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Top stories today:
- Meta, YouTube found negligent in LA social media addiction trial
- Reflection AI seeks $2.5B at $25B as JPMorgan eyes participation
- Harvey raises $200M at $11B valuation led by GIC, Sequoia
- Periodic Labs said to seek hundreds of millions at ~$7B valuation
- Trump names Zuckerberg, Ellison, Huang to tech panel
- Googleās Lyria 3 Pro music generation model debuts
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
No major events this week.
Listen to our AI-generated podcast summarizing todayās newsletter (beware of hallucinations):
1. Meta, YouTube found negligent in LA social media addiction trial, ordered to pay $6M
Plaintiff Kaley (KGM) alleged addiction to Instagram and YouTube as a child.
Meta and YouTubeās negligence played a āsubstantial factorā in causing mental health-related harms, jurors claimed.
Late Jan.: the personal injury trial began.
Meta and YouTube plan to appeal the verdict.
It is one of several similar trials this year.
Experts call it a potential āBig Tobaccoā moment, echoing 1990s lawsuits against tobacco companies.
The ruling could spur litigation targeting product design and bypassing Section 230.
Meta and Alphabet shares were little changed after hours.
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3. Reflection AI said to seek $2.5B at $25B valuation as JPMorgan eyes participation
JPMorganās Security and Resiliency Initiative is expected to participate in the round.
NVIDIA invested ~$800M in Reflection in a previous round.
$8B in revenue was generated by Reflection.
NVIDIA has been introducing Reflection to potential customers.
4. Harvey raises $200M at $11B valuation led by GIC, Sequoia
