Plus: California Gov. Gavin Newsom signs new laws to protect children online. And AI is boosting the U.K. economy. Julie Chang hosts.
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[00:00:01] Here's your afternoon TNB Tech Minute for Friday, September 11. I'm Julie Chang for The Wall Street Journal. We exclusively report that prediction markets platform Kalshi plans to seek approval for the US's first regulated perpetual futures tie to single stocks like Tesla, Apple, and Nvidia. The contracts, which are known as perps, let traders bet 24-7 and pile on leverage, making it riskier.
[00:00:27] Perpetual futures gained traction earlier this year amid oil trading driven by conflict in the Middle East. People familiar with the matter say Kalshi intends to offer around 60 perps linked to major ETFs and single stocks of firms valued at $100 billion or more. The largest US crypto exchange, Coinbase Global, has also filed paperwork that could help it offer single stock perps. California Governor Gavin Newsom signed 13 new laws yesterday aimed at protecting children online.
[00:00:57] The laws range from prohibiting social media platforms from showing, quote, addictive features to users younger than 16, such as autoplay, to regulations on AI chatbots and increased privacy protections. And AI is boosting the UK's economy. Gross domestic product there unexpectedly rose by 0.4% in July, beating economists' expectations of flat growth. And computer programming may have been the biggest contributor.
[00:01:27] According to the Office for National Statistics, within that sector, many of the businesses reporting the largest revenue growth were involved in activities related to AI and cloud computing. And that's it for your TNB Tech Minutes. Tune in tomorrow for a special bonus episode on how AI chatbots are being used for mental health support. Thank you.