Business
Google is currently on trial in Washington, facing the biggest antitrust case against a tech company since Microsoft’s trial in 1998. The Department of Justice, in its opening statement, alleges that Google has unlawfully attempted to maintain its monopoly in internet search, holding a 90% market share. The department questions whether Google will ever face true competition. It accuses Google of making deals with internet and phone companies to prominently display its search engine. Google denies any wrongdoing and argues that forcing people to use inferior products does not qualify as competition. The trial is expected to last for ten weeks.
Apple has introduced the iPhone 15. This new device replaces Apple’s Lightning connector with USB-C, a change mandated by the European Union, which has ruled that all phones must use the standard port. Users who purchase the iPhone 15 will need to replace their Lightning accessories, such as speaker docks, but the new phone will be compatible with a wider range of devices using USB-C.
Arm has priced its IPO at $51 per share, which is the top end of its price range, just before its debut on the Nasdaq exchange. The highly anticipated share offering of the British chip designer was heavily oversubscribed. Meanwhile, Instacart has announced its intention to price its shares in another eagerly awaited tech IPO within the range of $26 to $28. The online-groceries firm aims for a valuation of $9.3bn, significantly lower than the $39bn it was valued at in 2021.
2023-09-14 06:55:18
Original from www.economist.com
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