, marking a significant shift in the ongoing conflict. Meanwhile, South Korean prosecutors have launched an investigation into President Yoon Suk Yeol for treason and abuse of power following a failed coup. In other news, the EU has finalized a major trade deal with four South American nations, and a US appeals court has upheld a law that could force TikTok's owner, ByteDance, to sell the platform or face a ban next year.
Syria's President Bashar Al-Assad has fled to Russia, marking the end of 50 years of his family's rule as rebel forces advance towards Damascus. Meanwhile, South Korea's President Yoon Seok Yeol survived an impeachment vote, and a U.S. court upheld a law requiring TikTok's sale. Despite geopolitical turmoil, U.S. markets reached new records, with traders anticipating a Federal Reserve rate cut that could boost market performance.
Meta shares surged 2.4% to a record high following a federal appeals court ruling that could lead to a U.S. ban on TikTok unless ByteDance divests the app. The company has seen a 77% increase this year, bolstered by a focus on AI advancements and a significant reduction in workforce. Meanwhile, TikTok plans to appeal the ruling, asserting it violates users' First Amendment rights.
A federal appeals court upheld the PAFACA Act, allowing for a potential TikTok ban in the U.S. due to national security concerns. TikTok's lawsuit claimed the law infringes on free speech, but the court ruled it does not suppress content, leaving the app's future uncertain as it may appeal to the Supreme Court. The Biden administration could extend the deadline, placing the decision in the hands of President-elect Trump.
The Biden administration is set to announce new restrictions on China's access to advanced chips, targeting around 200 Chinese firms and potentially sanctioning companies involved in semiconductor production. These measures aim to hinder China's AI development, particularly by limiting access to high-bandwidth memory (HBM) chips. Despite ongoing US sanctions, Huawei has reportedly made progress in chip development, raising concerns in Washington about China's advancements in semiconductor technology.
Former national security adviser H.R. McMaster criticized Trump’s potential cabinet picks, particularly Sebastian Gorka, and expressed concern over some Republicans echoing Putin's rhetoric. While some Democrats support Marco Rubio for Secretary of State, others remain skeptical of Trump’s choices, including Tulsi Gabbard for Director of National Intelligence, citing her alleged ties to Russia. Senator Tammy Duckworth deemed Pete Hegseth unqualified for Secretary of Defense, emphasizing the need for experienced leadership in the military.
The US Treasury Department is set to impose new restrictions on investments in Chinese AI startups starting January, aimed at safeguarding national security. These measures will prohibit funding for companies developing technology for military use and set a threshold of 10^25 flops for other AI models, complicating due diligence for US investors. As tensions rise, the incoming Trump administration may further tighten these rules, potentially impacting the broader landscape of US-China tech investments.
ByteDance Ltd., the parent company of TikTok, has set its self-valuation at approximately $300 billion, marking one of the highest valuations for the Chinese tech giant. This comes amid ongoing challenges to keep the popular app operational in the US, where a federal law mandates that TikTok must be sold to an American owner by mid-January to avoid a ban.
Amazon faced scrutiny from the House China committee regarding its partnership with TikTok, which allows users to make purchases directly through the app. Lawmakers expressed concerns about the national security risks posed by TikTok, owned by China's ByteDance. Meanwhile, TikTok's future in the U.S. remains uncertain, with a law requiring ByteDance to divest by January 19, 2024, or face a ban.
TikTok employees exhibit indifference towards the potential impact of the US elections on the app, focusing instead on product development despite ongoing discussions about a possible ban. Many believe their job security is not immediately threatened, as legal battles over the ban could extend for years. The bipartisan support for the Protecting Americans from Foreign Adversary Controlled Applications Act complicates any potential reversal of the ban, leaving employees uncertain about the future.
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Syrian Rebels Overthrow Assad as South Korean President Faces Treason Investigation
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