Plus: SK Hynix plans to invest about $38 billion to expand chip production. And video game company Take Two reports loss despite higher revenue. Imani Moise hosts.
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[00:00:01] Here's your Morning TNB Tech Minute for Friday, August 7th. I'm Imani Moise for The Wall Street Journal. A New Mexico judge has ordered Meta platforms to pay more than $900 million and limit the time young people in the state can spend on its apps, significantly increasing the cost of the landmark child safety verdict against the company.
[00:00:21] The judge said yesterday that Meta must create a new $567 million abatement fund in addition to paying $375 million in civil penalties a jury previously ordered. The Facebook and Instagram parent must also enact certain safety features, including hiding the number of likes on their photos by default and disclosing the risks of its platforms to users. Meta said it disagreed with the ruling and planned to appeal.
[00:00:47] Meta is facing thousands of lawsuits that alleged the company gave priority to growth over the safety of its underage users. SK Hynix plans to invest about $38 billion to expand semiconductor production capacity in South Korea as it seeks to ramp up output to meet growing demand fueled by the AI boom. The world's second largest memory chip maker said today its board approved investments for two new fabrication facilities.
[00:01:12] The Nvidia supplier plans to invest the equivalent of nearly $500 billion in the locations under a longer term plan. And Take-Two Interactive software recorded higher sales in its fiscal first quarter, but losses widened due to discontinued development of an unnamed title in its pipeline. The video game company posted a loss of $34.1 million. Recurrent customer spending was down 1% due to a 7% decline in mobile spending.
[00:01:41] Some of the biggest contributors to bookings and sales were NBA 2K and the Grand Theft Auto series. The company is set to launch Grand Theft Auto 6 on November 19th. And that's your TNB Tech Minute. We'll be back this afternoon with more. the company has a better launch for a long-term time over. The company has a better launch for a long-term time over. The company has got a better launch for the book.