US House Panel Subpoenas Alphabet Over Content Moderation Communications

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The U.S. House Judiciary Committee subpoenaed Alphabet (GOOGL.O) on Thursday, demanding the tech giant provide communications with the Biden administration regarding content moderation policies. This subpoena, led by House Judiciary Committee Chairman Jim Jordan, a Republican, also includes requests for similar communications with external entities, such as companies and groups outside of the government.

The subpoena focuses on communications about the moderation or potential banning of content related to various conservative topics, including discussions about President Donald Trump, Tesla CEO Elon Musk, COVID-19, and other conservative issues. This move follows heightened scrutiny of Big Tech by Republicans, who argue that these platforms suppress conservative viewpoints through their moderation policies.

In the past, the Trump administration and members of Congress have criticized Big Tech for allegedly silencing conservative voices online. U.S. Federal Trade Commission Chairman Andrew Ferguson has warned that companies that coordinated moderation efforts or misled users about their policies might be violating the law.

Last year, under similar scrutiny, Meta Platforms disclosed that it had faced pressure from the Biden administration to censor content, leading the company to scale back its content moderation policies. However, Jordan’s letter to Alphabet noted that the company had not yet disavowed any attempts by the Biden administration to censor speech, unlike Meta.

In response, Google spokesperson Jose Castaneda affirmed that Alphabet would continue to demonstrate to the committee how it enforces policies independently, emphasizing its commitment to free expression.

Marvell Shares Suffer Worst Day in 24 Years Amid Tepid AI Revenue Forecast

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Marvell Technology’s (MRVL.O) shares plunged by 19.8% on Thursday, marking their worst day in over two decades. The sharp decline follows a revenue forecast for the upcoming quarter that failed to meet investor expectations, reigniting concerns about cooling demand for AI infrastructure.

The stock closed at $72.28, reaching a four-month low of $71.65 earlier in the day. Investors had been looking to Marvell’s earnings, a key supplier of custom AI chips, for indications of sustained demand in the AI sector, which has driven significant market growth since the rise of ChatGPT in late 2022. However, Marvell’s forecast for the next quarter was only slightly above analyst expectations, falling short of the more substantial beat that investors were hoping for.

TD Cowen analyst Joshua Buchalter noted that investors were anticipating stronger revenue growth, given recent comments on capital expenditures from some of Marvell’s largest customers. With over 45 million shares traded, significantly more than the 50-day average of 14 million, the market responded nervously.

The decline in Marvell’s stock price also weighed on other chipmakers, including Broadcom, which saw its shares drop nearly 7%, and Nvidia, which slid by 5%. Marvell’s performance led to a $15 billion loss in market value, and its shares are down 18% this year after an 83% rise in 2024.

Marvell’s CEO, Matt Murphy, did highlight that the company had exceeded its fiscal 2025 AI revenue target and is optimistic about surpassing its projections for fiscal 2026. However, analysts attributed the weak forecast to a slowdown in demand for on-premise data center products, as Big Tech shifts spending towards AI chips, leaving Marvell’s core networking business, which focuses on ethernet cables and fiber channels, in a weaker position.

The semiconductor sector overall has faced pressure from tariffs imposed by the U.S. government, adding to investor concerns. Analysts from Melius Research noted that sentiment around AI semiconductor stocks is currently negative, and many brokerages have cut their price targets for Marvell following the results.

Samsung Seeks New North America Public Affairs Head with Trump Administration Ties

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Samsung Electronics (005930.KS) is reportedly searching for a new head of North American public affairs, following the anticipated resignation of Mark Lippert, who currently holds the position. According to the South Korean newspaper DongA Ilbo, the company is seeking a successor with connections to U.S. President Donald Trump’s administration and the Republican Party.

Lippert, who served as the U.S. ambassador to South Korea under the Obama administration, was hired by Samsung in 2022 during President Joe Biden’s tenure. However, the company is now looking to replace him with someone aligned with the current political climate in the United States.

A spokesperson for Samsung declined to comment on the speculation, and Lippert has yet to respond to a Reuters request for comment.