In addition to fining Facebook $5 billion for violating a 2011 privacy settlement, the Federal Trade Commission ordered Facebook to create an independent privacy committee on its board and appoint compliance officers and an outside assessor to oversee how data is handled. Further, chief executive Mark Zuckerberg and other Facebook executives must submit to regular privacy audits. The FTC commissioners approved the measures in a 3-2 vote; the fine is the largest ever levied by the federal government against a tech company. Read more

The Securities and Exchange Commission fined Facebook $100 million to settle a case related to Cambridge Analytica, which in 2014-2015 collected Facebook data — including names, genders, locations, birthdays and “page likes” — of about 30 million Americans to create “personality scores” and ultimately use it for Donald Trump’s presidential election campaign. When Facebook discovered this misuse of data in 2015, it didn’t reveal what had happened for two years, during which time it presented the issue of data misuse as hypothetical. Read more

The impact of social media and the Internet on today’s political arena is undeniable, but how will the emerging world of deep fakes, virtual influencers and augmented technologies tip the scales in 2020? During an AWE Nite LA meetup this week at the Phase Two co-working space in Los Angeles, the ETC’s Phil Lelyveld moderated a panel on the impact of emerging technologies on the 2020 presidential election. Panelists included machine learning expert Stanley Bishop, journalism professor Robert Hernandez, filmmaker and Artie founder Armando Kirwin, and bot creator Sally Slade. Read more

According to sources, Apple is far along in talks to purchase Intel’s smartphone-modem chip business, a deal valued at $1+ billion. If successfully concluded, the deal would give Apple the means to produce its own chips and Intel’s expertise in 5G modem chips. Apple has long sought to be able to provide its own chips, hiring engineers, including some from Intel, in order to differentiate its phones in a market that has plateaued. Intel would like to sell its smartphone business that has been losing about $1 billion each year. Read more

With Sam Altman as chief executive, OpenAI, the nonprofit artificial intelligence lab he founded with Elon Musk, has become a for-profit company pursuing investments. In fact, Altman, who stepped down as head of Y Combinator, just inked an impressive $1 billion contract with Microsoft. With Microsoft as a marquee investor, OpenAI will now pursue its lofty goal of creating artificial general intelligence (AGI), a system that can mimic the human brain. Alphabet’s DeepMind lab is also pursuing the creation of AGI. Read more