SpaceX Begins IPO Preparations as Wall Street Banks Line Up for Advisory Roles 
Biren Technology Targets Hong Kong IPO to Raise $300 Million Amid China’s AI Chip Push 
Oracle Stock Surges After Hours on TikTok Deal Optimism and OpenAI Fundraising Buzz 
Japan Exports to U.S. Rebound in November as Tariff Impact Eases, Boosting BOJ Rate Hike Expectations 
Japan Inflation Holds Firm in November as BOJ Nears Key Rate Hike Decision 
noyb Files GDPR Complaints Against TikTok, Grindr, and AppsFlyer Over Alleged Illegal Data Tracking. 
Canada Signals Delay in US Tariff Deal as Talks Shift to USMCA Review 
Apple Opens iPhone to Alternative App Stores in Japan Under New Competition Law 
Singapore Growth Outlook Brightens for 2025 as Economists Flag AI and Geopolitical Risks 
Intel’s Testing of China-Linked Chipmaking Tools Raises U.S. National Security Concerns 
BOJ Poised for Historic Rate Hike as Japan Signals Shift Toward Monetary Normalization 
Yen Near Lows as Markets Await Bank of Japan Rate Decision, Euro Slips After ECB Signals Caution 
Gold and Silver Surge as Safe Haven Demand Rises on U.S. Economic Uncertainty 
Nvidia Weighs Expanding H200 AI Chip Production as China Demand Surges 
Evercore Reaffirms Alphabet’s Search Dominance as AI Competition Intensifies 
Republicans Raise National Security Concerns Over Intel’s Testing of China-Linked Chipmaking Tools 
The US Supreme Court is set to hear TikTok’s challenge against a law demanding its sale or a nationwide ban by January 19. The case, pivotal for digital rights and national security, raises questions about free speech and foreign tech regulation.
TikTok’s Legal Battle Reaches the US Supreme Court
On Wednesday, the U.S. Supreme Court resolved to consider a petition filed by TikTok and its Chinese parent company ByteDance challenging a statute that would have mandated the sale of the short-video app by January 19th or risked a ban based on national security concerns, Reuters reports.
After receiving an urgent plea from TikTok and ByteDance—along with some of its users—to prevent the impending ban, the justices chose to postpone taking any action until January 10 to hear arguments on the subject.
A lower court's decision upholding the law is being appealed by the challengers. Roughly 170 million people in the United States use TikTok.
National Security Concerns and the Ban’s Broad Implications
In April, the proposal was passed by Congress. The Chinese video-sharing platform TikTok was deemed by the US Department of Justice to represent "a national-security threat of immense depth and scale" due to the fact that it could covertly alter the content that Americans saw on the app and had access to extensive user data, including location and private messages. TikTok has denied reports that it is a security risk to the United States.
ByteDance and TikTok petitioned the Supreme Court for a stay of the statute on December 16, claiming that it infringes upon the First Amendment rights to free speech guaranteed by the United States Constitution.
The businesses claimed that if TikTok were to go dark for even one month, it would lose one-third of its American subscribers, as well as its capacity to entice advertisers, content providers, and employees.
ByteDance Fights Back With First Amendment Defense
On December 6, the companies' First Amendment arguments were rejected by the U.S. Court of Appeals for the District of Columbia Circuit in Washington.
According to TikTok and ByteDance's submission to the Supreme Court, "if Americans, duly informed of the alleged risks of 'covert' content manipulation, choose to continue viewing content on TikTok with their eyes wide open, the First Amendment entrusts them with making that choice, free from the government's censorship."
Businesses that rely on TikTok to boost sales would be damaged and ByteDance and its investors would lose a lot of money if the US government banned the app.
Escalating US-China Tensions Complicate TikTok’s Case
Trump has changed his mind and pledged to work to rescue TikTok during his presidential campaign this year; he had previously attempted and failed to ban the app in his first term in 2020. As for TikTok, Trump has "a warm spot in my heart for TikTok" and promised to "take a look" at the issue on December 16.
The legal deadline for TikTok was January 19, and Trump takes office on January 20.
After making its choice, the D.C. Circuit said, "The First Amendment exists to protect free speech in the United States. Here the government acted solely to protect that freedom from a foreign adversary nation and to limit that adversary's ability to gather data on people in the United States."
Foreign-Owned Apps Face Uncertain Future in the US
Accusing U.S. politicians of pursuing hypothetical worries, TikTok has stated that it has never shared or would disclose user data from the United States, Yahoo shares. The company has also described the prohibition as a "radical departure from this country's tradition of championing an open Internet."
This disagreement arises as trade tensions between the US and China continue to rise in the wake of additional limitations imposed on China's chip sector by President Joe Biden's administration and the subsequent embargo on U.S. shipments of gallium, germanium, and antimony by China.
U.S. law forbids ByteDance from continuing to utilize TikTok in the US unless the company divests itself of the program by the deadline. This includes offering the app through app stores like Apple's and Alphabet's Google.
A subsequent crackdown on other apps owned by foreign entities might be triggered by an unfettered ban. The courts also rejected Trump's 2020 effort to ban Tencent's (a Chinese corporation) messaging app WeChat.
