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1.	TSMC To Stop Making AI Chips For Chinese Customers By Qianer Liu Source: The Information

Taiwanese chipmaker TSMC has told some Chinese customers it will stop making advanced AI chips, potentially setting back chip design efforts of companies such as ByteDance, Alibaba and Baidu, according to two people directly involved in the situation. The Financial Times and Chinese media earlier reported TSMC's communications with Chinese chip companies.

TSMC's move comes as the Commerce Department prepares its annual update of export control measures. Past updates have tightened regulations to more effectively combat China's ambitions in supercomputing and advanced chip manufacturing. A Commerce official said at a UBS conference in October that the new rules are expected to be released in December, according to a memo of the event seen by The Information. Reuters reported on Sunday that TSMC's actions followed a directive from the Commerce Department.

ByteDance, Alibaba and Baidu all design their own AI chips—and have them manufactured by TSMC—to run their own AI chatbots. If TSMC stops making the most advanced of these chips, Chinese companies would be forced to rely on Chinese chipmakers, which lag the U.S. in technological capabilities.  The Information reported in September that Baidu, China's biggest search engine, was developing a new AI chip, Kunlun 3, to work with its generative AI chatbots and that ByteDance was aiming for mass production of two semiconductors it has designed by 2026, in collaboration with TSMC.

2.	StockX Names New CEO By Ann Gehan Source: The Information

Resale site StockX announced Friday that Greg Schwartz, the company's cofounder and chief operating officer, would become CEO, taking over the role from Scott Cutler. Schwartz will assume the CEO role on Jan. 1, and Cutler would stay on as an advisor.

StockX, which has raised more than $600 million from investors including Tiger Global Management, Dragoneer and General Atlantic according to PitchBook, was once considered a potential IPO candidate. Mutual funds have marked down the value of their stakes in the company over the past two years, The Information previously reported, including fresh cuts in the first half of 2024.

3.	Paramount's Streaming Unit Ekes Out Profit as TV Continues to Decline By Sahil Patel Source: The Information

Paramount Global reported a 10% revenue growth in its streaming business during the third quarter, along with profits of $49 million, the latest sign that TV companies are now eking out profits in streaming.

During the company's earnings call, Paramount CFO Naveen Chopra said the streaming segment will likely incur a loss during the fourth quarter but the company still is on track to have a profitable year in streaming in 2025. Paramount+ now has 72 million subscribers, adding 3.5 million during the third quarter.

Meanwhile, declines in Paramount Global's traditional TV and studio businesses dragged down the company's overall revenue by 6% year-over-year. The TV operation's revenue fell 6% in the quarter to $4.3 billion, as advertising shrank 2% and fees from cable and satellite firms dropped 7%. Profits fell 19%. Revenues for the company's film segment fell 34% from the previous year, hampered by a 71% decline in theatrical revenue.

4.	Musk Had Phone Call With Trump and Zelensky By Abram Brown Source: Axios

Elon Musk joined a phone call on Wednesday between Donald Trump and Ukrainian President Volodymyr Zelensky, the latest signal that the billionaire will play a major role in Trump's second administration after helping guide Trump to victory in the election.

On the call, Musk said he will continue to send SpaceX's Starlink satellites to Ukraine, a boost for the country as its war with Russia drags on. In the past, though, Zelensky and Musk have disagreed over whether Ukraine should pursue negotiations with Russia.

Meanwhile, it's unclear whether Trump will continue Joe Biden's support of Ukraine once he takes office, and while he was campaigning, Trump said he wants to see a fast conclusion to the war. Still, Zelensky was "somewhat reassured" by his conversation with Trump and Musk, a sign that Trump may not totally cut off Ukraine and force rushed peace talks with Russia.

5.	Block Discloses New Money Laundering Probe By Michael Roddan Source: The Information

Jack Dorsey's payments fintech Block is negotiating a potential settlement with several state regulators that have probed the company's anti-money laundering and other compliance programs, adding to the legal problems the Cash App and Square parent is facing.

Block disclosed the new regulatory matter in its third-quarter results released on Thursday, which showed the company's revenue growth slowed to 6% for the three months through September, bringing in $5.98 billion. Revenue had grown 24% during the same period a year earlier. Block reported net income of $284 million for the quarter, a turnaround from a $89 million loss a year earlier.

Block said it was engaged with state money transmission license regulators to determine whether it could settle problems raised during their investigation and has earmarked money for a potential fine. Separately, the Consumer Financial Protection Bureau has launched action against Cash App's handling of customer complaints, while the Securities and Exchange Commission and the Department of Justice is investigating the company's compliance and risk practices.

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