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Intel Wins Lawsuit Over Foundry Losses, $32 Billion Market Drop

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Intel has successfully defended itself against a shareholder lawsuit that accused the company of fraudulently hiding issues within its foundry business, which led to significant financial losses and a $32 billion drop in market value in a single day. The lawsuit stemmed from Intel’s failure to immediately disclose a $7 billion operating loss in its foundry business for the fiscal year 2023, which wasn’t revealed until April 2024.

U.S. District Judge Trina Thompson, in a decision made public on Tuesday, dismissed the claims, ruling that shareholders had incorrectly linked the $7 billion loss to Intel’s Foundry Services business. The judge further noted that statements made by former CEO Patrick Gelsinger regarding the company’s “significant traction” and “growing demand” for its foundry services were not misleading, as they referred to specific customers, not the overall revenue, which had been declining.

The lawsuit had accused Intel of inflating its stock price from January 25 to August 1, 2024, during which time the company posted a quarterly loss of $1.61 billion, announced layoffs of more than 15,000 employees, and suspended its dividend to save $10 billion in 2025. As a result, Intel’s stock price dropped by 26% the following day, causing a loss of $32 billion in market capitalization.

The Santa Clara-based company, which has faced growing competition from chipmakers like Nvidia, AMD, Samsung, and TSMC, has struggled to capitalize on the artificial intelligence boom. Intel ousted Gelsinger as CEO in December.

The case, titled In re Intel Corp Securities Litigation, was filed in the U.S. District Court for the Northern District of California.

Google Reports 250 Complaints Over AI-Generated Deepfake Terrorism Content to Australian Regulator

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Google has informed Australian regulators that it received over 250 complaints globally between April 2023 and February 2024, indicating that its AI technology, specifically the Gemini model, was being used to create deepfake terrorism content. Additionally, the company reported dozens of complaints regarding the use of Gemini to generate child abuse material, according to the Australian eSafety Commission.

Under Australian law, tech companies are required to periodically report their harm minimization efforts to the eSafety Commission, or risk facing fines. This reporting period marks the first disclosure of such data, which regulators have described as a “world-first insight” into how AI is being exploited for harmful and illegal purposes.

The Australian eSafety Commission emphasized the importance of companies developing AI products to implement safeguards to prevent the generation of harmful material. eSafety Commissioner Julie Inman Grant stated that the findings highlight the critical need for effective protective measures.

According to Google’s report, it received 258 user complaints about AI-generated deepfake terrorist or extremist content created with Gemini, along with 86 reports concerning AI-generated child exploitation or abuse material. However, the company did not specify how many of these complaints were verified.

A Google spokesperson confirmed that the company does not allow the generation or distribution of illegal content, including material related to terrorism, child exploitation, or other abuses. Google also noted that the number of reports provided to eSafety represents the total global volume of complaints, not confirmed policy violations.

While Google uses a system called “hatch-matching” to identify and remove child abuse content generated with Gemini, the company did not apply the same system to detect terrorist or extremist material. This lack of a similar safeguard for violent content has raised concerns among regulators.

The Australian eSafety Commission has previously fined Telegram and Twitter (now X) for their inadequate reporting practices, with X losing an appeal over a fine of A$610,500 ($382,000). Telegram is also preparing to challenge its fine.

Logitech Announces $2 Billion Share Buyback and Confirms 2025 Outlook

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Logitech International has revealed plans to repurchase $2 billion worth of shares over the next three years, including an additional $600 million to boost its existing buyback program. The company also confirmed its outlook for fiscal year 2025, forecasting sales growth of 5.4% to 6.4%, reaching $4.54 to $4.57 billion.

Logitech also projects fiscal year 2026 sales will range from $4.53 billion to $4.71 billion, marking potential growth of 1% to 3% in U.S. dollars. This follows a positive performance in the pre-holiday quarter, with the company raising its full-year forecast in January due to increased sales and profit.

During its investor day in San Jose, California, Logitech emphasized its goal of achieving long-term annual sales growth of 7% to 10%, with a non-GAAP gross margin above 40% and an operating margin between 15% and 18%. CEO Hanneke Faber highlighted the company’s market leadership in key categories and its plans to expand into new verticals, with AI playing a pivotal role in its strategy.

Following a pandemic-driven sales surge and subsequent slowdown, Logitech now aims to target new markets, such as education and healthcare, while continuing to serve its traditional base of consumers, gamers, and businesses. The company is also focusing on selling products directly to businesses, including items like a computer mouse with a button that connects users to AI platforms like ChatGPT.