Tech Report: Republican senators introduce the Know Your App Act

Republican senators, led by Sen. Tim Scott of South Carolina, introduced the Know Your App Act. The act will require app stores, such as Google Play and Apple’s App Store, to identify each application’s country of origin. Know Your App Act aims to increase consumers’ awareness of who owns the apps they use. The bill comes as lawmakers from both parties target apps made or backed by Chinese companies.

Nvidia achieved a market cap above $1 trillion for the first time on Tuesday.
The chipmaker’s stock has soared by 182% this year on demand for its AI tools.

Twitter is now worth just one-third of what Elon Musk paid for it. According to Fidelity, that would make Twitter worth a little over $14 billion. Musk has acknowledged that he overpaid for the social media site.

With AI rapidly developing, more and more voices at leading tech companies, such as DeepMind, OpenAI, and Anthropic, are making their concerns known. Their chief executive officers are warning of potential existential harms posed by AI. The Center for AI Safety released a brief statement Tuesday, saying, “Mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks, such as pandemics and nuclear war.”