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The US Justice Department accuses TikTok of gathering user data on sensitive topics like abortion and gun control, transferring it to ByteDance in China. Concerns arise over China potentially manipulating content to disrupt US democracy. The government deems TikTok's security measures insufficient and insists a ban wouldn't violate free speech. TikTok's internal tools allegedly allow data gathering on controversial subjects, with lawmakers also expressing worries about anti-Israel content. A looming law could prompt a TikTok ban if ties with ByteDance aren't severed, leading to a potential Supreme Court battle.

Alphabet's second-quarter earnings report showcased the company's significant investments in AI and their positive impact on Google's search, Cloud, and YouTube platforms. The company's stock has risen by 24% in the last six months, indicating investor confidence in Alphabet's AI-driven strategies. Analysts predict that Alphabet's search revenue will reach $197 billion this year and $217 billion by 2025, fueled by the AI chatbot Gemini. YouTube revenue is expected to grow to $37 billion in 2024 and $43 billion in 2025. The company's robust growth in the Cloud sector is projected to continue at a rate of 28%, largely due to the adoption of generative AI technology. Furthermore, Alphabet plans to initiate a $70 billion buyback and introduce its first-ever dividend following a strong first-quarter performance. The company's CEO, Sundar Pichai, has overseen a remarkable growth of $1.8 trillion in value since 2015. However, despite these accomplishments, Alphabet reported losses due to its heavy AI investments, spending $2.2 billion on model development. Nonetheless, the company's stock is up 30% year-to-date, outperforming major competitors like Microsoft and Amazon.

Israeli cloud security company, Wiz, declined Google's $23 billion acquisition proposal, opting for an IPO and aiming to achieve $1 billion in annual recurring revenue. The decision marks the rejection of what would have been the most expensive acquisition of an Israeli firm, potentially generating $2.5 billion in tax revenue for the state. Despite the substantial premium over Wiz's previous valuation of $12 billion, the management, supported by investors, chose independence. Google's failed acquisition plan aimed to enhance its cloud-computing division, competing with Microsoft, but regulatory challenges halted the deal. The rejection signifies Wiz's commitment to growth and self-sufficiency, outlined in CEO Assaf Rappaport's communication to the company's 1,200 employees worldwide.