 The global chip shortage is expected to persist into the second half of 2022 and likely beyond, according to a report by the U.S. Commerce Department. The report contains 150 responses from most major chip producers and companies that rely on semiconductors. More: - In 2021, demand for chips was up 17% compared to 2019, according to the report.
- Companies that buy semiconductors had fewer than five days of inventory compared to 40 days two years ago.
- Broadband companies, carmakers, and medical device producers are particularly hard-hit by the shortage.
- Commerce Secretary Gina Raimondo said U.S. officials will investigate claims of potential price gouging for auto and medical device chips.
- For now, companies are "best positioned" to address the challenges by optimizing their designs, boosting production, and limiting the impact on their supply chains, according to officials.
- The White House still urged Congress to pass the stalled CHIPs act that would earmark up to $52B for domestic semiconductor manufacturing.
TECHXPLORE 
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 Diem co-creator David Marcus Meta-backed cryptocurrency Diem, formerly known as Libra, is coming to an end, according to Bloomberg sources. The Diem Association wants to sell its assets as it seeks to return capital to investor members. More: - Diem, announced in 2019, has been delayed and scaled back following strong opposition from regulators concerned about privacy and monetary sovereignty.
- In 2019, Mark Zuckerberg and former Libra head David Marcus testified separately before the House Financial Services Committee, prompting several partners to drop out of the project.
- The coin venture is now owned by Meta, association members, and partners including Uber, Shopify, and Coinbase Global.
- The association had arranged a deal with Silvergate Capital Corp. to issue Diem but faced resistance from the U.S. Federal Reserve, which dealt the "final blow."
- In November, Marcus left the company, replaced by former Upwork CEO Stephane Kasriel.
BLOOMBERG
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 Amazon has shut down its "ambassador" program that paid warehouse workers to tweet positive statements about the company, the Financial Times reports. According to sources, Amazon senior executives believed the program had "poor reach." It also faced ridicule in news reports over the years. More: - The company began hiring Amazon "FC Ambassadors" in 2018.
- At the time, Amazon said it was seeking to educate people about the environment within its fulfillment centers amid negative coverage about working conditions.
- But the tweets drew backlash for appearing "robotic," sparking parody accounts on Twitter.
- Amazon shelved the program late last year and has shifted to promoting live virtual tours of its warehouses.
THE FINANCIAL TIMES
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 The International Monetary Fund (IMF) has recommended that El Salvador remove Bitcoin's status as legal tender due to financial stability and consumer protection risks. In September, El Salvador became the first country in the world to allow consumers to use bitcoin in all transactions alongside the U.S. dollar. More: - El Salvador's plans to acquire a $1.3B loan from the IMF have been stymied due to the agency's concerns.
- The country's president, Nayib Bukele, is a strong proponent of the cryptocurrency.
- He has added hundreds of Bitcoin to the country's coffers and planned to raise $1B via a “Bitcoin Bond” in partnership with Blockstream.
- However, IMF directors expressed concerns about the risks of issuing bitcoin-backed bonds.
- Bitcoin is down ~50% since its record high in November. On Friday, Bukele tweeted that he has purchased 410 Bitcoin for "only" $15M amid the drop in the crypto market.
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A top European court has overturned a €1.06B ($1.43B) antitrust fine against Intel. In 2009, the EU's executive arm handed out the fine, saying that Intel abused its market dominance to squeeze out AMD. More: - Intel was accused of employing a rebate strategy to exclude AMD through its “x86 2” data center processors.
- On Wednesday, the EU's General Court rejected the fine, saying a previous economic analysis was "incomplete."
- The European Commission, which originally issued the fine, did not legally show that the rebate scheme employed by Intel had anticompetitive effects, the General Court found.
- The rejection is viewed as a blow to the Commission, the EU's top antitrust regulator, as it seeks to clamp down on tech companies that violate competition policy rules.
- The Commission needs to assess the ruling and could potentially appeal, according to EU Executive Vice President Margrethe Vestager.
THE ASSOCIATED PRESS
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Walmart's Hazel fintech venture announced plans to acquire smaller fintech platforms Even and ONE. Financial terms were not disclosed. The acquisitions will further Hazel's plans to build an all-in-one "super app" for consumers to manage their money. More: - Hazel, an independent fintech startup, was launched last year in partnership with Walmart and investment firm Ribbit Capital.
- The company will acquire Even Responsible Finance, a platform for employers to deliver paychecks early, which counts Walmart as a customer.
- It will also merge with ONE Finance, a financial-services mobile app that enables people to apply for lower-fee debit cards and manage their money.
- Once the deal closes, the combined business will operate under the ONE name and have 200+ employees and $250M+ in cash.
- The strategy is to develop a "financial services super app," according to former Goldman Sachs executive Omer Ismail, who will lead the effort.
THE WALL STREET JOURNAL
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- A piece of a SpaceX Falcon 9 rocket is expected to crash into the moon in early March. The second stage has been floating in space since its 2015 launch.
- The Federal Trade Commission has filed a lawsuit to block Lockheed Martin from acquiring rocket engine company Aerojet Rocketdyne.
- The SAT test will be administered completely online starting in 2024, according to the NY Times.
- Former President Donald Trump's upcoming social media site will use cloud AI software developed by tech company Hive to moderate its posts.
- The bHaptics TactGlove will be available for Meta's Quest 2 VR headset this year. The haptic glove contains sensor technology that allows users to "feel" in the virtual world.
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 |  | Beth is an Inside Analyst and a former public policy/investigative reporter. She has covered AI, VR, technology, and e-commerce for Inside. When she's not busy writing, she's hiking in Arizona's desert, playing pickleball, or trying out new Mexican food recipes. |   | | Editor | Eduardo Garcia is a writer and editor based in New York. He is writing an illustrated book about climate change that will be published by Ten Speed Press, an imprint of Penguin Random House. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
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