Talking Tech: A wild week dominated by Reddit and GameStop's wacky Wall Street drama
Mike SniderWelcome back, Talking Tech readers. Co-host Mike Snider back in the hot seat to deliver the latest headlines in tech.
There were a lot of big names making news in tech this week including Facebook, which CEO Mark Zuckerberg says will try to downplay QAnon content. The social network also had four decisions to remove user posts overturned by its independent Facebook Oversight Board.
Let's be honest, it was a bit of a strange week in technology, with the strangest aspect being a lot of news around video game retailer GameStop, which many readers might consider a marginalized chain as more and more games are sold digitally as downloads.
1. GameStop stock skyrockets, thanks to Reddit
On the online site Reddit, the forum WallStreetBets has played a major role in GameStop shares surging by more than 1,000% – from below $40 last week to nearly $400 in recent days. The traders in the group bought enough shares to affect hedge funds that were short selling the stock.
Due to the stock's volatility, popular stock trading platform Robinhood halted trading of GameStop and some other stocks that were moving similarly including AMC. Now, the Securities and Exchange Commission says it will look into the situation.
2. Many seek social media detox
You've probably heard of doomscrolling, or doomsurfing, the tendency to scroll through Twitter and Facebook despite bad news including the coronavirus lockdown, politics and other incidents that can be saddening. Apparently some folks are looking for a way to tune it out, as Google searches for "social media detox" have reached an all-time high.
3. Apple weathers the pandemic
Amid the COVID-19 lockdown, Apple's business has thrived. The tech giant sold more iPhones and iPads in the October-December quarter than in any previous quarter, driving revenue of $111.4 billion, a new record. The newest iPhone 12 models, released in November, led to a new iPhone sales record of $65.6 billion, up 17% from a year ago when revenue was $55.9 billion.
Apple also released an iOS 14 update for iPhones and iPads to fix security flaws that "may have been actively exploited."
Other tech news this week:
- The makers of the popular Ring video doorbell say they are bringing to market a more affordable version.
- If you haven't heard yet, sea shanties – traditional seafaring work songs – have become a big thing on TikTok.
- YouTube extended its ban of former President Trump's YouTube channel citing "concerns about the ongoing potential for violence," the site said.
What else we are reading
- Part of the reason you can't get a PlayStation 5 or Xbox Series X: Bots.
- The story behind Dogecoin, the cryptocurrency that began as a goof.
- Why are people taking COVID-19 selfies? And why is that OK?
- 'Cyberpunk 2077': Wait, players are having sex with Keanu Reeves' character?
This week's Talking Tech podcasts:
A wide range of topics this week included Twitter's goal of having users spot and call out misinformation, Google's mission to help you more easily get a COVID-19 vaccine, and smarter grocery shopping carts possibly on the way.
Follow Mike Snider on Twitter: @MikeSnider.