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November 6: California’s Social Media Law and the AI Stock Sell-Off
California’s social media law
Google, Meta and TikTok have filed separate lawsuits seeking to block California’s law protecting children under sixteen from harmful social media features. The law targets features including endless scrolling and addictive feeds, and is scheduled to take effect on January first, 2027. The companies are asking courts to stop it before then.
In the markets
A sharp U.S. stock sell-off has carried into Asian technology shares. On Thursday, November fifth, the Dow Jones Industrial Average fell 1,833 points in the worst U.S. trading session in more than a year. The Nasdaq Composite entered correction territory as AI and semiconductor stocks led the losses, wiping out Wednesday’s rally.
Investors were concerned about returns on AI investment and data center spending. In Asian trading, concerns about U.S. data center expansion and AI regulation continued to weigh on technology stocks.
Russia sanctions
Indian ship captain Ajay Pant has been jailed in the United Kingdom over Russia sanctions. British soldiers seized his vessel in international waters. The ship has been described as an alleged shadow tanker.
A possible PFAS alternative
Engineers at Washington University in St. Louis have developed a water-repellent coating from plant waste and fatty acids. Researchers say the material, called SLIP, broke down into harmless organic matter in tests using wood-degrading fungus.
A collaborating Texas A&M team estimates that replacing PFAS in waterproofing with the coating could avoid up to $1.1 billion in annual health and environmental damage. It is not a replacement for every PFAS use. Researchers are still working on oil resistance, fire resistance and scaling up production.
Paraguay’s banking scandal
Thousands of people have protested in Paraguay over a banking scandal that has left nearly half the population unable to access their savings. Demonstrators are demanding President Santiago Peña’s impeachment, despite his offer to resign.
Trump’s Washington arch
A federal judge has blocked construction of President Donald Trump’s arch in Washington, D.C. The ruling came as a panel of Trump appointees gave the project final approval.
Strikes in Ukraine
Ukrainian authorities said a man was killed Friday morning in an attack on the Rivne region. Three other people were reportedly injured in overnight strikes on the Kyiv region. Separately, a fire was reported at Russia’s Afipsky oil refinery.
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