Australia is preparing legislation to double maximum fines for Big Tech platforms breaching its under-16 social media ban, raising the penalty from A$49.5m to A$99m. The bill would also expand the eSafety Commissioner's investigative powers to compel internal documents like board minutes and emails from platforms, age-checking companies, and app stores. The move comes six months after the ban took effect, with the regulator already investigating Facebook, Instagram, Snapchat, TikTok, and YouTube for non-compliance. Despite over five million accounts being blocked, many children still retain access, prompting the government to strengthen enforcement. Australia's approach is being closely watched internationally, with over a dozen countries considering similar restrictions.
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Ed Zitron argues that major hyperscalers (Google, Meta, Microsoft, Amazon) have run out of genuine innovation and are propping up valuations through massive AI capex spending that will never generate sufficient returns. He contends that LLMs are a flawed interface bolted onto existing products, that none of these companies are building truly new platforms, and that Meta is the most vulnerable hyperscaler due to its near-total dependence on advertising revenue. The AI bubble, he predicts, will burst not with a bang but through a slow capex pullback — first signaled by a semiconductor firm filing or canceled order — triggering brutal stock drops and leaving the tech industry with nothing meaningful to look forward to afterward, unlike the post-Dot-Com era which had Google, AWS, and PayPal in the pipeline.