TikTok cooperates closely with EU probe into Romania election interference

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TikTok is being “extremely cooperative” with the European Commission’s investigation into potential interference in Romania’s 2024 presidential election, a Commission spokesperson said. The probe focuses on whether the platform failed to adequately limit election-related risks under EU digital rules.

European Commission spokesperson Thomas Regnier said TikTok had engaged constructively with regulators and had already implemented several measures. He added that the Commission welcomes cooperation from platforms and is open to dialogue when companies show willingness to comply.

The investigation was formally launched in December 2024, when the European Commission opened proceedings over concerns that TikTok may not have done enough to curb election interference during the Romanian vote. The case forms part of broader EU scrutiny of how social media platforms handle political content and safeguard democratic processes.

AMD falls as dour forecast shows cracks in AI trade

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Shares of Advanced Micro Devices slid after the chipmaker issued a cautious quarterly sales outlook, reviving investor concerns about its ability to challenge AI leader Nvidia. AMD forecast first-quarter revenue of about $9.8 billion, slightly above expectations but down from the prior quarter, signaling uneven momentum in its AI-driven growth.

The reaction came amid broader market anxiety over artificial intelligence spending, as investors question whether massive outlays are translating into near-term productivity gains. While AMD benefited from a late boost in China-bound AI chip sales, analysts noted that without those deliveries its data center results would have fallen short.

AMD executives said demand for next-generation AI servers should accelerate in the second half of the year, including shipments to OpenAI. Still, the muted outlook contrasted sharply with upbeat signals from AI server makers, highlighting growing scrutiny over which companies can turn AI demand into sustained earnings growth.

US senators unveil bill to curb scam ads on social media platforms

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Two U.S. senators have introduced bipartisan legislation aimed at forcing social media platforms to take greater responsibility for fraudulent advertising. Senators Ruben Gallego and Bernie Moreno said the proposed Safeguarding Consumers from Advertising Misconduct Act, or SCAM Act, would require platforms to take “reasonable steps” to prevent scam ads or face enforcement by the Federal Trade Commission and state attorneys general.

The bill would mandate verification of advertisers’ identities or the legal existence of businesses, and require platforms to quickly review and act on reports of fraudulent ads. Supporters say social media companies have become a major conduit for online scams by relaxing advertiser checks to protect ad revenues.

The proposal follows a Reuters investigation that cited internal documents at Meta Platforms estimating that scam and illicit ads could account for a significant share of revenue. Meta has disputed those figures and said it actively combats fraud. The legislation is backed by the American Bankers Association and consumer groups such as AARP, and would allow state authorities to bring civil action against non-compliant platforms.