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00:00All right, now let's break down what's happening in the U.S. stock market.
00:03And behind me is the Standard & Poor's 500 index stocks categorized by sectors and industries.
00:09And size represents market cap.
00:11And there's a lot of mixed green and red over here.
00:13And green means gains and red means losses.
00:16And we will start with some of the magnificent seven or the tech giants, which is NVIDIA.
00:21NVIDIA shows a green color here.
00:23It was upped by 1.67% and the current stock price is 137.38%.
00:29But China's biggest technology companies have begun to process of switching to homegrown chips as they can contend with a dwindling stockpile of NVIDIA processors and tightening United States export controls, which is reported by the Financial Times on Thursday.
00:44And Alibaba, Tencent and Baidu are among those starting to test alternative semiconductors to meet growing domestic demand for the AI.
00:52This is according to the report as well, which is citing industry executives.
00:56And that's on NVIDIA.
00:57Moving on to Google.
00:59We can show that Google, wait, Google.
01:01It was, it shows a red color over here, which was downed a little by 1.58%.
01:07And the current stock price is 169.03%.
01:10But the latest update on Google, Google agreed to spend $500 million over 10 years to overhaul its compliance structure to settle shareholder litigation,
01:20accusing the search engine company of antitrust violations, settlement papers show.
01:25And the preliminary settlement of so-called derivative litigation against officials at Google Parent Alphabet,
01:31which includes Chief Executive Sundar Pichai and Google co-founders, was filed late on Friday.
01:37And the changes include creating a standalone board committee to oversee risk and compliance.
01:43Previously, the responsibility of the Alphabet Board's audit and compliance committee.
01:48And that's on Google.
01:49And moving on to Microsoft.
01:51Microsoft shows green color as well, which was up or increased by 0.35%.
01:57And the current stock price is 461.97.
02:00But on Microsoft, it would invest $400 million in Switzerland, the companies, on Monday,
02:06with the money going towards developing its cloud computing and artificial intelligence infrastructure.
02:12And the Aztec company announced the investment at a meeting of Swiss economy minister Guy Parlymen
02:17and its vice chair Brad Smith in Bern.
02:20Microsoft, which employs 1,000 people in Switzerland, did not give details on how many jobs the investment would create.
02:27And the money will be used to expand and upgrade its four data centers near Geneva and Zurich,
02:32responding to increased demand for AI and cloud computing services in Switzerland.
02:37And the expansion will serve existing and new customers and allow data to remain within Swiss borders,
02:43an important requirement for sectors like healthcare, finance and also government.
02:47And Microsoft will also expand its partnership work with small and medium-sized companies
02:52and step-up training efforts to help people use AI and digital tools.
02:58And that's from Microsoft.
02:59Meanwhile, Apple, as I can show over here, it shows green color as well, but it was up by 0.42%.
03:07And the current stock price is 201.71.
03:10But Apple has submitted a legal challenge to an EU order to open up its closed ecosystem to rivals such as Meta
03:17and also Alphabet's Google, saying the demands are unreasonable and hamper innovation.
03:22And the European Commission had in March detailed how Apple must comply with the Digital Markets Act,
03:27which aims to reign in the power of big tech.
03:30And Apple said the EU's interoperability requirements create a process that is unreasonable, costly and stifles innovation,
03:38where Meta, Google, Spotify and Garmin are among companies that have requested to Apple users NVIDIA.
03:47All right, moving on to next update, we have the Stories of the Week by World Economic Forum.
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