Airbus takes no pleasure in the technical problems plaguing U.S. rival Boeing as they damage the image of the entire aerospace industry, said the CEO of the European planemaker. From a report: "I am not happy with the problems of my competitor. They are not good for the industry a whole," Guillaume Faury told the "Europe 2024" conference in Berlin, when asked about technical problems at Boeing. "We are in an industry where quality and safety is top priority," he added. Further reading: Airbus Is Pulling Ahead as Boeing's Troubles Mount.

A Boeing quality manager for more than 30 years "learned of and exposed very serious safety problems with the Boeing 787 Dreamliner," according to his lawyers, "and was retaliated against and subjected to a hostile work environment."

After retiring in 2017 he'd filed a whistleblower retaliation case, and "was in the middle of giving deposition testimony... when he died, his lawyers, Robert Turkewitz and Brian Knowles, told NPR." "He was in very good spirits and really looking forward to putting this phase of his life behind him and moving on," the South Carolina-based attorneys said in a joint statement. "We didn't see any indication he would take his own life. No one can believe it."

Police said officers were sent to the hotel to conduct a welfare check after people were unable to contact Barnett, who had traveled to Charleston to testify in his lawsuit against Boeing. "Upon their arrival, officers discovered a male inside a vehicle suffering from a gunshot wound to the head," police said in a statement sent to NPR. "He was pronounced deceased at the scene...."

Barnett, who spent decades working for Boeing at its plants in Everett, Washington, and North Charleston, South Carolina, had repeatedly alleged that Boeing's manufacturing practices had declined — and that rather than improve them, he added, managers had pressured workers not to document potential defects and problems.

"We are saddened by Mr. Barnett's passing, and our thoughts are with his family and friends," Boeing said in a statement sent to NPR....

Barnett filed a whistleblower complaint against Boeing in early 2017; his case against the company was heading toward a trial this June, his family said. "He was looking forward to having his day in court and hoped that it would force Boeing to change its culture," the family said in a statement shared with NPR by his brother, Rodney Barnett. The family says Barnett's health declined because of the stresses of taking a stand against his longtime employer.

"He was suffering from PTSD and anxiety attacks as a result of being subjected to the hostile work environment at Boeing," they said, "which we believe led to his death."
"Two of his attorneys called on police to fully investigate how he had died," reports the BBC.

And for what it's worth, the New York Post says Barnett "made a grim prediction that he could potentially end up dead after raising safety concerns about the jetliner giant, allegedly telling a family friend: 'If anything happens, it's not suicide.'"

UPDATE: Fortune just published an article called "The last days of the Boeing whistleblower."

Thanks to Slashdot readers wgoodman and sinij for sharing the article.

A Boeing 737-800 "was discovered to be missing an external panel" on the bottom of its fuselage, reports CNN, "after it landed in Medford, Oregon, Friday afternoon after taking off from San Francisco."

They stress that it's not a 737 Max, but the previous generation of Boeing aircraft. The plane carrying 145 passengers and crew landed safely and was parked at the gate at Rogue Valley International Medford Airport when a person on the ground first noticed the panel was missing, United Airlines said in a statement. The crew of Flight 433 did not declare an emergency and there was no indication of the damage during the flight, the airline said...

United said the missing panel did not affect the flying characteristics of the airplane...

Rogue Valley International-Medford Airport Director Amber Judd indicated to the Rogue Valley Times the aircraft is not in condition to fly and "will be here for a while." Judd added it is unclear where the missing panel is.

"They don't know where they lost it," Judd told the RV Times.
"The Federal Aviation Administration said it will investigate the incident."

Yahoo Finance notes that shares of Boeing "have declined over 30% in 2024."

Two top executives from the crypto exchange Binance have been arrested in Nigeria for allegedly destabilizing the national currency. Quartz reports: According to a Wall Street Journal report, Tigran Gambaryan, head of financial-crime compliance at Binance who previously worked at the U.S. Internal Revenue Service (IRS), and Nadeem Anjarwalla, a British-Kenyan national and Binance's regional manager for Africa, have been held against their will for the past two weeks in the country. As per reports, Nigerian government officials invited Binance executives to discuss an ongoing dispute about the world's largest crypto exchange allegedly driving down the value of their national currency. Gambaryan and Anjarwalla arrived in Nigeria on February 25th; after their meeting with government officials, both were taken to their hotels. Later, they were instructed to pack their belongings and move to a guesthouse run by Nigeria's National Security Agency, as stated by their families, per reports.

The Nigerian government has accused Binance of exacerbating the country's foreign exchange challenges through rate manipulation for profit. The authorities have also accused the crypto exchange of illegal operations and have restricted access to the company's website. There are also reports that Nigeria sought a $10 billion penalty from Binance for processing around $26 billion in untraceable funds in the country. [...] The reason why and how Nigeria's economic crisis is linked with Binance is yet to be found out. Binance is hoping to resolve the matter soon, according to CoinDesk. The report notes that Nigeria is experiencing its worst economic crisis in recent years due to inflation and the devaluation of their currency, the naira.

An article in Inc notes a "wild projection" in Reddit's SEC filing that Reddit's global market opportunity by 2027 is $1.4 trillion." Some of the numbers lead back to a single individual: Sam Altman. The co-founder and chief executive of ChatGPT-maker OpenAI owns an 8.7 percent stake in Reddit, more than its co-founder and CEO, Steve Huffman, who owns 3.3 percent... Altman, through various funds and holding companies he owns or manages, controls more than a million shares of Reddit at $60 million in aggregate purchase price — and holds more than 9 percent of voting rights...

Discussing Reddit's future, financial analyst and journalist Herb Greenberg recently told CNBC, "This is an AI play."
But the senior investing editor for Kiplinger.com argues that retail investors "may want to hold tight before rushing out to buy the Reddit IPO." While IPO stocks tend to have strong first-day showings, returns for the first year are generally weak, says the team of analysts at Trivariate Research, a market research firm based in New York. And since 2020, "the average IPO has lagged its industry average by 30% over the subsequent three years following its first closing price..."

Other commenters have noted that Reddit's allotment of shares to select Redditors could lower demand on the first day of trading, which would work against any IPO pop.
"Over the past few years, there have been a bunch of IPOs in the U.S. in which overhyped names enjoyed flashy stock-market debuts only to drop sharply soon after," notes the Street. Notable examples include Coinbase, which plummeted by almost 90% after its debut, Robinhood, still down 53% since its IPO, and Rivian, down over 91% since its debut. However, it's crucial to note that all of these IPOs occurred in 2021 amid market euphoria fueled by low interest rates, significant economic stimulus, and the lingering effects of the Covid-19 pandemic. Although the current macroeconomic landscape differs from three years ago, valuations of tech and growth stocks remain stretched.
Kiplingers.com concludes it "boils down to your own personal investing goals and risk tolerance. If you do decide to buy Reddit stock when it first begins trading, do so in a small amount that you can afford to lose."

But they also cite analysis from David Trainer, CEO of New Constructs, a research firm powered by artificial intelligence. "Reddit's IPO marks the return of the junk IPO," Trainer wrote in Forbes. "[The valuation] implies that Reddit will grow its user base to 26 times current levels, which would be nearly five times the size of [Snapchat-maker] Snap, and a highly unlikely feat. Reddit looks overvalued, and we think investors should pass on this IPO."

Trainer writes: [T]he company has never been profitable and should not be a publicly traded company... I think the company may never monetize its platform without angering its users and the entire premise of Reddit is user-generated content. This business model is inescapably built on a catch-22: make money or please users... Reddit looks overvalued, and I think investors should pass on this IPO.
Buyers and analysts told the site Marketing Brew "that they see the platform as nice-to-have, but that it is not an essential part of their media plans, like Meta or Google are." "They've always been solidly in the second or third tier of social networks," alongside Snap, Pinterest, and X, Brian Wieser, a former GroupM exec who's now author of the industry newsletter Madison and Wall, told Marketing Brew.
Yet Trainer notes that "98% of Reddit's revenue in 2023 came from third-party advertising on the site and 28% of all revenue came from ten customers," and "Reddit's cost of revenue, sales & marketing, general & administrative, and research & development costs were 117% of revenue in 2023."

Trainer concludes "Reddit is nowhere near breakeven. Reddit is an unprofitable social media company fighting for users."

Bloomberg adds that the subreddit r/WallStreetBets "has threatened to bet against the stock, with many people noting that the company still loses money two decades into its existence. (Reddit lost $90.8 million last year, down from $158.6 million the year before.)" Some have complained that the invitation to invest fails to make up for the unpaid labor they've invested making the site work... In 2021 the platform's WallStreetBets forum ignited a meme-stock frenzy, propelling skyward the stocks of nostalgic but struggling companies like GameStop Corp. and AMC Entertainment Holdings Inc. and sending shockwaves through the financial industry... When it goes public, the platform that invented meme stocks runs the risk of becoming one itself.

Reddit noted the possibility as a risk in its IPO filing. "Given the broad awareness and brand recognition of Reddit, including as a result of the popularity of r/wallstreetbets among retail investors," the company warned that its stock could "experience extreme volatility ... which could cause you to lose all or part of your investment if you are unable to sell your shares at or above the initial offering price."

Users on WallStreetBets got a kick out of the fact that the company listed the forum as a risk factor, posting about it with a sly smiling emoji...
Meanwhile, reports that marketers are infiltrating subreddits have been confirmed. Over 200 businesses have "integrated Reddit Pro into their digital strategies," reports Search Engine Land, including "well-known names such as Taco Bell, the NFL, and The Wall Street Journal...

"During the initial alpha testing phase with approximately 20 businesses, Reddit reported its Pro partners, on average, generated 11 additional posts and comments per month."

China is in the process of raising more than $27 billion for its largest chip fund to date, accelerating the development of cutting-edge technologies to counter a US campaign to thwart its rise. From a report: The National Integrated Circuit Industry Investment Fund is amassing a pool of capital from local governments and state enterprises for its third vehicle that should exceed the 200 billion yuan of its second fund, according to people familiar with the matter. Known as the Big Fund, the state-backed firm is expanding its remit just as the US prepares to sharply escalate technology curbs designed to curtail Chinese chip and artificial intelligence progress.

The establishment of a much larger third fund -- directly overseen by China's powerful tech ministry -- signals a resurgent effort to harness the world's largest semiconductor market after years of mixed success with central stewardship. Huawei and its partner Semiconductor Manufacturing International Corp. still had to rely on US-origin technology to build an advanced processor last year.

A directive known as Document 79 ramps up Beijing's effort to replace U.S. tech with homegrown alternatives. From a report: For American tech companies in China, the writing is on the wall. It's also on paper, in Document 79. The 2022 Chinese government directive expands a drive that is muscling U.S. technology out of the country -- an effort some refer to as "Delete A," for Delete America. Document 79 was so sensitive that high-ranking officials and executives were only shown the order and weren't allowed to make copies, people familiar with the matter said. It requires state-owned companies in finance, energy and other sectors to replace foreign software in their IT systems by 2027.

American tech giants had long thrived in China as they hot-wired the country's meteoric industrial rise with computers, operating systems and software. Chinese leaders want to sever that relationship, driven by a push for self-sufficiency and concerns over the country's long-term security. The first targets were hardware makers. Dell, International Business Machines and Cisco Systems have gradually seen much of their equipment replaced by products from Chinese competitors.

Document 79, named for the numbering on the paper, targets companies that provide the software -- enabling daily business operations from basic office tools to supply-chain management. The likes of Microsoft and Oracle are losing ground in the field, one of the last bastions of foreign tech profitability in the country. The effort is just one salvo in a yearslong push by Chinese leader Xi Jinping for self-sufficiency in everything from critical technology such as semiconductors and fighter jets to the production of grain and oilseeds. The broader strategy is to make China less dependent on the West for food, raw materials and energy, and instead focus on domestic supply chains.

Paul Kunert writes in an exclusive report for The Register: IBM is asking staff who want to take voluntary redundancy to raise their hand as it embarks on a new round of global job cuts, though roles in Europe and within a handful of departments are expected to shoulder the brunt. The Resource Action, as Big Blue likes to euphemistically refer to layoffs, shouldn't be a massive surprise to anyone with more than a passing interest in IBM as it was signaled last month in a Q4 earnings call. Insiders told us this latest process is not considered to be financial but "transformative," although IBM was quite clear in January when CFO James Kavanaugh discussed achieving "$3 billion annual run rate in savings by the end of 2024." This is a third bigger than the initial ambition. The Reg understands that 80 percent of the reduction target is aimed at Enterprise Operations & Support (EO&S) and Q2C missions, Finance & Operations (including Procurement, CIO, HR, Marketing & Comms and Global Real Estate).

The European Works Council, one IBMer told us, has informed staff that circa 50 percent of IBM's reduction goal will impact staffing levels across the European continent. As if often the preferred route, IBM is seeking employees that are happy to take voluntary redundancy, rather than ditching someone that doesn't want to leave. The sources we spoke to did not reveal the total population in scope for redundancies or the numbers of volunteers being sought. IBM did not confirm the numbers either. [...] Slovakia, we're told, is to feel the tightest squeeze with around a third of IBM's cuts in Europe landing on its International (shared services) Center in Bratislava; the Center in Hungary that supports EO&S/ Q2C, as well as the Finance function in Bulgaria are also going to absorb what our sources described as the most dramatic staff reductions.

According to the Wall Street Journal (paywalled), Canada has proposed new rules that would compel digital platforms to remove online content that features the sexual exploitation of children or intimate images without consent of the individuals involved. From a report: The rules were years in the making, and represent the third and possibly final installment of measures aimed at regulating digital platforms. Measures introduced since 2022 aim to increase the amount of domestic, Canadian-made content on streaming services, such as Netflix, and require digital platforms to help Canadian news-media outlets finance their newsroom operations. The legislation needs to be approved by Canada's Parliament before it takes effect.

Canada said its rules are based on concepts introduced by the European Union, the U.K. and Australia. Canadian officials say the proposed measures would apply to social-media platforms, adult-entertainment sites where users can upload content, and live-streaming services. These services, officials said, are expected to expeditiously remove two categories of content: That which sexually exploits a child or an abuse survivor, and intimate content broadcast without an individual's consent. The latter incorporates so-called revenge porn, or the nonconsensual posting or dissemination of intimate images, often after the end of a romantic relationship. Officials said private and encrypted messaging services are excluded from the proposed regulations.

Canadian officials said platforms will have a duty to either ensure the material is not published, or take it down once notified. Canada also intends to set up a new agency, the Digital Safety Commission, to enforce the rules, order harmful content taken down, and hold digital services accountable. Platforms that violate the rules could face a maximum penalty of up to 25 million Canadian dollars, or the equivalent of $18.5 million, officials said.

An anonymous reader shares a report: When Google Wallet launched in 2022, Google kept the "GPay" app around in a handful of countries. The company announced today that the old Google Pay app is soon going away in the US. That app, which appears as "GPay" on your Android homescreen, was Google's previous vision for mobile payments and finance.

It was "designed around your relationships with people and businesses" with conversation-like threads serving as a purchase history, while keeping track of your spending was another big aspect. GPay will stop working in the US from June 4, 2024. It will remain available for users in India and Singapore as Google continues to "build for the unique needs in those countries." As part of the app going away, Google is shutting down peer-to-peer payments that let you send, request, or receive money from others in the US. Google's P2P offering never really took off.

According to the Wall Street Journal (paywalled), Reddit plans to sell a chunk of its IPO shares to 75,000 of its most loyal users. Reuters reports: It aims to reserve an as-yet-undetermined number of shares for 75,000 of its most prolific so-called redditors when it goes public next month, the report said, citing people familiar with the matter. The users will have the opportunity to buy Reddit shares at its initial public offering (IPO) price before the stock starts trading, a privilege normally reserved only for big investors, the report said. Reddit's IPO, which has been in the works for more than three years now, would be the first from a major social media company since Pinterest's debut in 2019.

Intel has landed Microsoft as a customer for its made-to-order chip business, marking a key win for an ambitious turnaround effort under Chief Executive Officer Pat Gelsinger. From a report: Microsoft plans to use Intel's 18A manufacturing technology to make a forthcoming chip that the software maker designed in-house, the two companies said at an event Wednesday. They didn't identify the product, but Microsoft recently announced plans for two homegrown chips: a computer processor and an artificial intelligence accelerator.

Intel has been seeking to prove it can compete in the foundry market, where companies produce custom chips for clients. It's a major shift for the semiconductor pioneer, which once had the world's most advanced chipmaking facilities and kept them to itself. These days, Intel is racing to catch up with companies like Taiwan Semiconductor Manufacturing Co., which leads the foundry industry. Microsoft, meanwhile, is looking to secure a steady supply of semiconductors to power its data-center operations -- especially as demand for AI grows. Designing its own chips also lets Microsoft fine-tune the products to its specific needs. "We need a reliable supply of the most advanced, high-performance and high-quality semiconductors," Microsoft CEO Satya Nadella said in a statement. âoeThat's why we are so excited to work with Intel."

Apple is rolling out an upgrade to its iMessage texting platform to defend against future encryption-breaking technologies. From a report: The new protocol, known as PQ3, is another sign that U.S. tech firms are bracing for a potential future breakthrough in quantum computing that could make current methods of protecting users' communications obsolete. "More than simply replacing an existing algorithm with a new one, we rebuilt the iMessage cryptographic protocol from the ground up," an Apple blog post published on Wednesday reads. "It will fully replace the existing protocol within all supported conversations this year."

The Cupertino, California-based iPhone maker says its encryption algorithms are state-of-the-art and that it has found no evidence so far of a successful attack on them. Still, government officials and scientists are concerned that the advent of quantum computers, advanced machines that tap in to the properties of subatomic particles, could suddenly and dramatically weaken those protections. Late last year, a Reuters investigation explored how the United States and China are racing to prepare for that moment, dubbed "Q-Day," both by pouring money into quantum research and by investing in new encryption standards known as post-quantum cryptography. Washington and Beijing have traded allegations of intercepting massive amounts of encrypted data in preparation for Q-Day, an approach sometimes dubbed "catch now, crack later." More on Apple's security blog.

Andrew Feinberg, writing for Slate: If you wanted to design a financial channel that would cause investors to underperform the stock market, you'd create CNBC, NBC's financial counterpart that runs on cable news and ostensibly tries to make viewers better investors. You'd make it sober and rational (well, there is Jim Cramer, but we'll get to him later), no need to feature anyone foaming at the mouth about stocks that could triple in six months or worried Cassandras warning that it's time to sell everything and burrow underground. And yet, you'd ensure that viewers stay engaged by keeping them on edge, worried and confused about what might happen next. Anxiety, you'd discover, is your friend, viewer hypervigilance your bread and butter.

In other words, CNBC makes viewers nervous in a very specific way. Nervous that they're about to lose money in a market downturn. Nervous that they might miss a hot trend or stock. Or uncertain that they're in the right sectors. Then an "expert" comes on and says, "Hey, you're in the wrong sectors -- it's time to leave tech for industrials, financials, and health care." In its sober, rational way, the network creates a sense of urgency. Although its tone is never like that of an infomercial, sometimes the message is similar. Act now. The problem is, hypervigilance is probably the worst quality most investors can have. "Sit on your ass," the late Charlie Munger advised investors, emphasizing that when it comes to investing, less is more. Feeling nervous leads to excessive trading. And "all the evidence shows that individual investors do worse the more they trade," says Jay Ritter, professor of finance at the University of Florida's Warrington College of Business. "Buying and selling something based on what you see on CNBC is not likely to be a successful strategy."

Capital One is buying Discover Financial (non-payalled source) in a deal that would marry two of the largest credit-card companies in the U.S. WSJ: The all-stock deal could be announced Tuesday, according to people familiar with the matter. Discover has a market value of $28 billion, and the takeover would be expected to value it at a premium to that. Buying Discover will give Capital One, a credit-card lender with a market value of a little over $52 billion, a network that would vastly increase its power in the payments ecosystem.

Card networks are critical to enabling transactions and setting fees that merchants pay when consumers shop with credit cards. Though much smaller than Visa and Mastercard, Discover is one of the few competitors to those companies in the U.S. and it is one of a small number of card issuers that also has a payments network. Capital One, the ninth-largest bank in the country and a major credit-card issuer, uses Visa and Mastercard for most of its cards. The bank plans to switch at least some of its cards to the Discover network, while continuing to use Visa and Mastercard on others. Those larger networks have more merchant acceptance abroad than Discover does. Update: Capital One has proposed to pay $35.3 billion for Discover in an all-stock deal.

Lyft Chief Executive Officer David Risher's response to a clerical error that unintentionally inflated the company's earnings outlook on Tuesday and sent shares soaring: "My bad." From a report: "First of all, it's on me," Risher said in an interview with Bloomberg Television on Wednesday, taking the blame for a typo in a company press release Tuesday that erroneously projected a particular measure of earnings margin to expand by an eye-watering 500 basis points. (In reality, Lyft expects margins to grow by 50 basis points.) "This was a bad error," he said, "but it was one zero in a press release."

The typo, which actually appeared in multiple company documents on Tuesday, helped drive a 67% surge in Lyft's shares in after-hours trading. The mistake was a serious one, Risher said. But it shouldn't take away from Lyft's "butt-kicking" financial performance, he said. Risher said his team at Lyft was taking the error very seriously and noted it was corrected "within seconds of finding it." But in fact, on a call with analysts to discuss the quarterly results, Lyft executives didn't immediately note the error in their opening remarks. Lyft Chief Financial Officer Erin Brewer just began referring to the company's outlook for a 50-basis-point expansion. It wasn't until later in the call, when an analyst pointed out the discrepancy, that Brewer acknowledged her outlook was "actually a correction from the press release."

Less than a week after naming Laura Chambers as interim CEO, Firefox's maker Mozilla said it is cutting about 60 jobs, or 5% of its workforce. The cuts are primarily in the product development organization. Bloomberg reports: "We're scaling back investment in some product areas in order to focus on areas that we feel have the greatest chance of success," Mozilla said in a statement. "We intend to re-prioritize resources against products like Firefox Mobile, where there's a significant opportunity to grow and establish a better model for the industry."

Mozilla last cut a significant number of jobs four years ago at the height of the Covid-19 pandemic. The not-for-profit company, which competes with Alphabet Inc.'s Google Chrome, Apple Inc.'s Safari and Microsoft Corp.'s Edge, has been grappling with sliding market share of its Firefox web browser in recent years. So far in 2024, the tech sector has cut 32,000 jobs.

FT Alphaville: Last year, Norway's $1.5tn sovereign wealth fund revealed that it had lost NKr980mn, roughly $92mn, on an error relating to how it calculated its mandated benchmark. Here's what Norges Bank Investment Management said at the time: "In February this year, a calculation error was discovered in the composition of the index we're measured against. This error led to a marginal overweight in US fixed income relative to global fixed income. When this was discovered, we immediately set about correcting it, but because the fund is so large, the return was 0.7 basis points. Due to this our previously reported positive relative return of NOK 118 billion was adjusted down to NOK 117 billion."

It is a good example of how even tiny operational mistakes can have mammoth-sized consequences in nominal terms when you manage one of the world's biggest pools of capital. Sometimes a mistake can even lead to a windfall -- such as in 2021, when NBIM apparently made NKr582mn by accidentally accumulating an outsized position in a rising stock. But the 2023 index snafu is by far the biggest the fund has registered, almost twice as large as the cumulative operational-accidental losses it suffered from 2010-20. Alphaville was intrigued. What exactly went wrong? Well, in a recently-released anthropological report commissioned to investigate its own culture, NBIM seems to have inadvertently revealed just how minuscule the mistake was.

Here's an NBIM employee called "Simon" recounting the debacle to the report's author, Tone Danielsen. Alphaville's emphasis below: "Last year (spring 2022) we had an off-site. One of our workshops was on 'Mistakes and how to deal with them.' We wrote post-it notes, classifying them into different categories from harmless to no-goes. One of my post-it notes, I remember it vividly, read: Miscalculation of the Ministry of Finance benchmark. I placed it in the category unforgivable.

When I wrote that note, I honestly couldn't even dare to think about the consequences. And less than a year later, I did exactly that. My worst nightmare. It was a manual mistake. My mistake. I used the wrong date, December 1st instead of November 1st which is clearly stated in our mandate. The mistake was not revealed until months later, by the Ministry of Finance. They reported back that the numbers did not add up. I did all the numbers once more, and the cause of the mistake was identified. I immediately reported to Patrick [Global Head] and Dag [Chief]. I openly express that this was my mistake, and mine alone. I felt miserable and was ready to take the consequences -- whatever they might be."

Nvidia briefly surpassed Amazon in market capitalization on Monday, as the euphoria around AI catapulted the chipmaker to the fourth most valuable U.S. company. From a report: At a record high of $734.96, Nvidia was worth $1.82 trillion in market value, compared to $1.81 trillion for retail giant Amazon.com and a few billions away from Google-owner Alphabet's $1.87 trillion, according to LSEG data. The last time Nvidia was more valuable than Amazon was in 2002, when they were each worth under $6 billion.

In 2022 Apple filed a lawsuit against startup Rivos. The lawsuit said that in one year Rivos had hired more than 40 former Apple employees to work on competing system-on-a-chip technology, according to Reuters, "and that at least two former Apple engineers took gigabytes of confidential information with them to Rivos."

But Friday Bloomberg reported that the two companies told a judge that they'd "signed an agreement that potentially settles the case." "The agreement provides for remediation of Apple confidential information based on a forensic examination of Rivos systems and other activities," according to the filing in federal court in San Jose, California. "The parties currently are working through that process."
More details from Engadget: Apple also accused the defendant of instructing the employees it hired away to steal presentations and other proprietary information for unreleased iPhone chip designs that cost billions of dollars to develop. Rivos countersued Apple last year, accusing the larger company of restricting employees' ability to work elsewhere and of hindering emerging startups' growth by using anticompetitive measures.

The court dismissed Apple's trade secret claims against Rivos in April 2023, though the company was allowed to file a revised complaint. Apple already settled with its six former employees who filed a countersuit against the iPhonemaker along with Rivos after they dropped their claims against each other last month.

Both companies are now requesting the court to put their cases on hold until March 15, when they expect the settlement to be completed.