Tech updates for 4th week of May 2022

Tech updates for 4th week of May 2022

Latest trending news about Amazon, Cryptocurrency, NASA, Twitter and Google news.

Amazon Opens Its First Physical Clothing Store in the US.

Amazon has opened its first physical clothing retail store in the US. 'Amazon Style' offers customers a personalized and convenient shopping experience while creating local jobs. Amazon is thrilled to welcome Los Angeles-area customers to shop at Amazon Style. It is said that it now plans to shift its focus to opening more fashion and grocery stores instead.

The company said that 'Amazon Style' is designed to help customers with advanced technology and world-class operations and it was shutting over 60 bookstores, Amazon Pop-Ups, and "Amazon 4-star" shops.

Amazon has also been working on 'Just Walk Out' cashier-less shopping technology at Amazon Go convenience stores.

NASA’s Hubble Space Telescope Captures Galactic ‘Dancing Duo.’ 

A large spiral galaxy called NGC 3227 is wrapped in a turbulent 'gravitational dance' with an elliptical galaxy. The two galaxies are between 50 and 60 million light-years from Earth, towards the constellation Leo. Hubble was looking at NGF 3227 and 3226 as part of a program to measure black hole masses by observing the dynamics of gas at the centres of galaxy clusters. About 10 percent of all galaxies may be Seyfert galaxies.

Jack Dorsey Steps Down from Twitter's Board.

Jack Dorsey has stepped down from the Twitter board of directors, as Tesla CEO Elon Musk fights with the micro-blogging platform to reveal the actual number of fake/spam accounts. Dorsey quit as Twitter CEO in November last year, handing over the baton to Indian-origin Parag Agrawal who was then the CTO of the company. At a shareholders' meeting on Wednesday, Twitter's board voted to oust board member Egon Durban, CEO of private equity firm Silver Lake Partners.

Big Tech Including Twitter, Google to Face Impact on Revenue Growth as Advertising Trends Dissipate.

Digital platforms including Alphabet, Meta Platforms, Snap, and Twitter now face a sobering reality as pandemic-driven advertising trends dissipate, according to an analyst report. Research firm MoffettNathanson cut its 2025 revenue estimates for each of the four companies by double-digit percentages. US digital ad spending surged 38 percent in 2021 over the previous year. Alphabet, the largest digital advertising platform in the world, posted a record revenue of $257 billion (roughly Rs. 19,95,499 crore).

While the companies have warned of pressure from inflation, the Ukraine war, and the end of a COVID-induced lift to advertising, the report estimates for the first time the potential impact on revenue over the next few years.

Crypto Markets May Pose Risks to Wider Financial Stability, ECB Warns.

Cryptocurrencies will pose a risk to financial stability if the emerging sector maintains its rapid growth, the European Central Bank (ECB) has warned. The crypto market slumped sharply this month after the downfall of the major “stablecoin” terraUSD. The crash has led to calls from the world’s top financial leaders for “swift and comprehensive” regulation of the sector.

The crypto sector hit a peak of $2.9 trillion last November up from less than $300 billion at the start of 2020. The ECB said exposure to crypto by banks and other financial institutions on a wide scale could put capital at risk and damaged investor confidence.

 

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